Examples of Intermediate Parent in a sentence
None of Holdings, any Intermediate Parent, the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock.
Each of Holdings, each Intermediate Parent, the Borrower and its Subsidiaries is in compliance with all applicable Requirements of Law applicable to it and the ownership and operation of its properties and all other agreements and instruments binding upon it or its property, except, in each case, where the failure to comply with which, individually or in the aggregate, would not be reasonably expected to have a Material Adverse Effect.
Each of Holdings, each Intermediate Parent, the Borrower and its Subsidiaries has taken, or on the Closing Date will have taken, all necessary corporate or other organizational action to execute, deliver and perform each of the Credit Documents to which it is or will be a party, and has, or on the Closing Date (or, as permitted hereunder, any later date of execution and delivery) will have, validly executed and delivered each of the Credit Documents to which it is or will be a party.
Each of Holdings and each Intermediate Parent is a holding company and does not have any material liabilities (other than liabilities arising under the Credit Documents), own any material assets (other than, direct or indirect Capital Stock in one or more Intermediate Parents or the Borrower) or engage in any operations or business (other than the ownership of the Borrower and its Subsidiaries and activities related to being a Guarantor), except in each case as permitted under Section 8.13.