Material Subsidiary definition

Material Subsidiary means any Subsidiary other than an Immaterial Subsidiary.

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Material Subsidiary means any Restricted Subsidiary that is not an Immaterial Subsidiary.

Material Subsidiary means a subsidiary, whose income or net worth exceeds ten percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year.

Examples of Material Subsidiary in a sentence

The Borrower shall not, and shall not permit any Material Subsidiary to, carry on any material business or operations other than the material types of businesses and operations carried on by the Borrower and its Subsidiaries on September 20, 2023.
As at the Effective Date, the legal and beneficial owners of the issued and outstanding Voting Securities of each Material Subsidiary and the Borrower’s other Subsidiaries are as set out in Schedule I annexed hereto.
The Borrower shall promptly give written notice to the Agent of the acquisition, creation or existence of each new Material Subsidiary after September 20, 2023.
Subject to Section 9.2(j), the Borrower shall not, nor shall it permit any Material Subsidiary to, liquidate, dissolve or wind up or take any steps or proceedings in connection therewith except, in the case of Material Subsidiaries, where the successor thereto or transferee thereof is the Borrower or a Guarantor of the Borrower.
It shall keep and cause each Material Subsidiary to keep proper books of record and account in which complete and correct entries will be made of its transactions in accordance with GAAP.

More Definitions of Material Subsidiary

Material Subsidiary means any Material Domestic Subsidiary or any Material Foreign Subsidiary.

Material Subsidiary means, at any time, any Restricted Subsidiary engaged in the Telecommunications/IS Business (other than a Subsidiary (including, on the Effective Date, Eldorado Marketing, Inc. (now known as Technology Spectrum, Inc.)) engaged primarily in the business of (i) constructing, creating, developing or marketing software or (ii) computer outsourcing, data center management, computer systems integration, or reengineering of software for any purpose, as determined in good faith by the Board of Directors of Level 3) accounting, or holding assets that accounted, for more than 5% of Pro Forma Consolidated Cash Flow Available for Fixed Charges for ▇▇▇▇▇ ▇ and its Restricted Subsidiaries for the period of four fiscal quarters most recently ended or more than 5% of Consolidated Tangible Assets at the end of such period; provided that if at any time all Restricted Subsidiaries that are not Material Subsidiaries shall account for more than 10% of Pro Forma Consolidated Cash Flow Available for Fixed Charges for ▇▇▇▇▇ ▇ and its Restricted Subsidiaries for the period of four fiscal quarters most recently ended or more than 10% of Consolidated Tangible Assets at the end of such period, Level 3 shall designate sufficient Restricted Subsidiaries as “Material Subsidiaries” to eliminate such excess (or, if Level 3 shall have failed to designate such Restricted Subsidiaries within 10 Business Days, Restricted Subsidiaries shall automatically be deemed designated as Material Subsidiaries in descending order based on the amounts of their contributions to Consolidated Tangible Assets until such excess shall have been eliminated), and the Restricted Subsidiaries so designated or deemed designated shall for all purposes of this Agreement constitute Material Subsidiaries. Notwithstanding the foregoing, ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇, ▇▇▇. and its Subsidiaries shall not constitute Material Subsidiaries unless they would otherwise satisfy the foregoing test and they are engaged to any material extent in the Telecommunications/IS Business, as determined in good faith by the Board of Directors of Level 3.

Material Subsidiary means at any time a Subsidiary which as of such time meets the definition of a “significant subsidiary” contained as of the date hereof in Regulation S-X of the Securities and Exchange Commission.

Material Subsidiary means a “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X under the Securities Act.

Material Subsidiary means any subsidiary company of the Company which is or has been determined as a material subsidiary as per the provisions of the Regulations.

Material Subsidiary means any Subsidiary of the Borrower having (a) 5% or more of the Consolidated Net Tangible Assets or (b) 5% or more of the total revenues appearing on the most recently prepared Consolidated income statements of the Borrower and its Subsidiaries as of the end of the immediately preceding fiscal quarter of the Borrower.

Material Subsidiary means any Subsidiary that is not an Immaterial Subsidiary.