Common use of Velocity Subsidiaries Clause in Contracts

Velocity Subsidiaries. As of the date hereof and at all times thereafter until the first date on which (I) all Liens on the assets of the Velocity Subsidiaries in favor of Amaroil, LLC and evidenced by UCC financing statements filed with the Delaware Department of State as of May 5, 2005 have been terminated and (II) the Collateral Agent has a valid perfected first priority security interest on all of the assets of the Velocity Subsidiaries (such date, the “Velocity Lien Clearance Date”), no Velocity Subsidiary (while it remains a Subsidiary) shall (A) employ any employees, (B) engage in any business operations or other activities, (C) have or be authorized to maintain, any bank account, brokerage account or other account with any financial institution, (D) possess any cash or have, or be authorized to have, any other means to acquire cash or to use or spend cash or credit, or (E) lease, own or otherwise possess any properties or assets (other than any licenses or permits held as of the date hereof). At no time prior to the Velocity Lien Clearance Date shall any additional monies or funds shall be deposited, or be permitted to be deposited, into any account of any Velocity Subsidiary. The Company shall cause the Velocity Lien Clearance Date to be no later than twenty-five (25) calendar days after the Closing Date. For purposes of this Agreement and the other Transaction Documents, “Included Subsidiaries” means all of the Subsidiaries other than the Excluded Subsidiaries and, prior to the Velocity Lien Clearance Date, the Velocity Subsidiaries.