Pledging Subsidiary definition

Pledging Subsidiary means each existing and future Subsidiary (other than a Foreign Subsidiary) of the Borrower that executes and delivers a Guaranty and Collateral Agreement in accordance with the Loan Documents pursuant to which such Subsidiary pledges to the Administrative Agent, for the ratable benefit of the Lenders, all of the outstanding Equity Interests of a Material Subsidiary or other Person owned by such Subsidiary to secure the Lender Indebtedness.
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Pledging Subsidiary contained in Section 1.1 of the Canadian Credit Agreement hereby is amended by deleting the reference to “issued and outstanding Equity Interests of a Material Subsidiary” and replacing such reference with “issued and outstanding Equity Interests of a Material Subsidiary or other Person”.
Sample 1
Pledging Subsidiary means all Subsidiaries of the Parent Guarantor other than (i) those listed on Schedule VII and (ii) any Subsidiary that is a controlled foreign corporation within the meaning of Section 957 of the Code.
Sample 1

Examples of Pledging Subsidiary in a sentence

  • As of the execution hereof, none of the Subsidiaries qualify as a Material Subsidiary or Pledging Subsidiary in accordance with the provisions hereof, and as of the execution hereof, neither is reasonably expected to qualify as such within the next twelve (12) months.

  • Nothing contained in the Loan Documents shall prohibit any Pledging Subsidiary from developing any Oil and Gas Properties that do not constitute Collateral.

  • The Pledging Subsidiaries may use the proceeds of such loans from the Borrower for lawful corporate purposes of each Pledging Subsidiary.

  • In the event that the Gathering Systems are foreclosed upon pursuant to the Mortgages, Agent, on behalf of Lenders, hereby grants to each Pledging Subsidiary a non-royalty bearing license to transport Hydrocarbons produced from Xxxxx not included within the Mortgaged Properties under any then existing agreement regarding transport and for the life of such transportation agreement or in the absence of a written agreement consistent with the past practices and customs of the parties in the industry.

  • In response to household record exclusions, all person-, vehicle- and trip-records associated with excluded households were also removed.

  • Appropriate corporate documentation, including without limitation resolutions of the Board of Directors of Borrower, Guarantor (hereinafter defined) and of each Pledging Subsidiary approving the execution, delivery and performance by such entities of this Amendment and all documents executed in connection herewith.

  • An opinion of legal counsel to Borrower, Guarantor and each Pledging Subsidiary.

  • Upon receipt by the Collateral Agent of a request by the Borrower to permit the grant of a mortgage on any fixed assets of the Borrower or any Pledging Subsidiary, together with a certificate of a senior officer of the Borrower to the effect that such grant will not violate any provision of any Loan Document, such grant shall be so permitted.

  • In the event that the Gathering Systems are foreclosed upon pursuant to the Mortgages, Agent, on behalf of Lenders, hereby grants to each Pledging Subsidiary a non-royalty bearing license to transport Hydrocarbons produced from Wells not included within thx Xxrtgaged Properties under any then existing agreement regarding transport and for the life of such transportation agreement or in the absence of a written agreement consistent with the past practices and customs of the parties in the industry.

  • The execution, delivery and performance of the Loan Documents by Borrower, any Guarantor or any Pledging Subsidiary will not violate the articles of incorporation or other organization documents or bylaws, operating agreements or other governing agreements of any such Person, nor constitute a default under, or result in a breach of, any contract, agreement, indenture, document or other instrument to which such Person is a party or which is applicable to its respective property.


More Definitions of Pledging Subsidiary

Pledging Subsidiary has the meaning given to such term in the Discount Agreements, provided that such subsidiary shall have executed a subordination agreement in favor of Discount, in form and substance acceptable to Discount.
Sample 1
Pledging Subsidiary means each Restricted Subsidiary other than a Project Subsidiary. “PLS Limited” means PLS Limited, an Anguilla company.
Sample 1
Pledging Subsidiary is any subsidiary of Borrower, which for the first time ever meets any one or more of the following criteria: (i) maintains Financial Assets valued in the aggregate at least at 25% of the consolidated Financial Assets of the Company and its subsidiaries, or (ii) is the main party on behalf of the Group to agreements with customers of the Company and/or any subsidiary thereof deriving, or otherwise collects, at least 25% of the Group’s consolidated Monthly Gross Booking Value during any calendar month, or (iii) is the main party on behalf of the Group to agreements with Suppliers which are responsible for at least 25% of the consolidated inventory partners costs of the Company and its subsidiaries during any calendar month.
Sample 1
Pledging Subsidiary means any Subsidiary of Borrower which is required to execute a Pledge Agreement pursuant to the terms of this Agreement.
Sample 1

Related to Pledging Subsidiary

  • Financing Subsidiary means (a) any Structured Subsidiary or (b) any SBIC Subsidiary.

  • Subsidiary means an entity in which more than 50 percent of the entity is owned—

  • Domestic Subsidiary means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

  • JV Subsidiary any Subsidiary of a Group Member which is not a Wholly Owned Subsidiary and as to which the business and management thereof is jointly controlled by the holders of the Capital Stock therein pursuant to customary joint venture arrangements.

