Common use of Creation/Acquisition of Subsidiaries Clause in Contracts

Creation/Acquisition of Subsidiaries. In the event any Borrower or any Subsidiary of the Borrower creates or acquires any Subsidiary after the Effective Date, Borrower or such Subsidiary shall promptly notify the Collateral Agent of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably requested by the Collateral Agent to achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed after the date hereof during the term of this Agreement): (i) to cause such New Subsidiary to become either a co-Borrower or Guarantor hereunder and to grant a security interest in the Collateral as security for the Obligations; and (ii) to grant and pledge to Collateral Agent a perfected security interest in 100% of the stock, units or other evidence of ownership held by Borrower or such its Subsidiaries of any such New Subsidiary.

Creation/Acquisition of Subsidiaries. In the event any Borrower or any Subsidiary of the any Borrower creates or acquires any Subsidiary after the Effective Date, Borrower or such Subsidiary shall promptly notify the Collateral Agent of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably requested by the Collateral Agent to achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed after the date hereof during the term of this Agreement): (i) to cause such New Subsidiary to become either a co-Borrower hereunder or Guarantor hereunder and a secured guarantor with respect to grant a security interest in the Collateral as security for the Obligations, in each case if such New Subsidiary is organized under the laws of the United States; and (ii) to grant and pledge to Collateral Agent a perfected security interest in 100% the Shares of the stock, units or other evidence of ownership held by Borrower or such its Subsidiaries of any such New Subsidiary.

Creation/Acquisition of Subsidiaries. In the event any Borrower or any Subsidiary of the any Borrower creates or acquires any Subsidiary after the Effective Date, Borrower or such Subsidiary shall promptly notify the Collateral Agent of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably requested by the Collateral Agent to achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed after the date hereof during the term of this Agreement): (i) to cause such New Subsidiary to become either a co-Borrower hereunder, if such New Subsidiary is organized under the laws of the United States, or Guarantor hereunder and a secured guarantor with respect to grant a security interest in the Collateral as security for the Obligations; and (ii) to grant and pledge to Collateral Agent a perfected security interest in 100% the Shares of the stock, units or other evidence of ownership held by Borrower or such its Subsidiaries of any such New Subsidiary.

Creation/Acquisition of Subsidiaries. In the event any Borrower or any Subsidiary of the any Borrower creates or acquires any Subsidiary after the Effective Date, Borrower or such Subsidiary shall promptly notify the Collateral Agent and each Lender of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably requested by the Collateral Agent or any Lender to achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed after the date hereof during the term of this Agreement): (i) to cause such New Subsidiary to become either a co-Borrower hereunder, if such New Subsidiary is organized under the laws of the United States, or Guarantor hereunder and a secured guarantor with respect to grant a security interest in the Collateral as security for the Obligations; and (ii) to grant and pledge to Collateral Agent Agent, for the ratable benefit of Lenders, a perfected security interest in 100% the Shares of the stock, units or other evidence of ownership held by Borrower or such its Subsidiaries of any such New Subsidiary.

Creation/Acquisition of Subsidiaries. In the event any Borrower or any Subsidiary of the any Borrower creates or acquires any Subsidiary after the Effective Date, Borrower or such Subsidiary shall promptly notify the Collateral Agent of such creation or acquisition, and Borrower or such Subsidiary Guarantor shall take all actions reasonably requested by the Collateral Agent to achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed after the date hereof during the term of this Agreement): (i) to cause such New Subsidiary to become either a co-Borrower hereunder or Guarantor hereunder and a secured guarantor with respect to grant a security interest in the Collateral as security for the Obligations, if such New Subsidiary is organized under the laws of the United States; and (ii) to grant and pledge to Collateral Agent a perfected security interest in 100% the Shares of the stock, units or other evidence of ownership held by Borrower or such its Subsidiaries of any such New Subsidiary.