Foreign Significant Subsidiary definition
Examples of Foreign Significant Subsidiary in a sentence
Provided, however, with respect to Trion Limited, which is a Foreign Significant Subsidiary, the Borrower shall not be required to comply with clause (ii) of this Section above until the earlier to occur of the date on which (x) loans or advances from the Borrower to Trion Limited (relating to Trion Limited's payroll needs) exceed $250,000 at any time outstanding, or (y) another Foreign Significant Subsidiary is required to comply with clause (ii) of this Section above.
The Lender Parties shall be satisfied with the corporate and legal structure and capitalization of the Borrower, each Guarantor and each Foreign Significant Subsidiary, including, without limitation, the terms and conditions of the charter, by-laws and each class of capital stock of the Borrower, each such Guarantor and each such Foreign Significant Subsidiary and of each agreement or instrument relating to such structure or capitalization.
The Borrower shall also cause the items specified in Section 3.01(c) and (f) to be delivered to the Agent concurrently with the pledge agreement referred to above, modified appropriately to refer to such pledge agreement and such Foreign Significant Subsidiary.
Notwithstanding the pledge to the Administrative Agent of 100% of the capital stock of any Person which is a Foreign Significant Subsidiary to secure the Obligations under the German Commitment, the Creditors disclaim any security interest with respect to more than 65% of the capital stock of any Foreign Significant Subsidiary to the extent that the same secures the Obligations under the Revolving Commitment or the Term Commitment.