Special Acquisition Subsidiaries

Special Acquisition Subsidiaries. Shall mean any entity formed by Holdings that is a Wholly Owned Subsidiary of Holdings but not a Subsidiary of the Borrower, and that is formed for the sole purpose of affecting a tax free acquisition of another corporation (the "Target") under Section 368(a)(1)(A) and 368(a)(2)(E) of the Code, in which Holdings invests not more than $1,000 in cash at any one time and which Wholly Owned Subsidiary is contributed to the Borrower (and, thereby becomes a Wholly Owned Subsidiary of the Borrower)... within five Business Days after the consummation of the merger or other transactions resulting in the acquisition of the Target; View More