Common use of Additional Subsidiaries and Collateral Clause in Contracts

Additional Subsidiaries and Collateral. (a) At the time any Subsidiary of Borrowerany Obligor is created or acquired, with the consent of the Required Lenders or in connection with a Permitted Acquisition, after the ClosingConsolidated Amendment Date, the BorrowerObligors shall (i) in the case of a Domestic Subsidiary, cause such Subsidiary to join as a Guarantor and to execute and deliver to the Agent a duly executed joinder to the Guaranty Agreement, the Pledge Agreement and the Security Agreement, and (ii) in the case of a Foreign Subsidiary owned by the BorrowerObligors or a Domestic Subsidiary, deliver to the Agent a pledge of 65% of the Voting Securities of such Subsidiary, together with, in each case such other Credit Documents as the Agent may reasonably request, with such changes as the Agent may reasonably request, together with resolutions, favorable legal opinions addressed to the Agent and Lenders, in form and substance satisfactory to the Agent, and such other documents and closing certificates, in each case as may be reasonably requested by the Agent.

Appears in 3 contracts

Samples: Credit Agreement, Credit Agreement (Parametric Sound Corp), Credit Agreement (Parametric Sound Corp)

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Additional Subsidiaries and Collateral. (a) At the time any Subsidiary of Borrowerany Obligor Borrower is created or acquired, with the consent of the Required Lenders or in connection with a Permitted Acquisition, after the ClosingConsolidated Amendment Closing Date, the BorrowerObligors Borrower shall (i) in the case of a Domestic Subsidiary, cause such Subsidiary to join as a Guarantor and to execute and deliver to the Agent a duly executed joinder to the Guaranty Agreement, the Pledge Agreement and the Security Agreement, and (ii) in the case of a Foreign Subsidiary owned by the BorrowerObligors Borrower or a Domestic Subsidiary, deliver to the Agent a pledge of 65% of the Voting Securities of such Subsidiary, together with, in each case such other Credit Documents as the Agent may reasonably request, with such changes as the Agent may reasonably request, together with resolutions, favorable legal opinions addressed to the Agent and Lenders, in form and substance satisfactory to the Agent, and such other documents and closing certificates, in each case as may be reasonably requested by the Agent.

Appears in 1 contract

Samples: Credit Agreement (Parametric Sound Corp)

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