Dormant Company definition

Dormant Company means a company that is not doing business and does not have accounting transactions in a financial year;

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Dormant Company means a company:

Dormant Company means a company which is not carrying on business or is not in operation from the date of incorporation or for a prescribed period;

Examples of Dormant Company in a sentence

• As of the date hereof immediately after giving effect to the amendments herein, Schedule II sets forth the exact legal name of, the percentage and type of ownership interest in, the name of the Person who is the record owner of, the jurisdiction of incorporation or formation of, and the type of, each Subsidiary, and identifies each Subsidiary that is a Subsidiary Loan Party (as defined in the Credit Agreement) and each Subsidiary that is a Dormant Company.

• A certificate signed by an authorised signatory of the Pre-Merger Borrower specifying each member of the Group (assuming the Closing Date has occurred) which is a Dormant Company as at the Closing Date together with certified copies (certified by such Authorised signatory to be a true copy) of the last audited accounts of each such Dormant Subsidiary.

• Each Guarantor shall, to the extent it has the power to do so, procure that the Borrower shall use the proceeds of the Credit Extensions solely for the purposes described in Clause 5.9 of the Agreement and shall ensure that none of the proceeds of any facilities under the Agreement are on-lent or otherwise contributed or utilized by a Dormant Company and that the Dormant Companies shall remain dormant.

• Plc shall promptly execute any Accession Letter delivered to it by Corp in respect of any proposed Trading Company, Non-Trading Company or Dormant Company.

• Corp shall, and is hereby authorised by each other Participating Company (other than plc) to, execute an Accession Letter, in respect of any proposed Trading Company, Non-Trading Company or Dormant Company, for itself and on behalf of each other Participating Company (other than plc).

More Definitions of Dormant Company

Dormant Company means a company that is dormant during any period in which it has no significant accounting transaction;;

Dormant Company means a member of the Group (other than Innospec (Plant)) which:

Dormant Company means a company which does not pursue nor has the financial capacity to pursue a business plan or purpose, whether or not it is a development stage company.

Dormant Company means a company recorded by the Registrar as being a dormant company under Part XXVIII;

Dormant Company means a Non-Credit Party that has aggregate assets of less than Ten Thousand Dollars ($10,000) and no direct or indirect Subsidiaries with aggregate assets of more than Ten Thousand Dollars ($10,000).

Dormant Company means each Group Member which is not an Obligor, does not trade (whether for its own account or for that of another), is not required to make entries into its accounting records in accordance with Section 221 of the Companies ▇▇▇ ▇▇▇▇ (or any equivalent legislation in the jurisdiction of incorporation of such company) or, to the extent that there is no equivalent legislation in the jurisdiction of incorporation of such company, would be a Dormant Company if the principles enshrined in Section 221 of the Companies ▇▇▇ ▇▇▇▇ were applied to it and does not hold or own (whether legally or beneficially) any assets or property with a book value in excess of $10,000 (or its equivalent in other currencies) other than amounts due from other Group Members of no more than $50,000; or owe or have outstanding any liabilities with a book value in excess of $10,000 (or its equivalent in other currencies)(excluding liabilities owed to Obligors) Provided that, notwithstanding the foregoing, a Group Member that holds any interest in any Material Intellectual Property Right shall not be a Dormant Company.

Dormant Company means each member of the Group: