Permitted Spinoff definition

Permitted Spinoff means, with respect to any Permitted Spinoff Subsidiary, (a) a transfer by Holdings, either Borrower or any Subsidiary to a Person other than Holdings, either Borrower or any Subsidiary of all the outstanding capital stock of such Permitted Spinoff Subsidiary, or (b) a bona fide underwritten initial public offering of the common stock of such Permitted Spinoff Subsidiary in which at least 10% of the aggregate voting common stock of such Permitted Spinoff Subsidiary (calculated on a fully diluted basis after giving effect to all options to acquire voting common stock of such Permitted Spinoff Subsidiary then outstanding, regardless of whether such options are then currently exercisable) is issued to Persons other than Holdings, the Borrowers and the Subsidiaries, provided that (i) in the case of clause (a) of this definition, all the consideration received by Holdings, the applicable Borrower or the applicable Subsidiary is Publicly Traded Equity Securities or cash and (ii) the Net Proceeds and Net Public Equity Proceeds (excluding, in the case of clause (a) of this definition, any proceeds (A) required to be paid to Permitted Optionholders as consideration for Permitted Options (or Equity Interests issued or issuable upon exercise of Permitted Options) held by such Permitted Optionholders in respect of such Permitted Spinoff Subsidiary or (B) that constitute Distributable Liquidity Event Proceeds) from such transfer or offering (or from the sale of any Publicly Traded Equity Securities received in connection therewith) are retained by Holdings, such Borrower or such Subsidiary to fund the operations of businesses permitted under Section 6.03(b).
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Permitted Spinoff means the Disposition (or series of related Dispositions) by the Company and its Subsidiaries of all of the Company’s and its Subsidiaries’ steel processing business; provided that at the time of such Disposition (or series of related Dispositions) and immediately after giving effect (including giving effect on a pro forma basis) thereto, (a) no Event of Default then exists or would result therefrom and (b) the Company is in pro forma compliance with the financial covenants set forth in Section 6.13.
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Permitted Spinoff means the Disposition (or series of related Dispositions) by the Company and its Subsidiaries of all of the Company’s and its Subsidiaries’ steel processing business; provided that at the time of such Disposition (or series of related Dispositions) and immediately after giving effect (including giving effect on a pro forma basis) thereto, (a) no Event of Default then exists or would result therefrom and (b) the Company is in pro forma compliance with the financial covenants set forth in paragraph 6K; provided further that in no event shall the Disposition (or series of related Dispositions) include any of the Issuers or any of their respective assets.
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Examples of Permitted Spinoff in a sentence

  • The Company covenants that it will not, and will not cause or permit either Issuer or any Restricted Subsidiary to, make any Disposition or enter into any agreement to make any Disposition of all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis (it being understood and agreed that this paragraph 6D shall not prohibit the Permitted Spinoff or any Permitted Spinoff Transaction).

  • The Company will not, and will not cause or permit any Restricted Subsidiary to, make any change in its business which would cause the type of business primarily conducted by the Company and its Restricted Subsidiaries, considered on a consolidated basis, to be materially different from the type of business primarily being conducted on the Effective Date (it being understood and agreed that this Section 6.08 shall not prohibit the Permitted Spinoff or any Permitted Spinoff Transaction).

  • The Company will not, and will not cause or permit any Restricted Subsidiary to, enter into any Contractual Obligation that materially limits the ability of any Restricted Subsidiary to make Restricted Payments to the Company or to otherwise generally transfer property to the Company (it being understood and agreed that this Section 6.10 shall not prohibit the Permitted Spinoff or any Permitted Spinoff Transaction).

  • The Company will not, and will not cause or permit any Restricted Subsidiary to, make any Disposition or enter into any agreement to make any Disposition of all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis (it being understood and agreed that this Section 6.05 shall not prohibit the Permitted Spinoff or any Permitted Spinoff Transaction).

  • The Company will not, and will not cause or permit any Restricted Subsidiary to, enter into any material transaction, including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service with any Affiliate of the Company (other than a Restricted Subsidiary), other than (a) arm’s-length transactions with Affiliates that are otherwise permitted hereunder and (b) the Permitted Spinoff and any Permitted Spinoff Transactions.


