VIE Group Member definition
Examples of VIE Group Member in a sentence
WFOE Account (subsidiary Cash Management): to the extent legally possible and commercially reasonable, each Obligor shall (and the Borrower shall procure that each other Group Member which is not a VIE Group Member will) ensure that any cash to which an Onshore Group Member (other than a VIE Group Member) is beneficially entitled is promptly paid or credited into a First Tier WFOE Account.
The aggregate direct or indirect beneficial ownership of the Borrower in the Equity Interests (of any class) in any Group Member (other than, prior to a VIE Unwind, a VIE Group Member and expressed as a percentage of the aggregate Equity Interests (of such class) in such Group Member) is reduced, except with the prior written consent of the Majority Lenders.
Each Obligor shall ensure that each Onshore Group Member shall pay all of the Licence and Consultancy Fees owed or payable by it to the applicable Group Member (that is not a VIE Group Member) in accordance with the terms of the VIE Contracts promptly and in any event on or prior to the last day of the fiscal quarter occurring after the calendar year in which such Licence and Consultancy Fees have accrued, are incurred or are payable.
Target and its subsidiaries from time to time, including for the avoidance of doubt each VIE Group Member (each, a “Target Group Member”).