Common use of Additional Borrower Clause in Contracts

Additional Borrower. 25.2.1 Subject to compliance with the provisions of Clauses 20.8.2 and 20.8.3, the Company may request that any of its wholly owned Subsidiaries becomes an Additional Borrower. That Subsidiary shall become an Additional Borrower if: (a) all the Lenders approve the addition of that Subsidiary; (b) the Company delivers to the Lender a duly completed and executed Accession Letter; (c) the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and (d) the Lender has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent) in relation to that Additional Borrower, each in form and substance satisfactory to the Lender. 25.2.2 The Lender shall notify the Company promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent).

Appears in 3 contracts

Samples: Facilities Agreement, Facilities Agreement (MiX Telematics LTD), Facilities Agreement (PowerFleet, Inc.)

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Additional Borrower. 25.2.1 23.2.1 Subject to compliance with the provisions of Clauses 20.8.2 Sub-clauses 19.7.3 and 20.8.319.7.4 of Clause 19.7 (“Know your customer” checks), the Company may request that any of its wholly owned Subsidiaries the Additional Borrower becomes an a Borrower under Facility B only. The Additional Borrower. That Subsidiary Borrower shall become an Additional a Borrower under Facility B if: (a) all the Lenders approve the addition of that Subsidiary; (b) the Company delivers and the Additional Borrower deliver to the Lender Agent a duly completed and executed Accession Letter; (cb) the Company confirms that no Default is continuing or would occur as a result of that Subsidiary the Additional Borrower becoming an the Additional BorrowerBorrower (and the Company confirms this is the case); and (dc) the Lender Facilities Agent has received all of the documents and other evidence listed in Part II 3 of Schedule 2 (Conditions precedent) in relation to that Additional Borrower), each in form and substance satisfactory to the LenderFacilities Agent. 25.2.2 23.2.2 The Lender Facilities Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part II 3 of Schedule 2 (Conditions precedent).

Appears in 1 contract

Samples: Term Facilities Agreement (Sanofi-Aventis)

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