BankruptcyRemote Subsidiary

BankruptcyRemote Subsidiary. Means a special purpose Subsidiary of PGE, formed either 3 in the United States of America, Bermuda or another foreign jurisdiction, which other foreign jurisdiction shall be approved by the Buyer. Each such Subsidiary would have as its sole authorized purpose the ownership of Japan - United States Cable Network capacity and related backhaul capacity and the sale or lease of that capacity, either to unrelated customers or to other PGE entities, but in the latter case the capacity would not... be permitted to be resold or subleased without the consent of all managers or directors of such Subsidiary. In addition, each such Subsidiary would be required, pursuant to its operating agreement or charter, to have one director or manager designated by the Buyer, and would not be authorized to incur indebtedness or to file a petition under the U.S. Bankruptcy Code or any similar statute of another jurisdiction or to amend such provisions of its operating agreement or charter without the consent of all managers or directors. View More