  • Guarantor Subsidiary means each Guarantor other than Holdings.

  • ORE Subsidiary means any Subsidiary of the Assuming Bank that engages solely in holding, servicing, managing or liquidating interests of a type described in clause (A) of the definition of “Other Real Estate,” which interests have arisen from the collection or settlement of a Shared-Loss Loan.

  • Non-U.S. Subsidiary means any Subsidiary that is not a U.S. Subsidiary.

  • Project Financing Subsidiary means any Restricted Subsidiary of the Borrower (or any other Person in which Borrower directly or indirectly owns a 50% or less interest) whose principal purpose is to incur Project Financing or to become an owner of interests in a Person so created to conduct the business activities for which such Project Financing was incurred, and substantially all the fixed assets of which Subsidiary or Person are those fixed assets being financed (or to be financed) in whole or in part by one or more Project Financings.

  • Foreign Subsidiary means any Subsidiary that is not a Domestic Subsidiary.

  • SBIC Subsidiary means any Subsidiary of the Borrower (or such Subsidiary’s general partner or manager entity) that is (x) either (i) a “small business investment company” licensed by the SBA (or that has applied for such a license and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently conducted) under the Small Business Investment Act of 1958, as amended, or (ii) any wholly-owned, direct or indirect, Subsidiary of an entity referred to in clause (x)(i) of this definition, and (y) designated in writing by the Borrower (as provided below) as an SBIC Subsidiary, so long as:

  • Issuer Subsidiary means any subsidiary of the Issuer.

  • Canadian Subsidiary means any Subsidiary that is organized under the laws of Canada or any province or territory thereof.

  • SPE Subsidiary means any Subsidiary formed solely for the purpose of, and that engages only in, one or more Securitization Transactions.

  • Excluded Subsidiary means (a) any Subsidiary that is not a wholly-owned direct or indirect Domestic Subsidiary of Holdings, (b) any Subsidiary that is prohibited or restricted by applicable Law or by Contractual Obligations permitted by this Agreement in existence at the time of acquisition of such Subsidiary but not entered into in contemplation thereof, from guaranteeing the Obligations or if guaranteeing the Obligations would require governmental (including regulatory) consent, approval, license or authorization, unless such consent, approval, license or authorization has been received, or for which the provision of a Guarantee would result in material adverse tax consequences to the Borrower or one of its subsidiaries as reasonably determined by the Borrower and agreed in writing by the Administrative Agent, (c) any other Subsidiary with respect to which, in the reasonable judgment of the Borrower and the Administrative Agent, the burden or cost of providing a Guarantee shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (d) any not-for-profit Subsidiaries or captive insurance Subsidiaries, (e) any Unrestricted Subsidiaries, (f) any Securitization Subsidiary, (g) any direct or indirect Domestic Subsidiary of a direct or indirect Foreign Subsidiary of Holdings that is a CFC, (h) any direct or indirect Domestic Subsidiary of Holdings that is a FSHCO, (i) [reserved], (j) captive insurance Subsidiaries, (k) any Subsidiary that is not a Material Subsidiary and (l) any Restricted Subsidiary acquired pursuant to a Permitted Acquisition or other Investment that has assumed secured Indebtedness permitted under Section 7.03(g)(i) and not incurred in contemplation of such Permitted Acquisition or other Investment, in each case to the extent such secured Indebtedness prohibits such Subsidiary from becoming a Guarantor (so long as such prohibition is not incurred in contemplation of such Permitted Acquisition or other Investment). For the avoidance of doubt, the Borrower shall not constitute an Excluded Subsidiary.

  • Restricted Subsidiary means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

  • Non-Guarantor Subsidiary means any Restricted Subsidiary that is not a Subsidiary Guarantor.

  • Operating Subsidiary means a majority-owned subsidiary of a financial

  • Principal Subsidiary means at any relevant time a Subsidiary of the Issuer:

  • Restricted Foreign Subsidiary means a Foreign Subsidiary that is a Restricted Subsidiary.

  • U.S. Subsidiary means any Subsidiary that is incorporated or organized under the laws of the United States or a state thereof or the District of Columbia.

  • Receivables Subsidiary means any Subsidiary formed solely for the purpose of engaging, and that engages only, in one or more Receivables Facilities.

  • Pledge Subsidiary means (i) each Domestic Subsidiary and (ii) each First Tier Foreign Subsidiary.

  • Pledged Subsidiary means each Subsidiary in respect of which the Administrative Agent has been granted a security interest in or a pledge of (a) any of the Capital Securities of such Subsidiary or (b) any intercompany notes of such Subsidiary owing to the Borrower or another Subsidiary.

  • Inactive Subsidiary means any Subsidiary of the Borrower that (a) does not conduct any business operations, (b) has assets with a total book value not in excess of $10,000 and (c) does not have any Indebtedness outstanding.

  • Material Domestic Subsidiary means any Domestic Subsidiary that is a Material Subsidiary.

  • Wholly-Owned Foreign Subsidiary means, as to any Person, any Wholly-Owned Subsidiary of such Person which is a Foreign Subsidiary.