Inactive Subsidiary definition

Inactive Subsidiary means any Subsidiary of the Borrower that (a) does not conduct any business operations, (b) has assets with a total book value not in excess of $10,000 and (c) does not have any Indebtedness outstanding.

Inactive Subsidiary means a Subsidiary that (a) conducts no business operations, (b) has total assets with a fair market value of not more than $500,000 individually and not more than $5,000,000 in the aggregate and (c) has no Indebtedness outstanding.

Inactive Subsidiary means, at any time, any Subsidiary of any Person, which Subsidiary (a) does not conduct any business or have operations and (b) does not have total assets with a net book value, as of any date of determination, in excess of $100,000.

Examples of Inactive Subsidiary in a sentence

• Notwithstanding the foregoing, no Borrower shall be prohibited from dissolving any Inactive Subsidiary or from the sale of any Subsidiary or assets pursuant to governmental or regulatory order or pursuant to Section 6.11.

• Borrowers shall (i) not permit any Inactive Subsidiary to conduct any business or own or lease any property, (ii) not, and shall not permit any Obligor to, transfer any property or make any distributions to any Inactive Subsidiary, and (iii) not, and shall not permit any Obligor to, make any advances, loans or investments in any Inactive Subsidiary.

• Promptly, and in any event within ten Business Days after the occurrence thereof, notice of any Inactive Subsidiary ceasing to be an Inactive Subsidiary.

• The Inactive Subsidiary has ceased the operation of business and has no material assets or liabilities.

• For the avoidance of doubt, the Company may dissolve the Inactive Subsidiary with prior notice to the Administrative Agent.

More Definitions of Inactive Subsidiary

Inactive Subsidiary means any Subsidiary that does not (a) conduct any business operations (including the operations of a holding company), (b) have any assets or (c) own any Capital Stock of any Credit Party or any other Subsidiary (except another Inactive Subsidiary) of any Credit Party.

Inactive Subsidiary means, at any time, any Subsidiary that (a) has consolidated assets of less than $50,000 at such time, (b) has not conducted any business or other operations during the prior 12-month period and (c) has no outstanding Debt at such time.

Inactive Subsidiary means any Subsidiary of a Borrower that (a) does not conduct any business operations, (b) has assets with a total book value not in excess of $1,000,000 and (c) does not have any Indebtedness outstanding.

Inactive Subsidiary any Subsidiary of Parent that (a) has aggregate assets with a value not in excess of $500,000, (b) conducts no Business and (c) does not Guarantee any Indebtedness of Parent or any of its Subsidiaries.

Inactive Subsidiary means, at any date of determination, any Subsidiary of the Borrower that is dormant or inactive and that has substantially no assets and income.

Inactive Subsidiary means, as at any date, any Subsidiary of the Company that, as at the end of and for the quarterly accounting period ending on or most recently ended prior to such date, shall have less than $1,000 in assets.

Inactive Subsidiary means any Restricted Subsidiary of the Borrower designated as an “Inactive Subsidiary” on Schedule 4.15, and which has no continuing business operations or Contractual Obligations (other than those arising under the Loan Documents) and has less than $50,000 of assets (valued at fair market value) or liabilities.