Shell Subsidiaries Clause Samples

Shell Subsidiaries. Neither Unimark Plastics, Inc., a Pennsylvania corporation ("Unimark"), nor TriEnda Corporation, an Indiana corporation ("TriEnda" and, together with Unimark, the "Shell Subsidiaries"), has any assets.

Shell Subsidiaries. Each Shell Subsidiary has no material assets and is not engaged in any business.

Shell Subsidiaries. Each Shell Subsidiary is a "shell" company having (a) no assets (other than equity interests in a Subsidiary or other assets with an aggregate value not exceeding $10,000) and (b) no operations.

Shell Subsidiaries. The Company will not permit the --------------------------------- Shell Subsidiaries, taken as a whole, to have assets (either directly or through any Subsidiary or other Capital Stock) with an aggregate value exceeding $500,000 at any time.

Shell Subsidiaries. Notwithstanding any provision of this Agreement to the contrary, the aggregate amount of Investments in, and loans and advances or transfers of Property to, Shell Subsidiaries by Borrower or any of its Subsidiaries shall not exceed $500,000 in the aggregate in respect of all such Subsidiaries during the term of this Agreement

Shell Subsidiaries. The Company and the Guarantors shall not, and shall not permit their respective subsidiaries to, transfer any assets to the Shell Subsidiaries or to X Properties, LLC ("X Properties"), in the case of TriEnda or to X Properties only, until the exchange contemplated by the Registration Rights Agreement has been consummated. The Company and the Guarantors shall prohibit the performance of any activities by the Shell Subsidiaries, in the case of TriEnda and X Properties only, until the exchange contemplated by the Registration Rights Agreement has been consummated. As promptly as possible after the date of this Agreement, the Company shall cause Unimark to be dissolved, be merged out of existence or otherwise cease to exist, and shall provide satisfactory evidence of such dissolution, merger or non-existence to the Underwriters and its counsel upon such event.

Shell Subsidiaries. As of the date hereof, each of ITP No. 5, Inc., a Delaware corporation; ITP No. 6, Inc., a Delaware corporation; ITP No. 7, Inc., a Delaware corporation; ITP No. 8, Inc., a Delaware corporation; and ITP No. 9, Inc., a Delaware corporation, (a) is a wholly-owned Subsidiary of the Borrower; (b) was formed solely for the purpose of effecting a proposed Acquisition by the Borrower, which Acquisition has not yet been consummated; (c) does not own or hold any material assets or properties; and