Permitted Foreign Subsidiary definition
Examples of Permitted Foreign Subsidiary in a sentence
Have a Foreign Subsidiary other than a Permitted Foreign Subsidiary.
The provisions of the previous sentence shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such, and (ii) the Permitted Foreign Subsidiary Accounts.
As of the Closing Date, to the knowledge of each Loan Party, no Foreign Subsidiary is a Permitted Foreign Subsidiary except as set forth on Schedule 5.12(b).
The proceeds of Incremental Loans shall be used to finance Permitted Acquisitions, Permitted Foreign Subsidiary Acquisitions, to pay related fees and expenses and for general corporate purposes.
Allow any Foreign Subsidiary to enter into any credit facility that is not a Permitted Foreign Subsidiary Credit Facility.
Make any loans or other advances of money to any Person other than (i) to an officer or employee of an Obligor or a Subsidiary for salary, travel advances, advances against commissions and other similar advances in the Ordinary Course of Business, (ii) loans and advances that constitute Permitted Foreign Subsidiary Investments, (iii) Permitted Excess Collateral Provider Loans; and (iv) loans and advances that are permitted under Section 10.2.3(ii), (iv), (vii) or (viii).
Upon the closing of the Permitted Foreign Subsidiary Reorganization, certain of the Foreign Located Assets of one or more of the Loan Parties included in Collateral will be transferred from branches of such Loan Party in a foreign jurisdiction to a Foreign Subsidiary of such Loan Party, whereupon such assets and properties will be deemed to be excluded from the Collateral, automatically and without the need for any further action.
The Company shall not, and shall not permit any domestic Subsidiary thereof, to (a) purchase, hold or acquire any Debt of, permit to exist any loans or advances to, or make or permit to exist any guarantees of any obligations of any foreign Subsidiary, other than in respect of Permitted Foreign Subsidiary Debt or (b) or make or permit to exist any investment or any other interest in, any foreign Subsidiary, in an aggregate amount exceeding $5,000,000 at any time outstanding.
For clarification purposes, the covenants in this Section 6.12 shall not apply to Assets that have been transferred in accordance with the terms of this Agreement as part of any Permitted Foreign Subsidiary Reorganization and shall not apply to any Assets of Foreign Subsidiaries of the Loan Parties owned by such Foreign Subsidiaries on the Closing Date or otherwise not constituting Lender’s Collateral.
The definition of the term Permitted Foreign Subsidiary Advances in Section 1.1 of the Loan Agreement is hereby amended by deleting the reference to “$3,000,000” in clause (f) therein and substituting in lieu thereof “$5,000,000”.