Creation of New Subsidiaries. Create or acquire any new Subsidiary after the Closing Date other than Subsidiaries created or acquired in accordance with Section 7.12.
Creation of New Subsidiaries. Create or acquire any new Non-Xxxxxxx Subsidiary after the Closing Date other than (a) any new Subsidiary created in connection with a Qualified Homebuilding Transaction, or (b) MSH Trusts and Restricted Subsidiaries created or acquired in accordance with Section 7.12, provided that any Unrestricted Subsidiary may create a Subsidiary that is an Unrestricted Subsidiary and the Borrower or any Non-Xxxxxxx Subsidiary may create a Subsidiary that is an Unrestricted Subsidiary described in part (e) of the definition of “Unrestricted Subsidiary”.
Creation of New Subsidiaries. Create or acquire any new Subsidiary after the Closing Date other than MSH Trusts and Restricted Subsidiaries created or acquired in accordance with Section 7.12, provided that any Unrestricted Subsidiary may create a Subsidiary that is an Unrestricted Subsidiary.
Creation of New Subsidiaries. Companies and Subsidiaries shall not incorporate, create, form, establish or fund any Subsidiary unless Bank One shall immediately be notified in writing of the creation of such Subsidiary and such Subsidiary shall immediately execute such documents as Bank One deems necessary for Subsidiary to guarantee upon all indebtedness outstanding hereunder;
Creation of New Subsidiaries. Create or acquire any new Subsidiary after the Closing Date other than Subsidiaries created or acquired in accordance with Section 7.12. [Key Tronic] Credit Agreement #510968250
Creation of New Subsidiaries. (i) If the Company shall create or acquire any Subsidiary organized under the laws of a jurisdiction of the United States, any of the states thereof or the District of Columbia, simultaneous with the creation or acquisition of such Subsidiary, the Company shall (i) promptly cause such Subsidiary to become a guarantor by executing a guaranty in favor of the Holder in form and substance reasonably acceptable to the Company, the Subsidiary and the Holder, (ii) promptly cause such Subsidiary to become a grantor under the Security Agreement by executing a joinder to the Security Agreement in form and substance reasonably acceptable to the Company, the Subsidiary and the Holder, (iii) promptly cause such Subsidiary to become a pledgor by the Company and such Subsidiary executing a pledge agreement in form and substance reasonably acceptable to the Company, the Subsidiary and the Holder, and (iv) promptly cause such Subsidiary to duly execute and/or deliver such opinions of counsel and other documents, in form and substance reasonable acceptable to the Holder, as the Holder shall reasonably request with respect thereto.
(ii) If the Company shall create or acquire any Subsidiary organized under the laws of a jurisdiction other than the United States, any of the states thereof or the District of Columbia (a “Foreign Subsidiary”), then simultaneous with the creation or acquisition of such Foreign Subsidiary, the Company shall pledge 65% (or such greater percentage that, due to a change in applicable law after the date hereof, (i) would not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for United States federal income tax purposes to be treated as a deemed dividend to such Foreign Subsidiary’s United States parent and (ii) would not reasonably be expected to cause any material adverse tax consequences) of the issued and outstanding shares of Capital Stock entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) (it being understood and agreed that the Collateral (as defined in the Security Agreement) shall include 100% of the issued and outstanding shares of Capital Stock not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) or other equity interest of such Foreign Subsidiary).
Creation of New Subsidiaries. Acquire an interest in any subsidiary corporation unless, within 15 days after the acquisition of such ownership interest, the new subsidiary executes the Line of Credit Note and becomes a party to this Agreement.
Creation of New Subsidiaries. Acquire an interest in any subsidiary corporation which has assets of $10,000 or more unless, concurrent with the acquisition of such ownership interest, the new subsidiary executes the Line of Credit Note and becomes a party to this Agreement.
Creation of New Subsidiaries. Create or acquire any new ---------------------------- Subsidiary after the Closing Date other than wholly-owned Restricted Subsidiaries created or acquired in accordance with Section 9.19; ------------
Creation of New Subsidiaries. Create or acquire any new Domestic Subsidiary after the Closing Date except in compliance with Section 7.12.
