Eligible Subsidiaries. Each Subsidiary of the Borrowers which owns or ground-leases any Property that is treated as Unencumbered Property, Unencumbered Construction-in-Process or Unencumbered Eligible Land under this Credit Agreement is either an Eligible Subsidiary or a Guarantor. Schedule 6.25 sets forth a list of all Eligible Subsidiaries which own or ground-lease any Property that is treated as Unencumbered Property, Unencumbered Construction-in-Process or Unencumbered Eligible Land under this Credit Agreement as of the Closing Date. Schedule 6.25 shall be updated as of the end of each fiscal quarter as set forth in Section 7.1(c).
Eligible Subsidiaries. The Company may from time to time cause any Wholly-Owned Consolidated Subsidiary (or, with the consent of the Required Banks, any other Subsidiary) to become eligible to borrow under Sections 2.01, 2.03 and 2.04 or to have Letters of Credit issued for its account under Section 2.17 by delivering to the Agent an Election to Participate with respect to such Subsidiary and by causing such Subsidiary to become a Guarantor under the Guarantee Agreement and a Grantor under the Pledge Agreement and by causing the owner of Equity Interests in such Subsidiary to become a Grantor under the Pledge Agreement. The eligibility of any such Subsidiary to borrow or to have Letters of Credit issued for its account under said Sections shall terminate when the Agent receives a Notice of Termination with respect to such Subsidiary. Each Election to Participate delivered to the Agent shall be duly executed on behalf of the relevant Subsidiary and the Company, and each Election to Terminate delivered to the Agent shall be duly executed on behalf of the Company, in such number of copies as the Agent may request. The delivery of an Election to Terminate shall not affect any obligation of the relevant Subsidiary theretofore incurred. The Agent shall promptly give notice to the Banks and the Issuing Bank of its receipt of any Election to Participate or Election to Terminate.
Eligible Subsidiaries. Cause each Eligible Subsidiary to comply in all respects with the same requirements as are imposed upon the Borrower in Sections 8.3, 8.4, 8.5, 8.6, 8.7, 8.8, and 8.9 of this Agreement.
Eligible Subsidiaries. (a) The Company may from time to time upon not less than five (5) Domestic Business Days notice cause any Wholly-Owned Consolidated Subsidiary to become eligible to borrow under Section 2.1 by delivering to the Administrative Agent an Election to Participate with respect to such Subsidiary. Following the delivery of an Election to Participate, if such election obligates the Administrative Agent or any Bank to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall, promptly upon the request of the Administrative Agent or any Bank, supply such documentation and other evidence as is reasonably requested by the Administrative Agent or any Bank in order for the Administrative Agent or such Bank to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations. The eligibility of any such Subsidiary to borrow under said Sections shall terminate when the Administrative Agent receives an Election to Terminate with respect to such Subsidiary. Each Election to Participate delivered to the Administrative Agent shall be duly executed on behalf of the relevant Subsidiary and the Company, and each Election to Terminate delivered to the Administrative Agent shall be duly executed on behalf of the Company, in such number of copies as the Administrative Agent may request. The delivery of an Election to Terminate shall not affect any obligation of the relevant Subsidiary theretofore incurred. The Administrative Agent shall promptly (i) give notice to the Banks of its receipt of any Election to Participate or Election to Terminate and (ii) provide such Election to Participate or Election to Terminate to each Bank. If the Company shall deliver an Election to Participate with respect to any Subsidiary not organized under the laws of the United States or any State thereof, any Bank may, with notice to the Administrative Agent and the Company, fulfill its Commitment by causing an Affiliate of such Bank to act as the Bank in respect of such Eligible Subsidiary (and such Bank shall, to the extent of Loans made to such Borrower, be deemed for all purposes hereof to have pro tanto assigned such Loans to such Affiliate in compliance with the provisions of Section 11.6; provided that such Bank shall have delivered to the Administrative Agent an Assignment and Assumption wit...
Eligible Subsidiaries. Each Subsidiary of the Borrowers which owns or ground-leases any Property that is treated as Unencumbered Property, Unencumbered Construction-in-Process or Unencumbered Eligible Land under this Agreement is either an Eligible Subsidiary or a Guarantor. Schedule 6.25 sets forth a list of all Eligible Subsidiaries which own or ground-lease any Property that is treated as Unencumbered Property, Unencumbered Construction-in-Process or Unencumbered Eligible Land under this Agreement as of the Closing Date (after giving pro-forma effect to the Acquisition). Schedule 6.25 shall be updated as of the end of each fiscal quarter as set forth in Section 7.1(c).
