Common use of Dormant Subsidiaries Clause in Contracts

Dormant Subsidiaries. Each Dormant Subsidiary (a) is not actively engaged in any business, and (b) has no assets with a book value in excess of $1,500,000 or annual revenues in excess of $1,500,000.

Dormant Subsidiaries. Each Dormant Subsidiary (a) is not actively engaged in any business, and (b) has no assets with a book value in excess of $1,500,000 50,000 or annual revenues in excess of $1,500,00050,000, and (c) has no third party indebtedness outstanding (other than minimal corporate expenses incurred in the ordinary course of business).