Common use of Future Restricted Subsidiaries Clause in Contracts

Future Restricted Subsidiaries. After the Issue Date, the Company shall notify the Trustee within ten days of the acquisition or the formation of any Restricted Subsidiary. Within five days of the delivery of such notice: (a) the Company shall cause such Restricted Subsidiary to enter into Collateral Documents with terms and conditions no less favorable in any material respect, taken as a whole, to the Holders than the terms and conditions in the Collateral Documents in effect on the Issue Date and otherwise reasonably satisfactory to the Collateral and Intercreditor Agent to the extent necessary (including as may be required by applicable law) to create in favor of the Collateral and Intercreditor Agent for the benefit of the Holders, as security for the Obligations, Liens on any assets owned by it that are covered by the definition of Collateral; and (b) the Company shall cause all shares of Capital Stock of such Restricted Subsidiary owned by the Company or any Restricted Subsidiary to be pledged pursuant to the Collateral Documents and shall create in favor of the Collateral and Intercreditor Agent for the benefit of the Holders, as security for the Obligations, perfected (inscritas) pledges of and security interests in all such Capital Stock with the priorities set forth in the Collateral Documents.

Future Restricted Subsidiaries. After the Issue Date, the Company shall notify the Trustee within ten days of the acquisition or the formation of any Restricted Subsidiary. Within five days of the delivery of such notice: (a) the Company shall cause such Restricted Subsidiary to enter into Collateral Documents with terms and conditions no less favorable in any material respect, taken as a whole, to the Holders than the terms and conditions in the Collateral Documents in effect on the Issue Date and otherwise reasonably satisfactory to the Collateral and Intercreditor Agent to the extent necessary (including as may be required by applicable law) to create in favor of the Collateral and Intercreditor Agent for the benefit of the Holders, as security for the Obligations, Liens on any assets owned by it that are covered by the definition of Collateral; and (b) the Company shall cause all shares of Capital Stock of such Restricted Subsidiary owned by the Company or any Restricted Subsidiary to be pledged pursuant to the Collateral Documents and shall create in favor of the Collateral and Intercreditor Agent for the benefit of the Holders, as security for the Obligations, perfected (inscritas) pledges of and security interests in all such Capital Stock with the priorities set forth in the Collateral Documents.