Subchapter S Corporation if Borrower is a Subchapter S corporation, make distributions to its shareholders during any fiscal year of Borrower in an aggregate amount greater than the amount necessary to pay federal and state income taxes upon Borrower’s undistributed income for such year;
Subchapter S Corporation. The term “Subchapter S Corporation” shall mean a corporation that qualifies as an “S Corporation” for purposes of Subchapter S of the Code.
Subchapter S Corporation. Capitalization Date: Equity: Par Value: Total Authorized: Outstanding: Subject to Warrants, Options, Convertible Securities, etc.: Reserved for Benefit Plans and Other Issuances: Remaining Authorized but Unissued: Subordinated Debt: Type: Existing Parity Subordinated Debt: Trust Preferred Outstanding: Amount Outstanding: Holders of 5% or more of Equity Primary Address Potential Sales Describe any commitments to authorize, issue or sell any Equity interests: If none, please so indicate by checking the box: ☐ If the Recipient is a Bank Holding Company or a Savings and Loan Holding Company: A list of each IDI Subsidiary noting the percentage of each IDI Subsidiary’s issued and outstanding capital stock that is owned by the Recipient: SCHEDULE C MATERIAL ADVERSE EFFECT List any exceptions to the representation and warranty in Section 3.1(g) of the Securities Purchase Agreement – Standard Terms. If none, please so indicate by checking the box: ☐ SCHEDULE D LITIGATION List any exceptions to the representation and warranty in Section 3.1(l) of the Securities Purchase Agreement – Standard Terms. If none, please so indicate by checking the box: ☐ SCHEDULE E COMPLIANCE WITH LAWS List any exceptions to the representation and warranty in the second sentence of Section 3.1(m) of the Securities Purchase Agreement – Standard Terms. If none, please so indicate by checking the box: ☐ List any exceptions to the representation and warranty in the last sentence of Section 3.1(m) of the Securities Purchase Agreement – Standard Terms. If none, please so indicate by checking the box: ☐ SCHEDULE F REGULATORY AGREEMENTS List any exceptions to the representation and warranty in Section 3.1(s) of the Securities Purchase Agreement – Standard Terms. If none, please so indicate by checking the box: ☐ SCHEDULE G RELATED PARTY TRANSACTIONS List any exceptions to the representation and warranty in Section 3.1(x) of the Securities Purchase Agreement – Standard Terms. If none, please so indicate by checking the box: ☐ SCHEDULE H OTHER EXCEPTIONS List any exceptions to the representations and warranties in the Securities Purchase Agreement – Standard Terms not covered in Schedules C through G above and, for each listed exception, identify the applicable representation and warranty in Section 3.1 by the applicable subsection.
Subchapter S Corporation. If an election to be treated as an "S" Corporation under the Internal Revenue Code of 1986 or any amendment thereof ("Code") shall then be in effect, no shares of the corporation's stock may be sold to any person or entity which, at such time, would not be a qualified shareholder of an "S" Corporation under such Code.
Subchapter S Corporation. Seller is and has been at all times since January 1st, 2015 a validly electing S-corporation within the meaning of Section 1361 and Section 1362 of the Code.
Subchapter S Corporation. The Company has not elected pursuant to the Internal Revenue Code of 1986, as amended (the "Code"), to be treated as a Subchapter S corporation or a collapsible corporation pursuant to Section 1362(a) or Section 341(f) of the Code, nor has it or the Predecessor made any other elections pursuant to the Code (other than elections that relate solely to methods of accounting, depreciation or amortization) that would have a Material Adverse Effect on the Division. The Division has never had any tax deficiency proposed or assessed against it and has not executed any waiver of any statute of limitations on the assessment or collection of any tax or governmental charge. None of the Division's federal income tax returns and none of its state income or franchise tax or sales or use tax returns has ever been audited by governmental authorities. Since the date of the Financial Statements, the Division has made adequate provisions on its books of account for all taxes, assessments and governmental charges with respect to its business, properties and operations for such period. The Division has withheld or collected from each payment made to each of its employees, the amount of all taxes (including, but not limited to, federal income taxes, Federal Insurance Contribution Act taxes and Federal Unemployment Tax Act taxes) required to be withheld or collected therefrom, and has paid the same to the proper tax receiving officers or authorized depositories.
