Tax Blocker Subsidiaries definition

Tax Blocker Subsidiaries means (a) any wholly-owned Subsidiary of the Company from time to time designated in writing by the Company to the holder of the Notes as a “Tax Blocker Subsidiary”; provided that at no time shall any Tax Blocker Subsidiary hold any assets other than Capital Stock.

Tax Blocker Subsidiaries means (a) Any wholly-owned Subsidiary of the Company from time to time designated in writing by the Company to the holders of the Notes as a “Tax Blocker Subsidiary,” (b) Alcentra BDC Equity Holdings, LLC and (c) CBDC Universal Equity, Inc.; provided that at no time shall any Tax Blocker Subsidiary hold any assets other than Capital Stock.

Tax Blocker Subsidiaries. (a) Any wholly-owned Subsidiary of the Borrower from time to time designated in writing by the Borrower to the Administrative Agent as a “Tax Blocker Subsidiary” and (b) on and after the Atlantis Acquisition, Alcentra BDC Equity Holdings, LLC; provided that at no time shall any Tax Blocker Subsidiary hold any assets other than Capital Stock.

Examples of Tax Blocker Subsidiaries in a sentence

• It shall not have or permit the formation of any subsidiaries, except (i) in connection with the receipt of equity securities with respect to a Collateral Loan, an Eligible Investment or any exchange offer, work-out or restructuring of a Collateral Loan or (ii) Tax Blocker Subsidiaries.

• It shall not have or permit the formation of any subsidiaries, except (i) in connection with the receipt of equity securities with respect to a Collateral Asset or any exchange offer, work-out or restructuring of a Collateral Asset or (ii) Tax Blocker Subsidiaries.

• Fifth Street utilizes the Tax Blocker Subsidiaries to hold Fifth Street’s interests in certain of Fifth Street’s portfolio companies.

• It shall not have or permit the formation of any subsidiaries, except (i) in connection with the receipt of equity securities with respect to a Collateral Loan or Eligible Investments or (ii) Tax Blocker Subsidiaries.

• The Borrower has no Subsidiaries except Tax Blocker Subsidiaries not otherwise prohibited hereunder.

• The Tax Blocker Subsidiaries must be separate entities taxed under Subchapter C of the Code in order to serve their income blocking purpose.

• The Tax Blocker Subsidiaries exist now, and any such entities created in the future would exist, to enhance the opportunity for Fifth Street to elect RIC status under the Code, which benefits investors since companies electing that status are not liable for federal income tax at the corporate level.Perhaps most importantly, the assets of the Subsidiaries are recorded on Fifth Street’s balance sheet, and thus considered assets of Fifth Street for GAAP purposes.

• It shall not have or permit the formation of any subsidiaries, except (i) in connection with the receipt of equity securities pursuant to an exercise of remedies with respect to a Collateral Loan or Eligible Investments, or any work-out or restructuring of a Collateral Loan or (ii) Tax Blocker Subsidiaries.

• These Tax Blocker Subsidiaries are taxed as corporations in order to block operating income from investment portfolio companies (structured as limited liability companies or limited partnerships) held in the Tax Blocker Subsidiaries from passing through to Fifth Street.

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