Designated Excluded Subsidiaries Clause Samples

Designated Excluded Subsidiaries. So long as no Event of Default shall have occurred and be continuing, Borrower may from time to time redesignate any Excluded Subsidiary as a non-Excluded Subsidiary and upon such redesignation shall comply with the provisions of Section 9.10 within the time periods provided for therein with respect to the execution and delivery of a Subsidiary Guaranty and Security Agreement. If an Event of Default has occurred and is continuing, the Administrative Agent may so redesignate any or all of the Excluded Subsidiaries and shall give notice to the Borrower of any such selection in accordance with Section 14.5, and thereafter, such redesignated Subsidiaries shall comply with the requirements of Section 9.10.