Related or subordinate party definition

Related or subordinate party means a related or subordinate party as defined in Section 672(c) of the Code.
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Related or subordinate party means a Related or subordinate party. –
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Related or subordinate party means any nonadverse party who is—
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Examples of Related or subordinate party in a sentence

  • Related or subordinate party" means a Related or subordinate party.

  • Definitions and Rules 209 § 1.672(a)–1 Definition of adverse party 211 § 1.672(b)–1 Nonadverse party 211 § 1.672(c)–1 Related or subordinate party 211 § 1.672(d)–1 Power subject to condition precedent.

  • Related or subordinate party §672(c): A nonadverse party who is—– The grantor’s spouse if living with the grantor.– The grantor’s father, mother, issue, brother or sister.– An employee of the grantor.– A corporation or any employee of a corporation in which the stock holdings of the grantor and the trust are significant from the viewpoint of voting control.– A subordinate employee of a corporation in which the grantor is an executive.Estate of Edward Redstone v.

  • Definitions and Rules 202 § 1.672(a)–1 Definition of adverse party 203 § 1.672(b)–1 Nonadverse party 204 § 1.672(c)–1 Related or subordinate party 204 § 1.672(d)–1 Power subject to condition precedent.


More Definitions of Related or subordinate party

Related or subordinate party means any nonadverse party
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Related to Related or subordinate party

  • Permitted Subordinated Debt means Indebtedness of any of the Borrowers which has been subordinated and made junior to the Full Payment of the Obligations, and evidenced as such by a subordination agreement containing subordination provisions substantially in the form of Exhibit I, or otherwise in form and substance reasonably satisfactory to the Administrative Agent; provided that (a) at the time such Permitted Subordinated Debt is incurred, no Default or Event of Default has occurred or would occur as a result of such incurrence, and (b) the documentation evidencing such Permitted Subordinated Debt shall have been delivered to the Administrative Agent and shall contain all of the following characteristics: (i) it shall be unsecured, (ii) it shall bear interest at a rate not to exceed the market rate as determined in good faith by the applicable Borrower, (iii) it shall not require unscheduled principal repayments thereof prior to the maturity date of such debt, (iv) if it has any covenants, such covenants (including covenants relating to incurrence of indebtedness) shall be less restrictive than those set forth herein, (v) it shall have no restrictions on the Borrowers’ ability to grant liens securing indebtedness ranking senior to such Permitted Subordinated Debt, (vi) it shall permit the incurrence of senior indebtedness under this Agreement, (vii) it may be cross-accelerated with the Obligations and other senior indebtedness of the Borrowers (but shall not be cross-defaulted except for payment defaults which the senior lenders have not waived) and may be accelerated upon bankruptcy, and (viii) it shall provide for the complete, automatic and unconditional release of any and all guarantees of such Permitted Subordinated Debt granted by any Borrower in the event of the sale by any Person of such Borrower or the sale by any Person of all or substantially all of such Borrower’s assets (including in the case of a foreclosure).