Owned Restricted Subsidiary Sample Clauses

The "Owned Restricted Subsidiary" clause defines a specific type of subsidiary that is both owned by the parent company and subject to certain restrictions, typically outlined in a debt agreement or indenture. This clause clarifies which subsidiaries are considered "restricted"—often those whose activities, asset transfers, or incurrence of debt are limited to protect the interests of creditors or investors. By clearly identifying these entities, the clause ensures that the parent company cannot circumvent financial covenants or risk controls by shifting assets or liabilities to less regulated subsidiaries, thereby maintaining the integrity of the agreement’s protections.
Owned Restricted Subsidiary. The Borrower may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor (and no 60-day period described in the foregoing sentence shall apply to such Subsidiary).
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Owned Restricted Subsidiary. The Borrower may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor (and no 60-day period described in the foregoing sentence shall apply to such Subsidiary). Notwithstanding anything to the contrary set forth in this Agreement, in no event shall any Subsidiary of the Borrower (other than any FLNG1 Subsidiary or FLNG2 Subsidiary) provide a guarantee of any Equal Priority Obligations unless such Subsidiary becomes a Guarantor on or prior to the date such Subsidiary provides such guarantee.
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Owned Restricted Subsidiary. As to any Person, any Wholly-Owned Subsidiary of such Person that is a Restricted Subsidiary of such Person.
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Owned Restricted Subsidiary. The term "
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Owned Restricted Subsidiary. When applied to a Restricted Subsidiary, any Restricted Subsidiary 100% of the Voting Stock of which is owned by the Guarantor or its Wholly-Owned Restricted Subsidiaries. Terms which are defined in other Sections of this Agreement shall have the meanings specified therein.
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Related to Owned Restricted Subsidiary

  • Subsidiary For purposes of this Agreement, the term “subsidiary” means any corporation or limited liability company of which more than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company and one or more of its subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary.

  • Designation of Restricted and Unrestricted Subsidiaries The Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.07 hereof or under one or more clauses of the definition of Permitted Investments, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Company may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a copy of a resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09 hereof, the Company will be in default of such covenant. The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2) no Default or Event of Default would be in existence following such designation.