Subsidiary Credit Parties definition

Subsidiary Credit Parties means (i) each of U.S. Borrower’s U.S. Subsidiaries (other than any Receivables Subsidiary and the Insurance Subsidiary), (ii) each Subsidiary Borrower and (iii) each Subsidiary of European Borrower, and each other Subsidiary, designated on Schedule 1.1(d) as a subsidiary guarantor or which becomes a subsidiary guarantor pursuant to the provisions of Section 7.14.

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Subsidiary Credit Parties means (a) the Subsidiaries identified on Schedule I (including the Borrower) and (b) each other Subsidiary that becomes a party to this Agreement after the Closing Date in accordance with the terms of the Credit Agreement.

Subsidiary Credit Parties means all of the foregoing.

Examples of Subsidiary Credit Parties in a sentence

• Parent Borrower shall further cause all representations, covenants and agreements in the Loan Documents with respect to the Subsidiary Credit Parties to be true and correct with respect to each such Subsidiary from and after the date such Subsidiary executes and delivers a Joinder Agreement.

• Kmart and the Subsidiary Credit Parties hereby ratify, confirm, and reaffirm all of the representations, warranties and covenants therein contained.

• All of the property, rights and interests of the Parent Borrower and Subsidiary Credit Parties which are subject to the security interests, security title, liens and mortgages created by the Security Documents, including, without limitation, the Collateral Properties.

• Parent and the Subsidiary Credit Parties party hereto (other than the Borrower) are Affiliates of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit.

• AXIS Capital will cause each of the Subsidiary Credit Parties to maintain a financial strength rating of at least “B++” from A.M. Best & Co. (or its successor) at all times.

• As of the Effective Date, all covenants and agreements in the Loan Documents of the Subsidiary Credit Parties are true and correct with respect to Joining Party and no Default or Event of Default shall exist or might exist upon the Effective Date in the event that Joining Party becomes a {Subsidiary Borrower/Guarantor}.

• Kmart and the Subsidiary Credit Parties shall reimburse the Issuing Banks for all expenses incurred by the Issuing Banks in connection herewith, including, without limitation, reasonable attorneys’ fees.

• Each Subsidiary Credit Party is executing this Agreement and the other Loan Documents in consideration of those benefits received by it and each Subsidiary Credit Party desires to enter into an allocation and contribution agreement with each other Subsidiary Credit Party as set forth in this §37 and agrees to subordinate and subrogate any rights or claims it may have against other Subsidiary Credit Parties as and to the extent set forth in §36.

• For the purposes of this §8.3, the Investment of Parent Borrower or Subsidiary Credit Parties in any non-Wholly Owned Subsidiaries and Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of their Unconsolidated Affiliate’s Investment in Real Estate; plus (ii) such Person’s pro rata share of any other Investments valued at the GAAP book value.

• None of the Borrowers or the Subsidiary Credit Parties is subject to any charter, corporate or other legal restriction, or any judgment, decree, order, rule or regulation that has or is expected in the future to have a Material Adverse Effect, with the Lenders agreeing the exercise of the redemption rights granted under the Partnership Agreement shall not be deemed to have a Material Adverse Effect.

More Definitions of Subsidiary Credit Parties

Subsidiary Credit Parties means (i) any Account Party other than Kmart and (ii) any Subsidiary of Kmart or Sears for whose account a Letter of Credit is issued by an Issuing Bank, including SRAC.

Subsidiary Credit Parties is hereby deleted in its entirety and the following substituted in its stead:

Subsidiary Credit Parties means any Reorganized Debtor (including Borrower) as of the Closing Date, together with any other Subsidiary of Kmart HQ formed or acquired after the Closing Date (other than an entity that is a controlled foreign corporation under Section 956 of the IRC).

Subsidiary Credit Parties means the Credit Parties (other than the Company); and (e) “Subject Jurisdictions” means the Initial Subject Jurisdictions and the Additional Subject Jurisdictions (if any); provided that references to the Subject Jurisdictions shall only include a reference to any non-U.S. Subject Jurisdiction for so long as one or more Required Guarantors (i) are incorporated, organized or formed in such non-U.S. jurisdiction or (ii) have material operations or own assets in such non-U.S. Subject Jurisdiction that satisfy the materiality threshold referred to in clause (ii) of the definition of “Additional Subject Jurisdiction”. So long as no default or event of default would result from such release and the Borrowers have demonstrated pro forma compliance with each Collateral Coverage Ratio after giving effect to such release (as evidenced by a compliance certificate setting forth and certifying such calculation and the absence of a default or event of default), a Guarantor shall be released from its guarantee (i) automatically if all