Foreign U.S. Subsidiary definition
Foreign U.S. Subsidiary means each Subsidiary of the Borrower which is incorporated in the United States of America or any State thereof but whose business is conducted solely outside of the United States of America.
Examples of Foreign U.S. Subsidiary in a sentence
Subject to the following proviso, the outstanding Capital Stock of each Material Foreign Subsidiary as of the Closing Date shall fail to be pledged to secure the Obligations by the date which is ninety days after the Closing Date, provided that in no event shall more than 66% of any series of Capital Stock of any Material Foreign Subsidiary (other than any Foreign U.S. Subsidiary) be required to be pledged pursuant to this Agreement or any other Loan Document.