Operating Company. Each Credit Party is “an entity that is primarily engaged, directly or through a majority owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment of capital” within the meaning of the U.S. Department of Labor plan asset regulations, 29 C.F. R. §2510.3 101. None of the Credit Parties is a “passive business” as defined in the SBA Regulations.
Appears in 5 contracts
Samples: Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc), Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc), Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc)
Operating Company. Each Credit Party is “an entity that is primarily engaged, directly or through a majority owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment of capital” within the meaning of the U.S. Department of Labor plan asset regulations, 29 C.F. R. §2510.3 101. None of the Credit Parties is a “passive business” as defined in the SBA Regulations.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Tel Instrument Electronics Corp), Securities Purchase Agreement (Tel Instrument Electronics Corp)
