Common use of Additional Sellers Clause in Contracts

Additional Sellers. In the event that Pledgor, in accordance with the terms of the Pledge and Security Agreement and the other Repurchase Documents, forms or acquires a new Subsidiary and such Subsidiary is intended to be a Seller under the Repurchase Agreement, within ten (10) Business Days after such formation or acquisition, (a) Guarantor shall notify Buyer of such formation or acquisition, (b) Guarantor shall pledge in favor of Buyer all of the Equity Interests held by Guarantor in each such Subsidiary and take all such further action as Buyer shall deem reasonably necessary or advisable (including the execution of financing statements and any additional security agreements or amendments thereto) in order to effect and perfect such pledge, (c) (i) such Subsidiary shall promptly deliver to Buyer a properly completed and duly executed Additional Seller Joinder Agreement and satisfy all other conditions set forth in the Repurchase Agreement for such joinder and (ii) Guarantor shall promptly deliver to Buyer a new Compliance Certificate reflecting the addition of such Subsidiary. Guarantor may also have Subsidiaries which are not Sellers under the Repurchase Agreement and own other Equity Interests.

Additional Sellers. In the event that Pledgor, in accordance with the terms of the Pledge and Security Agreement and the other Repurchase Documents, forms or acquires a new Subsidiary and such Subsidiary is intended to be a Seller under the Repurchase Agreement, within ten (10) Business Days after such formation or acquisition, (a) Guarantor shall notify Buyer of such formation or acquisition, (b) Guarantor shall pledge in favor of Buyer all of the Equity Interests held by Guarantor in each such Subsidiary and take all such further action as Buyer shall deem reasonably necessary or advisable (including the execution of financing statements and any additional security agreements or amendments thereto) in order to effect and perfect such pledge, (c) (i) such Subsidiary shall promptly deliver to Buyer a properly completed and duly executed Additional Seller Joinder Agreement Agreement, and satisfy all other conditions set forth in the Repurchase Agreement for such joinder joinder, and (ii) Guarantor shall promptly deliver to Buyer a new Compliance Certificate reflecting the addition of such Subsidiary. Guarantor may also have Subsidiaries which are not Sellers under the Repurchase Agreement and own other Equity Interests.