Collateral Subsidiary definition

Collateral Subsidiary means each Subsidiary of the Borrower which owns a direct or indirect interest in a Mortgaged Property.

Collateral Subsidiary is defined in clause (b) of Section 7.1.8. --------------------- ---------- -------------

Collateral Subsidiary means all Subsidiaries granting a security interest to Agent and the Lenders hereunder which shall include all present and future Subsidiaries.

Examples of Collateral Subsidiary in a sentence

• There are three other subsidiaries which have furnished corporate guarantees to support the Loans (the Borrowing Subsidiary, Collateral Subsidiary and three other subsidiaries are collectively known as the “Sub-group” of the Group).

• Borrower will, and will cause each Collateral Subsidiary to, permit Agent by or through any of Agent’s representatives, third party inspectors, independent contractors, attorneys or accountants, at such intervals as may be required by Agent in its sole discretion, to conduct audits of and to verify, the Collateral.

• The Borrowing Subsidiary and the Collateral Subsidiary have since been disposed in 2009.

• Borrower will not, and will not permit any Loan Party to, enter into any transaction with any Affiliate, except a wholly-owned Subsidiary which is a Guarantor or a Collateral Subsidiary, including without limitation, the purchase, sale, or exchange of property or the rendering of any service, except in the ordinary course of business and upon fair and reasonable terms no less favorable to it than those that would prevail in a comparable arm’s-length transaction with a Person not an Affiliate.

• Neither Borrower nor any Collateral Subsidiary has received any notice to the effect that any part of its operations or properties is not in material compliance with any such law, rule, regulation or order or notice that it or its property is the subject of any governmental investigation evaluating whether any remedial action is needed to respond to any release of any toxic or hazardous waste or substance into the environment, the consequences of which non-compliance or remedial action could be material.

More Definitions of Collateral Subsidiary

Collateral Subsidiary means a Consolidated Subsidiary of the Company all or a portion of the Capital Stock of which has been pledged as Collateral pursuant to the Second-Priority Security Documents and any Subsidiary thereof.

Collateral Subsidiary means at any date of determination, any Subsidiary of the Borrower that is a Restricted Subsidiary and a Guarantor, and either (x) whose EBITDA (calculated on an unconsolidated basis) for the most recently ended four fiscal quarters ending immediately prior to such date of determination for which financial statements of the Borrower have been furnished pursuant to Section 6.01(a) or Section 6.02(b) exceeds 5.0% of EBITDA of the Borrower and the Restricted Subsidiaries (for the avoidance of doubt on a consolidated basis) for such period (to the extent consolidated EBITDA of the Borrower and the Restricted Subsidiaries for such period is positive) or (y) whose revenues (calculated on an unconsolidated basis) for the most recently ended four fiscal quarters ending immediately prior to such date of determination for which financial statements of the Borrower have been furnished pursuant to either Section 6.01(a) or Section 6.02(b) exceeds 5.0% of the aggregate revenues of the Borrower and the Restricted Subsidiaries (for the avoidance of doubt on a consolidated basis) for such period.

Collateral Subsidiary means each Subsidiary other than an Excluded Subsidiary.

Collateral Subsidiary means any Subsidiary (other than Superior Commerce) which at any time has either (i) total assets with a book value (determined in accordance with Agreement Accounting Principles) equal to or greater than five percent (5%) of the Borrower’s Consolidated Net Worth, (ii) annual revenue (determined in accordance with Agreement Accounting Principles) equal to or greater than five percent (5%) of the annual revenue of the Borrower and its Subsidiaries on a consolidated basis (determined in accordance with Agreement Accounting Principles) or (iii) delivered the documents described in Section 6.21.

Collateral Subsidiary means, as of any date of determination, any direct or indirect Subsidiary or Affiliate (in the case of investments in preferred stock) of a Borrower through which such Borrower makes an investment in real estate or real estate-related assets or issuer of pass-through certificates, to the extent that all of the Equity Interests of each class owned by any Borrower in such Subsidiary have been pledged to the Agent, for the benefit of the Lenders. For the avoidance of doubt, a Subsidiary or Affiliate that has multiple classes of Equity Interest (e.g. common, preferred, etc.) and in which a Borrower owns only one class of Equity Interests, may become a Collateral Subsidiary if the applicable Borrower owns 100% of the Equity Interests of a particular class and pledges to the Agent 100% of the Equity Interests of such class owned by such Borrower.

Collateral Subsidiary means any of the following Subsidiaries of the --------------------- Borrower, all the shares of Capital Stock of which (except the IPC Preferred Shares in the case of IPC Mutual Holdings, Ltd., the MH Preferred Shares in the case of Mutual Holdings (Bermuda) Ltd. and the MIDL Director Share in the case of Mutual Indemnity (Dublin) Ltd.) are pledged to the Agent for the benefit of the Lenders hereunder:

Collateral Subsidiary. MEANS EACH SUBSIDIARY OF BORROWER THAT HAS EXECUTED AND DELIVERED APPROPRIATE SECURITY AGREEMENTS, DOCUMENTS AND INSTRUMENTS TO CREATE A VALID AND PERFECTED FIRST PRIORITY SECURITY INTEREST IN SUCH SUBSIDIARY'S ACCOUNTS AND ANY OTHER ASSETS REQUIRED BY BANK.