Subchapter S Corporation definition

Subchapter S Corporation. (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of stock of Borrower, or (d) purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

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Subchapter S Corporation means a corporation electing taxation under subchapter S or chapter 1 of subtitle A of the internal revenue code, sections 1361 to 1379 of the internal revenue code.

Subchapter S Corporation. (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of stock of Borrower.

Examples of Subchapter S Corporation in a sentence

• Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower’s stock, or purchase or retire any of Borrower’s outstanding shares or alter or amend Borrower’s capital structure.

• Shareholders acknowledge that upon Closing any election to be taxed as a Subchapter S Corporation will terminate and that Shareholders will be responsible for all taxes due up to the day of Closing.

• Specifically, except for a Transfer described in clause (vii) of Section 1.22 hereof, no Transfer may be made to, and no acquisition may be made by, any person that is not eligible to be a shareholder of a Subchapter S Corporation under the provisions of the Code as in effect at the time of the purported Transfer (presently including non-resident aliens and any person other than an individual, an estate or certain limited types of trusts).

• Acquiror Holding management believes that Acquiror Holding has properly qualified as a Subchapter S Corporation for the years 2004 and 2005.

• Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

More Definitions of Subchapter S Corporation

Subchapter S Corporation. (as defined in the Internal Revenue code of 1986, as amended) Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders 5 04-24-1997 LOAN AGREEMENT Page 5 Loan No 391-208 (Continued) ================================================================================ of a Subchapter S Corporation because of their ownership of shares of stock of Borrower, or (d) purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

Subchapter S Corporation means a corporation electing

Subchapter S Corporation means a corporation that qualifies as an “S Corporation” for purposes of Subchapter S of the Code.

Subchapter S Corporation means a corporation for which

Subchapter S Corporation. Loan, invest in or advance money or assets, (b) purchase, create or acquire any interest in any other enterprise or entity, or (c) incur any obligation as surety or guarantor other than in the ordinary course of business.

Subchapter S Corporation. (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of stock of Borrower, or (d) purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure, except for repurchases or employees and/or consultants shares of Common Stock in accordance with the provisions of such persons restricted stock purchase agreement; provided, however, that such repurchases shall not in the aggregate exceed $500,000.00 in any fiscal year.

Subchapter S Corporation. (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of stock of Borrower, or (d) purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure. 05-16-1997 BUSINESS LOAN AGREEMENT PAGE 5 LOAN NO 733-67 (CONTINUED) ================================================================================