Material Subsidiary Threshold Event definition

Material Subsidiary Threshold Event means the occurrence of either of the following events: (i) the aggregate book value of the assets of all Subsidiaries of the Borrower which (x) do not constitute Material Subsidiaries in accordance with the definition thereof or (y) are not then party to the Subsidiary Guaranty (and, if a Trigger Event is then in existence, the relevant Security Documents), exceeds $250,000,000 or (ii) the net sales of all Subsidiaries of the Borrower which (x) do not constitute Material Subsidiaries in accordance with the definition thereof or (y) are not then party to the Subsidiary Guaranty (and, if a Trigger Event is then in existence, the relevant Security Documents), exceeds $200,000,000.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Material Subsidiary Threshold Event appearing in Section 10 of the Credit Agreement is hereby amended by inserting the text “(other than R.▇. ▇▇▇▇▇▇▇▇ Tobacco C.V., R.▇. ▇▇▇▇▇▇▇▇ Tobacco B.V. and SFR Tobacco International GmbH)” immediately after the text “book value of the assets of all Subsidiaries of the Borrower” appearing in said definition.

Material Subsidiary Threshold Event means the occurrence of either of the following events: (i) the aggregate book value of the assets of all Subsidiaries of Parent (other than Sante Fe, Lane and CMSI) which (x) do not constitute Material Subsidiaries in accordance with the definition thereof or (y) are not then party to the Subsidiary Guaranty (and, if a Trigger Event is then in existence, the relevant Security Documents), exceeds $250,000,000 or (ii) the net sales of all Subsidiaries of Parent (other than Sante Fe, Lane and CMSI) which (x) do not constitute Material Subsidiaries in accordance with the definition thereof or (y) are not then party to the Subsidiary Guaranty (and, if a Trigger Event is then in existence, the relevant Security Documents), exceeds $200,000,000.

Examples of Material Subsidiary Threshold Event in a sentence

At any time (i) a Trigger Event has occurred and is continuing and (ii) a Material Subsidiary Threshold Event occurs, then on or prior to the 45th day following the date of the occurrence of such Material Subsidiary Threshold Event, the Borrower shall cause one or more Subsidiaries not then a party to Security Documents to take the actions described in Section 7.10(b) such that, after giving effect to such actions, such Material Subsidiary Threshold Event shall cease to exist.
At any time (i) a Trigger Event has occurred and is continuing and (ii) a Material Subsidiary Threshold Event occurs, then on the 45th day following the date of the occurrence of such Material Subsidiary Threshold Event, Parent shall cause one or more Subsidiaries not then a party to Security Documents (other than Santa Fe, CMSI or Lane) to take the actions described in Section 7.10(b) such that, after giving effect to such actions, such Material Subsidiary Threshold Event shall cease to exist.

More Definitions of Material Subsidiary Threshold Event

Material Subsidiary Threshold Event appearing in Section 10 of the Credit Agreement is hereby amended by (i) deleting the first parenthetical appearing in said definition in its entirety and inserting the text “(other than ▇.▇. ▇▇▇▇▇▇▇▇ Tobacco C.V., SFR Tobacco International GmbH, and each Non-Guarantor Subsidiary of ▇.▇. ▇▇▇▇▇▇▇▇ Tobacco C.V. and/or SFR Tobacco International GmbH funded pursuant to Section 8.09(b)(z))” in lieu thereof and (ii) by inserting the text “as of the most recently ended fiscal year (or the 12 month period then last ended in the circumstances contemplated by the proviso to the definition of “Material Subsidiary”)” immediately following the text “(ii) the net sales of all Subsidiaries of the Borrower” appearing in said Section.