Common use of Domestic Subsidiaries Clause in Contracts

Domestic Subsidiaries. At any time any Person becomes a Domestic Subsidiary, the Borrower will promptly notify the Agent thereof and within 15 days of such event, cause such Domestic Subsidiary to become a Guarantor hereunder by (i) execution of a Joinder Agreement, (ii) delivery of supporting resolutions, incumbency certificates, corporation formation and organizational documentation and opinions of counsel as the Agent may reasonably request, (iii) delivery of security agreements, mortgages and other related documents (in a form acceptable to the Agent) necessary to perfect a lien on or security interest in all material assets of such Domestic Subsidiary and (iv) delivery of stock certificates and a related pledge agreement or pledge joinder agreement evidencing the pledge of 100% of the Voting Stock of such Domestic Subsidiary and of 100% of the Voting Stock of each of its Domestic Subsidiaries and 65% of the Voting Stock of each of its Foreign Subsidiaries, together in each case with undated stock transfer powers executed in blank; provided, however, that this Section 7.11(a) shall not apply to the Target until the earlier of June 30, 1997 or the completion of the Merger.

Domestic Subsidiaries. At any time any Person becomes a Domestic Subsidiary, the Borrower will promptly notify the Agent thereof and within 15 days of such event, cause such Domestic Subsidiary to become a Guarantor hereunder by (i) execution of a Joinder Agreement, (ii) delivery of supporting resolutions, incumbency certificates, corporation formation and organizational documentation and opinions of counsel as the Agent may reasonably request, (iii) delivery of security agreements, mortgages and other related documents (in a form acceptable to the Agent) necessary to perfect a lien on or security interest in all material assets of such Domestic Subsidiary and (iv) delivery of stock certificates and a related pledge agreement or pledge joinder agreement evidencing the pledge of 100% of the Voting Stock of such Domestic Subsidiary and of 100% of the Voting Stock of each of its Domestic Subsidiaries and 65% of the Voting Stock of each of its Foreign Subsidiaries, together in each case with undated stock transfer powers executed in blank; provided, however, that this Section 7.11(a) shall not apply to the Target until the earlier of June 30, 1997 or the completion of the Merger.

Domestic Subsidiaries. At any time any Person becomes a Domestic Subsidiary, the Borrower will promptly notify the Agent thereof and within 15 30 days of such event, cause such Domestic Subsidiary to become a Guarantor hereunder by (i) execution of a Joinder Agreement, (ii) delivery of supporting resolutions, incumbency certificates, corporation formation and organizational documentation and opinions of counsel as the Agent may reasonably request, (iii) delivery of security agreements, mortgages and other related documents (in a form acceptable to the Agent) necessary to perfect a lien on or security interest in all material assets of such Domestic Subsidiary and (iv) delivery of stock certificates and a related pledge agreement or pledge joinder agreement evidencing the pledge of 100% of the Voting Stock of such Domestic Subsidiary and of 100% of the Voting Stock of each of its Domestic Subsidiaries and 65% of the Voting Stock of each of its Foreign Subsidiaries, together in each case with undated stock transfer powers executed in blank; provided, however, that this Section 7.11(a) shall not apply to the Target until the earlier of June 30, 1997 or the completion of the Merger.