Future Obligors Sample Clauses

Future Obligors. If, at any time, a new subsidiary of an Obligor is formed or acquired, the relevant Obligor will, if required by the terms of a Financing Document, procure such subsidiary becomes an Obligor under this Deed (in this clause, the New Obligor) by: (a) becoming a party to the General Security Deed in accordance with the requirements set out in clause 5 (New Obligors) of the General Security Deed; and (b) becoming a party to this Deed by delivering a duly executed Accession Deed. The Security Trustee shall provide a copy of each supplemental or accession deed referred to in this clause to the Beneficiaries (or, where represented by a Beneficiary Representative, that person) promptly on receipt.
Sample 1
AutoNDA by SimpleDocs
Future Obligors. (a) The Borrower shall ensure that any future Guarantor after the Closing Date that is not a party to this Agreement shall forthwith execute and deliver to the Administrative Agent a Guarantee and other Security Documents similar to those delivered by the other Obligors or as may be required by the Finance Parties, including the documents listed in Section 7.6 (Security Documents), as applicable. (b) The Borrower shall deliver or cause the delivery of a pledge of all the Securities of such Guarantor and applicable security over its moveable and immoveable assets, and such legal opinions and other supporting documents as those delivered by the other Obligors or as may be required by the Finance Parties.
Sample 1
Future Obligors. The Company shall, in each case within 60 days, cause each Restricted Subsidiary of the Company (other than any Excluded Subsidiary) that directly or indirectly assumes, becomes a borrower under or guarantees any Indebtedness of the Company under any Senior Credit Facility or any capital markets Indebtedness to become a Guarantor and a Pledgor and: (a) execute and deliver a supplemental indenture to this Indenture providing for a Note Guarantee by such Restricted Subsidiary; (b) execute and deliver a supplement or joinder to the Pledge Agreement or new Collateral Documents to grant Second Priority Liens on any assets pledged or required to be pledged to secure such Senior Credit Facility or capital markets Indebtedness and take all actions required thereunder to perfect the Liens created thereunder; and (c) take all actions advisable in the opinion of the Company to cause such Second Priority Liens to be duly perfected to the extent required by such agreement in accordance with all applicable law, including the filing of financing statements in the jurisdictions of incorporation or formation of such new Pledgor; provided that (i) in the event that the guarantee of the Company’s obligations under the Notes or this Indenture by such Subsidiary would not be permitted under applicable law, this Section 6.18 shall not be applicable to such Subsidiary and (ii) to the extent the holders of any Subsidiary’s Equity Interests are prohibited from granting Liens on such Equity Interests to secure the Notes Obligations by any applicable law, or the grant of any such Lien would require consent, approval, license or authorization of a Governmental Authority (unless such consent, approval, license or authorization has been received), in no circumstance shall such Equity Interests be required to be pledged to secure the Notes Obligations. The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor or Pledgor to become a Guarantor or Pledgor.
Sample 1

Related to Future Obligors

  • Additional Guarantors and Grantors Subject to any applicable limitations set forth in the Security Documents, Holdings will cause each direct or indirect Subsidiary (other than any Excluded Subsidiary) formed or otherwise purchased or acquired after the Closing Date (including pursuant to a Permitted Acquisition), and each other Subsidiary that ceases to constitute an Excluded Subsidiary, within 60 days from the date of such formation, acquisition or cessation, as applicable (or such longer period as the Administrative Agent may agree in its reasonable discretion), and Holdings may at its option cause any Subsidiary, to execute a supplement to each of the Guarantee, the Pledge Agreement and the Security Agreement in order to become a Guarantor under the Guarantee and a grantor under such Security Documents or, to the extent reasonably requested by the Collateral Agent, enter into a new Security Document substantially consistent with the analogous existing Security Documents and otherwise in form and substance reasonably satisfactory to the Collateral Agent and take all other action reasonably requested by the Collateral Agent to grant a perfected security interest in its assets to substantially the same extent as created and perfected by the Credit Parties on the Closing Date and pursuant to Section 9.14(d) in the case of such Credit Parties. For the avoidance of doubt, no Credit Party or any Restricted Subsidiary that is a Domestic Subsidiary shall be required to take any action outside the United States to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than the United States, any State thereof or the District of Columbia).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!