Examples of Immaterial Subsidiary in a sentence
No Immaterial Subsidiary (a) owns 5% or more of the consolidated total assets of the Loan Parties and their Subsidiaries, (b) generates 5% or more of the consolidated revenues of the Loan Parties and their Subsidiaries, (c) is the owner of Equity Interests of any Subsidiary of a Loan Party that otherwise constitutes a Material Subsidiary.
Each Loan Party will not permit any Immaterial Subsidiary to (a) own 5% or more of the consolidated total assets of the Loan Parties and their Restricted Subsidiaries, (b) generate 5% or more of the consolidated revenues of the Loan Parties and their Subsidiaries, (c) become the owner of Equity Interests of any Restricted Subsidiary of a Loan Party that otherwise constitutes a Material Subsidiary.
Solely for the purposes of determining whether an Event of Default has occurred under clause (h), (i) or (l) of Section 7.01, any reference in any such clause to any Subsidiary shall be deemed not to include any Immaterial Subsidiary affected by any event or circumstance referred to in any such clause.