Collateral Subsidiary definition

Collateral Subsidiary means each Subsidiary of the Borrower which owns a direct or indirect interest in a Mortgaged Property.

Collateral Subsidiary is defined in clause (b) of Section 7.1.8. --------------------- ---------- -------------

Collateral Subsidiary means all Subsidiaries granting a security interest to Agent and the Lenders hereunder which shall include all present and future Subsidiaries.

Examples of Collateral Subsidiary in a sentence

• Borrower will not, and will not permit any Loan Party to, enter into any transaction with any Affiliate, except a wholly-owned Subsidiary which is a Guarantor or a Collateral Subsidiary, including without limitation, the purchase, sale, or exchange of property or the rendering of any service, except in the ordinary course of business and upon fair and reasonable terms no less favorable to it than those that would prevail in a comparable arm’s-length transaction with a Person not an Affiliate.

• Borrower will, and will cause each Collateral Subsidiary to, permit Agent by or through any of Agent’s representatives, third party inspectors, independent contractors, attorneys or accountants, at such intervals as may be required by Agent in its sole discretion, to conduct audits of and to verify, the Collateral.

• A counterpart of the Security Agreement executed by the Company and each Collateral Subsidiary.

• No Collateral Subsidiary has incurred Recourse Indebtedness or Liens other than Recourse Indebtedness or Liens in favor of Lender.

• Collateral Subsidiary shall deposit on the Closing Date for Arrangements: each Tranche, and shall maintain on and after such Closing Date, in a Collateral Account with Purchaser a number of shares of Common Stock free and clear of any liens or transfer restrictions (other than restrictions on transfer imposed by the Securities Act of 1933, as amended (the "Securities Act")) equal to Base Amount for such Tranche, to secure the obligations of Sellers in respect of such Tranche.

More Definitions of Collateral Subsidiary

Collateral Subsidiary means a Consolidated Subsidiary of the Company all or a portion of the Capital Stock of which has been pledged as Collateral pursuant to the Second-Priority Security Documents and any Subsidiary thereof.

Collateral Subsidiary means at any date of determination, any Subsidiary of the Issuer that is a Restricted Subsidiary and a Guarantor, and either (x) whose EBITDA (calculated on an unconsolidated basis) for the most recently ended four fiscal quarters ending immediately prior to such date of determination for which financial statements of the Issuer have been furnished pursuant to either clause (1) or clause (2) of Section 4.03(a) exceeds 5.0% of EBITDA of the Issuer and the Restricted Subsidiaries (for the avoidance of doubt on a consolidated basis) for such period (to the extent consolidated EBITDA of the Issuer and the Restricted Subsidiaries for such period is positive) or (y) whose revenues (calculated on an unconsolidated basis) for the most recently ended four fiscal quarters ending immediately prior to such date of determination for which financial statements of the Issuer have been furnished pursuant to either clause (1) or clause (2) of Section 4.03(a) exceeds 5.0% of the aggregate revenues of the Issuer and the Restricted Subsidiaries (for the avoidance of doubt on a consolidated basis) for such period. As of the Issue Date, the Collateral Subsidiaries are Clear Channel UK Limited, Clear Channel Sverige Aktiebolag and Clear Channel Schweiz AG.

Collateral Subsidiary means each Subsidiary other than an Excluded Subsidiary.

Collateral Subsidiary means each Subsidiary of Guarantor or Borrower which has executed or shall execute a security agreement and other documents in favor of the Lender to secure the Obligations, as set forth on Schedule 1.1(a).

Collateral Subsidiary means any Subsidiary (other than Superior Commerce) which at any time has either (i) total assets with a book value (determined in accordance with Agreement Accounting Principles) equal to or greater than five percent (5%) of the Borrower’s Consolidated Net Worth, (ii) annual revenue (determined in accordance with Agreement Accounting Principles) equal to or greater than five percent (5%) of the annual revenue of the Borrower and its Subsidiaries on a consolidated basis (determined in accordance with Agreement Accounting Principles) or (iii) delivered the documents described in Section 6.21.

Collateral Subsidiary means any of the following Subsidiaries of the --------------------- Borrower, all the shares of Capital Stock of which (except the IPC Preferred Shares in the case of IPC Mutual Holdings, Ltd., the MH Preferred Shares in the case of Mutual Holdings (Bermuda) Ltd. and the MIDL Director Share in the case of Mutual Indemnity (Dublin) Ltd.) are pledged to the Agent for the benefit of the Lenders hereunder:

Collateral Subsidiary means, as of any date of determination, any direct or indirect Subsidiary or Affiliate (in the case of investments in preferred stock) of a Borrower through which such Borrower makes an investment in real estate or real estate-related assets or issuer of pass-through certificates, to the extent that all of the Equity Interests of each class owned by any Borrower in such Subsidiary have been pledged to the Agent, for the benefit of the Lenders. For the avoidance of doubt, a Subsidiary or Affiliate that has multiple classes of Equity Interest (e.g. common, preferred, etc.) and in which a Borrower owns only one class of Equity Interests, may become a Collateral Subsidiary if the applicable Borrower owns 100% of the Equity Interests of a particular class and pledges to the Agent 100% of the Equity Interests of such class owned by such Borrower.