First Tier Subsidiary definition

First Tier Subsidiary means any Subsidiary of any Person which Subsidiary is directly owned by such Person .

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First Tier Subsidiary means any direct Restricted Subsidiary.

First Tier Subsidiary means a corporation 50% or more of whose stock possessing voting power is owned directly by the Company.

Examples of First Tier Subsidiary in a sentence

The Lenders authorize the Administrative Agent to release any Guarantor from its obligations as a Guarantor under this Agreement pursuant to a written request made by the Borrower, if (a) such Guarantor ceases to be a Subsidiary of the Borrower or a Material Subsidiary of the Borrower that is a First Tier Subsidiary as a result of a transaction permitted under this Agreement or (b) such Guarantor is an Elective Guarantor at the time of such release.
All such loans made to each First Tier Subsidiary shall be evidenced by a single demand promissory note executed and delivered by such First Tier Subsidiary to the Borrower substantially in the form of Exhibit F hereto (each, an "Intercompany Note"), and pledged by the Borrower to the Collateral Agent under the Security Agreement for the benefit of the Secured Parties referred to in the Security Agreement.
The Lenders authorize the Administrative Agent to release any Guarantor from its obligations as a Guarantor under this Agreement pursuant to a written request made by the Borrower, if (a) such Guarantor ceases to be a Subsidiary of the Initial Guarantor or a wholly-owned Material Subsidiary of the Initial Guarantor that is a First Tier Subsidiary as a result of a transaction permitted under this Agreement or (b) such Guarantor is an Elective Guarantor at the time of such release.
Each First Tier Subsidiary shall use the proceeds of such loans for its own working capital and other general corporate purposes and (subject to Section 6.13) to make advances to the Borrower and Subsidiaries.
The Lenders authorize the Administrative Agent to release any Guarantor from its obligations as a Guarantor under this Agreement pursuant to a written request made by the Borrower, if (a) such Guarantor ceases to be a Subsidiary of the Borrower or a wholly-owned Material Subsidiary of the Borrower that is a First Tier Subsidiary as a result of a transaction permitted under this Agreement or (b) such Guarantor is an Elective Guarantor at the time of such release.

More Definitions of First Tier Subsidiary

First Tier Subsidiary any direct Subsidiary.

First Tier Subsidiary means FairPoint Broadband, Inc., MJD Ventures, Inc., MJD Services Corp., STE, FairPoint Carrier Services, Inc., FairPoint Logistics, Inc., Enhanced Communications of Northern New England Inc. and Northern New England Telephone Operations LLC and any other Subsidiary first acquired or created after the Closing Date that is a direct Subsidiary of FairPoint.

First Tier Subsidiary means any Subsidiary of European Borrower organized in England, Belgium, Canada, Germany, France, Mexico and Switzerland that, directly or indirectly, owns all of the Capital Stock of the other Subsidiaries of European Borrower organized in the same jurisdiction.

First Tier Subsidiary any direct Subsidiary of the Initial Guarantor.

First Tier Subsidiary means (i) a Subsidiary all of the issued and outstanding capital stock of which is owned directly by the Borrower or (ii) ▇▇▇▇▇'▇ of Carolina, Inc.

First Tier Subsidiary means any Subsidiary directly and wholly- owned by the Company.

First Tier Subsidiary means a newly-formed Delaware corporation which will be a wholly owned Subsidiary and to which the Parent Borrower will, in connection with the other Financing Transactions, contribute all of the capital stock of each other Subsidiary held directly by the Parent Borrower.