Eligible Subsidiaries. Digital Angel Technology Corporation, a Minnesota corporation Fearing Manufacturing Co., Inc., a Minnesota corporation Digital Angel International, a Minnesota corporation
Eligible Subsidiaries. (a) The Company may --------------------- from time to time cause any wholly-owned Consolidated Subsidiary to become an Eligible Subsidiary eligible to borrow Loans and to have Letters of Credit issued for its account hereunder by delivering to the Administrative Agent an Election to Participate, substantially in the form of Exhibit I hereto, with respect to such Subsidiary.
(b) Such Election to Participate shall be given no less than four (4) Business Days prior to the date on which such Subsidiary is to become an Eligible Subsidiary, if such Subsidiary is a Domestic Subsidiary, and otherwise shall be given no less than ten (10) Business Days prior to the date on which Subsidiary is to become an Eligible Subsidiary.
(c) If applicable law (including any regulations promulgated under any applicable statute) obligates the Administrative Agent or any Bank to comply with "know your customer" or similar identification procedures in connection with the designation of such Eligible Subsidiary, the Company shall, promptly upon the request of the Administrative Agent or such Bank, supply such documentation and other evidence as is reasonably requested by the Administrative Agent or any Bank in order to permit the Administrative Agent or such Bank to be satisfied in its reasonable judgment that it has complied with the requirements of such law or regulations.
(d) The eligibility of any such Subsidiary as an Eligible Subsidiary shall terminate when the Administrative Agent receives an Election to Terminate, substantially in the form of Exhibit J hereto, with respect to such Subsidiary. Each Election to Participate delivered to the Administrative Agent shall be duly executed on behalf of the relevant Subsidiary and the Company, and each Election to Terminate delivered to the Administrative Agent shall be duly executed on behalf of the Company, in such number of copies as the Administrative Agent may request. The delivery of an Election to Terminate shall not affect any obligation of the relevant Subsidiary theretofore incurred but on and after the effective date of such Election to Terminate such Subsidiary shall have no liability hereunder other than with respect to Loans made to such Subsidiary and Letters of Credit issued for the account of such Subsidiary prior to such date. The Administrative Agent shall promptly give notice to the Banks and the Issuing Banks of its receipt of any Election to Participate or Election to Terminate.
(e) The provisions of clauses (b)...
Eligible Subsidiaries. Any Person who was an "Eligible Subsidiary" under the Existing Credit Agreement (an "Existing Eligible Subsidiary") immediately prior to the effectiveness of this Agreement shall, effective as of the Effective Date, without any further action, be an Eligible Subsidiary under this Agreement, and the "Election to Participate" executed by such Subsidiary under the Existing Credit Agreement shall constitute the Election to Participate hereunder with respect to such Subsidiary for all purposes hereunder. The notes of each Existing Eligible Subsidiary held by each Existing Credit Agreement Bank shall, effective as of the Effective Date, be amended by substituting the date "December 20, 1995" for the date "March 18, 1993" set forth in the third paragraph of each such note and shall, effective as of the Effective Date, be a "Note" hereunder. Upon request of any Existing Credit Agreement Bank, each Existing Eligible Subsidiary shall execute a Note substantially in the form of Exhibit A payable to the order of such Bank. Upon receipt by such Bank of such new Note, such Bank shall cancel its original Note (if any) and return it to the appropriate Existing Eligible Subsidiary promptly. No failure of an Existing Credit Agreement Bank so to cancel and return its original Note shall affect the validity of its new Note.
Eligible Subsidiaries. 36 ---------------------
Eligible Subsidiaries. (a) Each Eligible Subsidiary is duly organized and existing under the laws of its jurisdiction of organization.
(b) The execution and delivery by each Eligible Subsidiary of its Election to Participate and its Notes, and the performance by it of this Agreement and its Notes, are within its legal powers, have been duly authorized by all necessary legal action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not and will not contravene, or constitute a default under, any provision of applicable law or regulation or of the organizational documents of such Eligible Subsidiary or of any agreement for borrowed money or other material agreement binding upon the Company or any of its Subsidiaries. Such Eligible Subsidiary has duly executed and delivered its Election to Participate.
(c) This Agreement is a legal, valid and binding obligation of each Eligible Subsidiary, and its Notes, when duly executed and delivered will be, legal, valid and binding obligations of such Eligible Subsidiary, in each case enforceable against such Eligible Subsidiary in accordance with their respective terms.
(d) Except as disclosed in its Election to Participate, there is no income, stamp or other tax of any country, or any taxing authority thereof or therein, in the nature of a withholding tax or otherwise, which is imposed on any payment to be made by each Eligible Subsidiary pursuant to this Agreement or its Notes, or is 43 imposed in respect of the execution, delivery or enforcement of its Election to Participate, this Agreement or its Notes.
