De Minimis Subsidiary definition

De Minimis Subsidiary means any Subsidiary or Subsidiaries which in the aggregate represents less than one and one-half percent of Gross Asset Value of the Consolidated Entities.

De Minimis Subsidiary means any Subsidiary of the Borrower that is not a Guarantor specified on Schedule 1.01(b) that has Consolidated Total Assets with a Net Book Value of less than US$50,000,000.

De Minimis Subsidiary means each Domestic Subsidiary existing on the Initial Borrowing Date to the extent that (i) it holds no capital stock of any other Subsidiary that is not a De Minimis Subsidiary, (ii) the fair market value of all assets held by such Subsidiary is less than $100,000 and (iii) the net income for such Subsidiary for the last 12 months then ended is less than $100,000.

Examples of De Minimis Subsidiary in a sentence

• None of the Borrower Parties or Consolidated Entities (other than a De Minimis Subsidiary) shall change its Fiscal Year for accounting or tax purposes from a period consisting of the 12-month period ending on December 31 of each calendar year.

• Notwithstanding anything to the contrary stated herein, a De Minimis Subsidiary of the Borrower shall not be required to comply with any of the covenants set forth in this Article V (other than Section 5.10) or the representations and warranties set forth in Article IV; provided, however, that the amount of Investments into any De Minimis Subsidiary shall not exceed $250,000 and the aggregate amount of all Investments into De Minimis Subsidiaries shall not exceed $1,000,000.

• Notwithstanding the foregoing, the Borrowers may not terminate the Commitment of an Affected Lender if, after giving effect to such termination, (x) the Aggregate Revolving Credit Exposure would exceed the Aggregate Commitment, or (y) the Borrower Credit Exposure of any Borrower would exceed the Borrower Sublimit of such Borrower.

• Except as permitted under ss.9.1 and ss.9.3, no Borrower has executed a guarantee with respect to Indebtedness incurred by a De Minimis Subsidiary, and no De Minimis Subsidiary has guaranteed any Subordinated Debt.

• Without the prior written consent of Administrative Agent, none of the Borrower Parties or Consolidated Entities (other than a De Minimis Subsidiary) shall change its Fiscal Year for accounting or tax purposes from a period consisting of the 12-month period ending on December 31 of each calendar year.

More Definitions of De Minimis Subsidiary

De Minimis Subsidiary means any Subsidiary of the Parent (other than an Excluded Subsidiary) whose assets and annual gross revenues do not, in each case, exceed $1,000,000; provided that (i) the aggregate assets of all such Subsidiaries taken as a whole shall not exceed $2,000,000, (ii) the aggregate annual gross revenues of all such Subsidiaries taken as a whole shall not exceed $2,000,000, and (iii) any Subsidiary that would otherwise constitute a De Minimis Subsidiary hereunder that has been designated and joined as a Borrower pursuant to Section 6.20 shall be deemed not to be a “De Minimis Subsidiary” hereunder. Schedule 5.13 lists all of the De Minimis Subsidiaries as of the end of the last fiscal quarter ending at least 45 days prior to the Closing Date.

De Minimis Subsidiary means any Subsidiary of the Borrower whose percentage of Consolidated Net Tangible Assets represented by such Subsidiary's portion of Consolidated Net Tangible Assets (before intercompany eliminations) is less than 1% as of the end of the most recently-completed fiscal quarter.

De Minimis Subsidiary means, as of any date, any Subsidiary (including any Foreign Subsidiary that becomes a Domestic Subsidiary) with, in the aggregate as of such date, consolidated assets having a book value of less than $10.0 million; provided, that, as of any date, the consolidated assets of all De Minimis Subsidiaries, taken together, shall not exceed 15% of the consolidated assets of Borrower and its Subsidiaries as of the last day of the Test Period most recently ended on or prior to such date.

De Minimis Subsidiary means a Subsidiary which does not meet the criteria in the definition of “Restricted Subsidiary” for mandatory joinder as a Restricted Subsidiary pursuant to Section 6.14 (but shall not include any such Subsidiary which is a “Borrower”) and which the Company intends to administratively dissolve.

De Minimis Subsidiary means any Subsidiary of the Borrower so long as (and only so long as) the aggregate Fair Market Value of the assets of such Person does not exceed $100,000.

De Minimis Subsidiary means any Subsidiary of the Parent (other than an Excluded Subsidiary) whose assets and annual gross revenues do not, in each case, exceed $1,000,000; provided that (i) the aggregate assets of all such Subsidiaries taken as a whole shall not exceed $2,000,000, and (ii) the aggregate annual gross revenues of all such Subsidiaries taken as a whole shall not exceed $2,000,000. Schedule 5.13(a) lists all of the De Minimis Subsidiaries as of the Closing Date.

De Minimis Subsidiary means any Subsidiary or Subsidiaries which in the aggregate represents less than one percent of Consolidated Total Assets.