Shell Corporation definition

Shell Corporation means any Person created or established by the Borrower or any of its Wholly-Owned Subsidiaries, so long as (i) the aggregate amount of assets at any time held by any such Person does not exceed $10,000 and (ii) the aggregate amount of assets at any time held by all Shell Corporations at any time in existence does not exceed $100,000, it being understood that at such time as the assets of any Person which was a “Shell Corporation” exceed $10,000 or the assets of all Persons which were “Shell Corporations” exceeds $100,000, all such Persons shall cease to be Shell Corporations for purposes of this definition.
View Source
Shell Corporation means any Person created or established by the Borrower or any of its Wholly-Owned Subsidiaries, so long as (i) the aggregate amount of assets at any time held by any such Person does not exceed $25,000 and (ii) the aggregate amount of assets at any time held by all Shell Corporations at any time in existence does not exceed $250,000, it being understood that at such time as the assets of any Person which was a “Shell Corporation” exceed $25,000 or the assets of all Persons which were “Shell Corporations” exceeds $250,000, all such Persons shall cease to be Shell Corporations for purposes of this definition.
View Source
Shell Corporation means, subject to the provisions of Section 8.11(e), any corporation established to effect a Permitted Acquisition which has not yet occurred, so long as the aggregate amount of assets at any time held by all Shell Corporations at any time in existence does not exceed $100,000, it being understood that at the time of the consummation of the respective Permitted Acquisition or at such time as the assets of any corporation which was a Shell Corporation exceed $100,000, such corporation shall cease to be a Shell Corporation.
View Source

Examples of Shell Corporation in a sentence

  • We are doing a reverse merger with this Shell Corporation for the sole purpose of becoming a fully reporting company and publicly traded.

  • The Borrower shall cause the Peruvian Subsidiary to remain a Shell Corporation at all times that it remains a Subsidiary of the Borrower.

  • Seller understands that Buyer is a Shell Corporation as defined in as defined in Rule 12b-2 of the Exchange Act.

  • The Peruvian Subsidiary is a Shell Corporation and shall remain a Shell Corporation at all times after the Original Issue Date.

  • Parent shall have the absolute right to assign (by express assignment, merger or otherwise) its rights and obligations hereunder to [the Public Shell Corporation] without the consent of the Escrow Agent, the Stockholders’ Representative or any of the Company Stockholders, provided that the Parent shall notify the Escrow Agent and the Stockholders’ Representative of such assignment promptly after the occurrence of such assignment.

  • The Peruvian Subsidiary is a Shell Corporation and shall remain a Shell Corporation at all times after the Funding Date.


More Definitions of Shell Corporation

Shell Corporation means a corporation without business operations, liabilities or assets in excess of $100,000.
View Source
Shell Corporation means any corporation established to effect a Permitted Acquisition which has not yet occurred, so long as the aggregate amount of assets at any time held by all Shell Corporations at any time in existence does not exceed $100,000. At the time of the consummation of the respective Permitted Acquisition or at such time as the assets of any corporation which was a Shell Corporation exceed $100,000, such corporation shall cease to be a Shell Corporation. At such time as the assets of all corporations which theretofore constitute Shell Corporations exceed $100,000 in the aggregate, the Borrower shall notify the Administrative Agent as to which corporations shall cease to constitute Shell Corporations or, in the absence of such designation, all such corporations shall at such time cease to be Shell Corporations.
View Source

Related to Shell Corporation

  • School Corporation means the Western ▇▇▇▇▇ County Community School Corporation of the County of ▇▇▇▇▇ of the State of Indiana;

  • Public corporation means the same as that term is defined in Section 63E-1-102.

  • Family farm corporation means a corporation founded for the purpose of farming agricultural land in which the majority of the voting stock is held by and the majority of the stockholders are persons or the spouse of persons related to each other within the fourth degree of kinship, according to the rules of the civil law, and at least one of the related persons is residing on or actively operating the farm, and none of whose stockholders are a corporation. A family farm corporation does not cease to qualify under this division where, by reason of any devise, bequest, or the operation of the laws of descent or distribution, the ownership of shares of voting stock is transferred to another person, as long as that person is within the degree of kinship stipulated in this division.

  • of a corporation means all classes of Capital Stock of such corporation then outstanding and normally entitled to vote in the election of directors.

  • Gas Corporation means the same as that term is defined in Section 54-2-1.