More Definitions of Permitted Spinoff

Permitted Spinoff means a transaction in which a Borrower creates a Subsidiary that is, and all times remains, a wholly-owned Subsidiary of such Borrower and to which such Borrower transfers all or a part of its assets, provided that no Default or Event of Default exists at the time of, or after giving effect to, such transaction; such Borrower provides Agent with not less than fifteen (15) Business Days prior written notice of its intent to effect such a transaction (in which written notice such Borrower shall summarize all of the pertinent terms of the proposed transaction); and concurrently with the consummation of such transaction such Subsidiary shall, at Agent's option, either (x) execute and deliver to Agent a Joinder Agreement by which such Subsidiary shall become a Borrower hereunder and bound by all of the terms hereof and each of the Other Documents or (y) execute and deliver to Agent, for its benefit and for the ratable benefit of Lenders, a
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Related to Permitted Spinoff

  • Permitted Affiliate means with respect to any Person (a) any Person that directly or indirectly controls such Person, and (b) any Person which is controlled by or is under common control with such controlling Person. As used in this definition, the term “control” of a Person means the possession, directly or indirectly, of the power to vote eighty percent (80%) or more of any class of voting securities of such Person or to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

  • Permitted Sale means those sales, transfers or assignments permitted by the Credit Agreement.

  • Permitted Merger shall have the meaning set forth in Section 3.01.

  • Permitted Asset Sale means any Asset Sale that is permitted under Section 6.8.

  • Permitted Entity means with respect to a Qualified Stockholder (a) a Permitted Trust (as defined below) solely for the benefit of (i) such Qualified Stockholder, (ii) one or more Family Members of such Qualified Stockholder and/or (iii) any other Permitted Entity of such Qualified Stockholder, or (b) any general partnership, limited partnership, limited liability company, corporation or other entity exclusively owned by (i) such Qualified Stockholder, (ii) one or more Family Members of such Qualified Stockholder and/or (iii) any other Permitted Entity of such Qualified Stockholder.

  • Permitted Assets means any and all properties or assets that are used or useful in a Permitted Business (including Capital Stock in a Person that is a Restricted Subsidiary and Capital Stock in a Person whose primary business is a Permitted Business that shall become a Restricted Subsidiary immediately upon the acquisition of such Capital Stock by the Issuer or by a Restricted Subsidiary, but excluding any other securities).

  • Permitted Business Acquisition means any acquisition of all or substantially all the assets of, or all or substantially all the Equity Interests (other than directors’ qualifying shares) not previously held by the Borrower and its Subsidiaries in, or merger, consolidation or amalgamation with, a person or division or line of business of a person (or any subsequent investment made in a person or division or line of business previously acquired in a Permitted Business Acquisition), if immediately after giving effect thereto: (i) no Event of Default under clause (b), (c), (h) or (i) of Section 7.01 shall have occurred and be continuing or would result therefrom, provided, however, that with respect to a proposed acquisition pursuant to an executed acquisition agreement, at the option of the Borrower, the determination of whether such an Event of Default shall exist shall be made solely at the time of the execution of the acquisition agreement related to such Permitted Business Acquisition; (ii) all transactions related thereto shall be consummated in accordance with applicable laws; (iii) with respect to any such acquisition or investment with cash consideration in excess of $50,000,000, the Borrower shall be in Pro Forma Compliance immediately after giving effect to such acquisition or investment and any related transaction; (iv) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by Section 6.01; (v) to the extent required by Section 5.10, any person acquired in such acquisition, if acquired by the Borrower or a Domestic Subsidiary, shall be merged into the Borrower or a Subsidiary Loan Party or become upon consummation of such acquisition a Subsidiary Loan Party; and (vi) the aggregate cash consideration in respect of such acquisitions and investments in assets that are not owned by the Borrower or Subsidiary Loan Parties or in Equity Interests of persons that are not Subsidiary Loan Parties or do not become Subsidiary Loan Parties, in each case upon consummation of such acquisition, shall not exceed the greater of (x) $150,000,000 and (y) 0.05 times the EBITDA calculated on a Pro Forma Basis for the then most recently ended Test Period (excluding for purposes of the calculation in this clause (vi), (A) any such assets or Equity Interests that are no longer owned by the Borrower or any of its Subsidiaries and (B) acquisitions and investments made at a time when, immediately after giving effect thereto, the Net Total Leverage Ratio on a Pro Forma Basis would not exceed 3.15 to 1.00, which acquisitions and investments shall be permitted under this clause (vi) without regard to such calculation).

  • Excluded Affiliate means any Affiliate of any Agent that is engaged as a principal primarily in private equity, mezzanine financing or venture capital.

  • License Subsidiary means one or more wholly-owned Restricted Subsidiaries of the Issuer (i) that holds, was formed for the purpose of holding or is designated to hold FCC Licenses for the launch and operation of Satellites or for the operation of any TT&C Earth Station (other than any FCC License held by Intelsat General Corporation or any of its Subsidiaries) and (ii) all of the shares of capital stock and other ownership interests of which are held directly by the Issuer or a Subsidiary Guarantor.

