Newly Acquired Subsidiary definition
Newly Acquired Subsidiary means any Subsidiary that is not a Subsidiary on the date hereof but that becomes a Subsidiary after the date hereof, but only during the 180 days after the first date on which such Subsidiary became a Subsidiary.
Newly Acquired Subsidiary is defined in Section 10.4 of the Note Purchase Agreement.
Newly Acquired Subsidiary means any entity newly formed or acquired by the Named Insured during the Policy Period in which the Named Insured has more than 50% of the legal or beneficial interest, but only upon the conditions that:
(1) Within 60 days of such formation or acquisition, the Named Insured has provided the Company with full particulars of such Newly Acquired Subsidiary and the Company has agreed in writing to insure such Newly Acquired Subsidiary, but the Company shall not be required to insure such Newly Acquired Subsidiary;
(2) The Named Insured has paid the additional premium, if any, charged by the Company and has agreed to any amendment of the provisions of this Policy; and
(3) The Company will only provide coverage with respect to a Claim arising out of an act or omission in the performance of Professional Services when the act or omission is committed on or after the date such Newly Acquired Subsidiary became a Newly Acquired Subsidiary and prior to the date such Newly Acquired Subsidiary ceased to be a Newly Acquired Subsidiary. An entity ceases to be a Newly Acquired Subsidiary under this Policy on the date during the Policy Period that the Named Insured's legal or beneficial interest in such entity becomes less than 50%.
Examples of Newly Acquired Subsidiary in a sentence
Each Domestic Subsidiary has executed the Guaranty Agreement (other than any SPV and other than each Newly Acquired Subsidiary).
More Definitions of Newly Acquired Subsidiary
Newly Acquired Subsidiary means any entity newly formed or acquired by the Named Insured during the Policy Period in which the Named Insured has more than 50% of the legal or beneficial interest, but only upon the conditions that:
Newly Acquired Subsidiary means any entity of which the Named Insured owns, either legally or beneficially, more than a fifty percent (50%) interest:
Newly Acquired Subsidiary means any entity of which the Insured owns, either legally or beneficially, more than a fifty percent (50%) interest and either:
1. subsequent to the inception date of this Policy by reason of being formed or acquired by the Insured after such date, if the total annual revenue of such entity does not exceed fifteen percent (15%) of the total consolidated annual revenue of the Insured as of the immediate past twelve (12) months prior to the inception date of this Policy; or
2. subsequent to the inception date of this Policy by reason of being formed or acquired by the
a. within sixty (60) days of such formation or acquisition, the Named Insured has provided the Insurer with written notice thereof, and the Insurer has agreed in writing to insure such entity. The Insurer at its sole and absolute discretion shall not be required to insure such entity; and
b. the Named Insured has paid the additional premium, if any, charged by the Insurer and has agreed to any endorsement required by the Insurer to this Policy. GG. Period of Restoration means the period from the date and time that a Computer System first suffered an Interruption of Service to the date and time such Computer System was restored, or could have been restored with reasonable speed, to substantially the level of operation that had existed prior to such Interruption of Service; provided, however, that in no event shall such period exceed thirty (30) days. Period of Restoration does not include any increases in the period of time defined above due to the enforcement of any law, ordinance or regulation.