Inactive Subsidiary definition
Inactive Subsidiary means any Subsidiary of a Borrower that (a) does not conduct any business operations, (b) has assets with a total book value not in excess of $1,000,000 and (c) does not have any Indebtedness outstanding.
Inactive Subsidiary means, at any time, any Subsidiary of any Person, which Subsidiary (a) does not conduct any business or have operations and (b) does not have total assets with a net book value, as of any date of determination, in excess of $100,000.
Inactive Subsidiary means any Subsidiary that does not (a) conduct any business operations (including the operations of a holding company), (b) have any assets or (c) own any Capital Stock of any Credit Party or any other Subsidiary (except another Inactive Subsidiary) of any Credit Party.
Examples of Inactive Subsidiary in a sentence
The Company will promptly, but not more than 10 days after such event, cause each Domestic Subsidiary which is acquired or created or which ceases to be an Inactive Subsidiary after the Closing Date to execute and deliver to the Lender a Joinder Agreement.
More Definitions of Inactive Subsidiary
Inactive Subsidiary means, at any time, any Subsidiary that (a) has consolidated assets of less than $50,000 at such time, (b) has not conducted any business or other operations during the prior 12-month period and (c) has no outstanding Debt at such time.
Inactive Subsidiary means a Subsidiary which has no assets and conducts no business. Schedule 1.1(d) is a list of all Inactive Subsidiaries as of the Effective Date.
Inactive Subsidiary any Subsidiary of Parent that (a) has aggregate assets with a value not in excess of $500,000, (b) conducts no Business and (c) does not Guarantee any Indebtedness of Parent or any of its Subsidiaries.
Inactive Subsidiary means, as at any date, any Subsidiary of the Company that, as at the end of and for the quarterly accounting period ending on or most recently ended prior to such date, shall have less than $1,000 in assets.
Inactive Subsidiary means a Subsidiary that conducts no business and the assets of which have an aggregate book value of less than $1,000,000.
Inactive Subsidiary means any Restricted Subsidiary of the Borrower designated as an “Inactive Subsidiary” on Schedule 4.15, and which has no continuing business operations or Contractual Obligations (other than those arising under the Loan Documents) and has less than $50,000 of assets (valued at fair market value) or liabilities.
Inactive Subsidiary means any one of them.