Recourse Subsidiary definition

Recourse Subsidiary means any Subsidiary of the Company which is not a Non-Recourse Subsidiary.
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Recourse Subsidiary means any Subsidiary of Holdings that is not a Non-Recourse Subsidiary.
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Recourse Subsidiary means any Subsidiary of the Borrower that is not a Non-Recourse Subsidiary.
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Examples of Recourse Subsidiary in a sentence

  • The designation by the Company or any of its Subsidiaries of a Subsidiary as a Non-Recourse Subsidiary shall be deemed to be the making of a Restricted Investment by the Company in an amount equal to the outstanding Investments made by the Company and its Subsidiaries in such Person being designated a Non- Recourse Subsidiary at the time of such designation.

  • Borrower shall, and shall cause its Recourse Subsidiaries to, preserve and maintain its existence and material rights and franchises; provided, however, nothing herein shall prevent Borrower or the Recourse Subsidiary from engaging in the ordinary course of business sale of assets or a merger or a dissolution of such Recourse Subsidiary following such event.

  • The Company shall cause each Person which becomes a Recourse Subsidiary of the Company after the date of this Indenture to become a party to this Indenture as a Subsidiary Guarantor on the date such Person becomes a Recourse Subsidiary.

  • So long as any Notes shall remain Outstanding, the Company shall not, and shall not permit, cause or suffer any of its Recourse Subsidiaries to, create, incur, assume or suffer to exist any Liens of any kind upon any property or assets of the Company or any Recourse Subsidiary, whether now owned or hereafter acquired, except for Permitted Liens.

  • The Borrower shall not permit any Non-Recourse Subsidiary that is subject to Restrictive Covenants to become a Recourse Subsidiary unless at or prior to the same time such Subsidiary becomes free of Restrictive Covenants.

  • And will not permit any Recourse Subsidiary to, enter into or become a party to any material transaction or arrangement with any Affiliate (including, without limitation, the purchase from, sale to, or exchange of property with, or the rendering of any service by or for, any Affiliate), except pursuant to the reasonable requirements of OSG's or such Subsidiary's business and upon terms which are fair and reasonable and in the best interests of OSG or such Subsidiary.

  • Will not, and will not permit any Recourse Subsidiary to, enter into or become a party to any material transaction or arrangement with any Affiliate (including, without limitation, the purchase from, sale to, or exchange of property with, or the rendering of any service by or for, any Affiliate), except pursuant to the reasonable requirements of OSG's or such Subsidiary's business and upon terms which are fair and reasonable and in the best interests of OSG or such Subsidiary.

  • Will not, and will not permit any Recourse Subsidiary to, create, assume, incur or in any manner become liable in respect of any Secured Debt unless immediately after giving effect thereto and to the application of the proceeds thereof, (i) the ratio of Unencumbered Assets to Unsecured Debt shall not be less than 1.50 to 1 and (ii) the ratio of Collateralized Assets to Consolidated Net Tangible Assets shall not exceed .25 to 1.

  • So long as any 1998 Securities shall remain Outstanding, the Company shall not, and shall not permit, cause or suffer any of its Recourse Subsidiaries to, create, incur, assume or suffer to exist any Liens of any kind upon any property or assets of the Company or any Recourse Subsidiary, whether now owned or hereafter acquired, except for Permitted Liens.

  • The financial covenants contained in Article 10 (including the defined terms used therein) shall be calculated on a consolidated basis for BORROWER exclusive of any Non- Recourse Subsidiary, notwithstanding anything to the contrary contained in this Agreement.


More Definitions of Recourse Subsidiary

Recourse Subsidiary means any Subsidiary having debts that are recourse to the Corporation.
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Recourse Subsidiary means any recourse subsidiary of the Borrower.
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Recourse Subsidiary of a Person means any subsidiary of such Person that is not a non-recourse subsidiary of such Person.
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Recourse Subsidiary means any Subsidiary that either (i) is a Restricted Subsidiary or (ii) has outstanding any Indebtedness other than Non-Recourse Debt.
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Recourse Subsidiary means any direct or indirect Subsidiary (i) for which the Borrower or any Material Subsidiary has issued a Guaranty, or (ii) as to which the Borrower or any other Material Subsidiary has made a commitment to contribute (or has in fact contributed) equity, or (iii) for which the Borrower or any Material Subsidiary has general partner liability or other derivative liability by operation of law or Contract, but only if the sum of the Liabilities (and payments in respect of Liabilities) referred to in clauses (i), (ii) and (iii) above exceeds the product of (A) 30% times (B) the Borrower's indirect ownership percentage of such Subsidiary times (C) the sum of the book value of all assets of such Subsidiary and the projected capital cost of all assets of such Subsidiary under construction. A Subsidiary shall constitute a Recourse Subsidiary only during such periods for which the terms of the foregoing description are satisfied.
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Recourse Subsidiary means any Subsidiary that has entered into, undertaken or assumed any Contractual Obligation in connection with which Borrower is subject to a Recourse Obligation.
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Related to Recourse Subsidiary

  • Non-Recourse Subsidiary means any Subsidiary of the Company that is designated, after the Second Restatement Date, by a resolution of the board of directors of the Company as a Non-Recourse Subsidiary, but only to the extent that, such Subsidiary: (a) has no Indebtedness other than Non-Recourse Indebtedness; (b) is not party to any agreement, contract, arrangement or understanding with the Company or any Recourse Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Recourse Subsidiary than those that might be obtained at the time such transaction is entered into from Persons who are not Affiliates of the Parent or the Company; (c) is a Person with respect to which neither the Parent, the Company nor any of the Recourse Subsidiaries has any direct or indirect obligation (x) to subscribe for additional Capital Stock or warrants, options or other rights to acquire Capital Stock or (y) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and (d) does not guarantee or otherwise provide credit support after the time of such designation for any Indebtedness of the Company or any of its Recourse Subsidiaries, in the case of clauses (a), (b) and (c), except to the extent permitted by Article XI. If, at any time, any Non-Recourse Subsidiary would fail to meet the foregoing requirements as a Non-Recourse Subsidiary, it shall thereafter cease to be a Non-Recourse Subsidiary for purposes hereof. Subject to the foregoing, the Company may at any time designate any Non-Recourse Subsidiary to be a Recourse Subsidiary or any Recourse Subsidiary to be a Non-Recourse Subsidiary; provided that (i) such designation shall only be permitted if no Default or Event of Default would be in existence following such designation, (ii) any designation of a Non-Recourse Subsidiary as a Recourse Subsidiary shall be deemed to be an incurrence of Indebtedness by a Recourse Subsidiary of any outstanding Indebtedness of such Non-Recourse Subsidiary and (iii) any designation of a Recourse Subsidiary as a Non-Recourse Subsidiary shall be deemed to be an Investment in a Non-Recourse Subsidiary for purposes of Section 11.8 in an amount equal to the fair market value of the Subsidiary so designated; provided that the Company may subsequently redesignate any such Non-Recourse Subsidiary as a Recourse Subsidiary so long as the Company does not subsequently re-designate such Recourse Subsidiary as a Non-Recourse Subsidiary for a period of the succeeding four fiscal quarters.

  • ORE Subsidiary means any Subsidiary of the Assuming Bank that engages solely in holding, servicing, managing or liquidating interests of a type described in clause (A) of the definition of “Other Real Estate,” which interests have arisen from the collection or settlement of a Shared-Loss Loan.

  • Recourse Indebtedness means Indebtedness that is not Non-Recourse Indebtedness; provided that personal recourse for Customary Recourse Exceptions shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness.