Common use of SPE Subsidiary Clause in Contracts

SPE Subsidiary. A bankruptcy remote or other special purpose entity which is a Subsidiary and which is formed for the purpose of, and engages in no material business other than, issuing or incurring Non-Recourse Indebtedness and, in connection therewith, owning Non-Recourse Assets and pledging or transferring interests therein. Spin-off Effective Date. The date on which the Spin-off Transaction was completed which was December 28, 2007.

SPE Subsidiary. A bankruptcy remote or other special purpose entity which is a Subsidiary and which is formed for the purpose of, and engages in no material business other than, issuing or incurring Non-Recourse Indebtedness and, in connection therewith, owning Non-Recourse Assets and pledging or transferring interests therein. Spin-off Effective Date. The date on which the Spin-off Transaction was completed is completed, which was date is expected to be December 28, 2007.