Examples of Foreign Subsidiary Holdco in a sentence
Furthermore, nothing contained in the Credit Documents shall require any Borrower or Guarantor to pledge as Collateral more than 65% of the total outstanding voting Equity Interests of any Foreign Subsidiary that is a CFC or any Foreign Subsidiary Holdco.
Section 1.956-2(c)(2)) in each Foreign Subsidiary directly owned by a Loan Party or any Foreign Subsidiary Holdco owned by a Loan Party to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent pursuant to the terms and conditions of the Collateral Documents or such other security documents as the Collateral Agent shall request; provided, however, that the Loan Parties shall not be required to pledge the Capital Stock of any Excluded Subsidiary.
Notwithstanding anything to the contrary contained in Section 7.08(a) or any other Loan Document, (i) no Foreign Subsidiary or Foreign Subsidiary Holdco shall be required to execute and deliver a Joinder Agreement or to otherwise guarantee or support any Obligation, and (ii) no Capital Stock of a Foreign Subsidiary or Foreign Subsidiary Holdco in excess of 66% of the Capital Stock of such Foreign Subsidiary shall be required to be pledged pursuant to the provisions of the Security Agreement.
Any Subsidiary which is a Foreign Subsidiary Holdco that fails to meet the foregoing requirements as of the last day of the period for which consolidated financial statements of Holdings are available shall continue to be deemed a “Foreign Subsidiary Holdco” hereunder until the date that is 60 days following the date on which such annual or quarterly financial statements were required to be delivered pursuant to Subsection 7.1 with respect to such period.
For the avoidance of doubt, no Foreign Subsidiary and no Foreign Subsidiary Holdco shall be liable for any Obligations or shall be required to guarantee any of the Obligations.