  • Permitted Sale Leaseback means any Sale Leaseback consummated by the Borrower or any of the Restricted Subsidiaries after the Original Closing Date, provided that any such Sale Leaseback not between (a) a Credit Party and another Credit Party or (b) a Restricted Subsidiary that is not a Credit Party to another Restricted Subsidiary that is not a Credit Party is consummated for fair value as determined at the time of consummation in good faith by (i) the Borrower or such Restricted Subsidiary and, in the case of any Sale Leaseback (or series of related Sales Leasebacks) the aggregate proceeds of which exceed $100,000,000, (ii) the board of directors of the Borrower or such Restricted Subsidiary (which such determination may take into account any retained interest or other Investment of the Borrower or such Restricted Subsidiary in connection with, and any other material economic terms of, such Sale Leaseback).

  • Permitted Transaction means any transaction involving (i) a Swap that is not a Required Transaction or (ii) a Required Transaction that is a component of a Covered Package Transaction.

  • Target Business Acquisition Period means the period commencing from the effectiveness of the registration statement filed with the SEC in connection with the Company's IPO up to and including the first to occur of (i) a Business Combination; or (ii) the Termination Date.

  • Excluded Affiliates means, collectively, any Affiliates of any of the Lead Arrangers that are engaged as principals primarily in private equity, mezzanine financing or venture capital.

  • Permitted Transactions has the meaning set forth in Section 13(B).

  • Related Entity Disposition means the sale, distribution or other disposition by the Company, a Parent or a Subsidiary of all or substantially all of the interests of the Company, a Parent or a Subsidiary in any Related Entity effected by a sale, merger or consolidation or other transaction involving that Related Entity or the sale of all or substantially all of the assets of that Related Entity, other than any Related Entity Disposition to the Company, a Parent or a Subsidiary.

  • Permitted Asset Swap means the concurrent purchase and sale or exchange of assets used or useful in a Similar Business or a combination of such assets and cash, Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received in excess of the value of any cash or Cash Equivalents sold or exchanged must be applied in accordance with Section 3.5 hereof.

  • Permitted Reorganization means re-organizations and other activities related to tax planning and re-organization, so long as, after giving effect thereto, the security interest of the Lenders in the Collateral, taken as a whole, is not materially impaired.

  • Business Acquisition means the acquisition of a company or any shares or securities or a business or undertaking (or, in each case, any interest in any of them) or the incorporation of a company.

  • permitted client means any of the following:

  • Permitted Group means any group of investors that is deemed to be a "person" (as that term is used in Section 13(d)(3) of the Exchange Act), by virtue of the Stockholders Agreement, as the same may be amended, modified or supplemented from time to time; provided that no single Person (other than the Principals and their Related Parties) Beneficially Owns (together with its Affiliates) more of the Voting Stock of the Company that is Beneficially Owned by such group of investors than is then collectively Beneficially Owned by the Principals and their Related Parties in the aggregate.

  • Divestiture means any transaction or event that the Board specifies as a Divestiture under Section 10.5.

  • Downstream Affiliate means an entity whose outstanding Voting Shares were, at the date of issuance of the Qualifying Guarantee, more than 50 per cent. owned, directly or indirectly, by the Reference Entity.

  • Permitted Distribution means any of the following:

  • Permitted Obligations mean (i) nonspeculative Hedging Obligations of any Person and its Subsidiaries arising in the ordinary course of business and in accordance with such Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in interest rates or currency exchange rates and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the applicable obligations being hedged and (ii) Commodity Trading Obligations. For the avoidance of doubt, such transactions shall be considered nonspeculative if undertaken in conformance with FE’s Corporate Risk Management Policy then in effect, as approved by FE’s Audit Committee, together with the Approved Business Unit Risk Management Policies referenced thereunder.

  • Disposition Date shall have the meaning ascribed thereto in Subsection 5.1(d);

  • Permitted Financing means (i) the Company’s issuance of Common Stock and warrants therefore in connection with a merger and/or acquisition or consolidation, (ii) the issuance of shares of Common Stock or warrants therefore in connection with strategic license agreements so long as such issuances are not for the purpose of raising capital, (iii) the Company’s issuance of Common Stock or the issuance or grants of options to purchase Common Stock pursuant to the Company’s stock option plans and employee stock purchase plans as they now exist, and (iv) the issuance of Common Stock upon the exercise or conversion of any securities outstanding on the date hereof.