Common use of Guaranties of Borrower’s Subsidiaries Clause in Contracts

Guaranties of Borrower’s Subsidiaries. (a) Borrower shall immediately notify Administrative Agent in writing of the existence, creation, or acquisition of any Subsidiary of Borrower and shall furnish Administrative Agent with all relevant information with respect to each such Subsidiary. Each Subsidiary of Borrower now existing or created, acquired or coming into existence after the Closing Date shall, promptly upon request by Administrative Agent, execute and deliver to Administrative Agent an absolute and unconditional guaranty of the timely repayment of the Obligations and the due and punctual performance of the obligations of Borrower hereunder, which guaranty shall be reasonably satisfactory to Administrative Agent in form and substance. Borrower will cause each of its Subsidiaries to deliver to Administrative Agent, simultaneously with its delivery of such a guaranty, written evidence reasonably satisfactory to Administrative Agent and its counsel that such Subsidiary has taken all company action necessary to duly approve and authorize its execution, delivery and performance of such guaranty and any other documents which it is required to execute and such Subsidiary will comply with Section 6.14. (b) To the extent any mortgaged property of a Subsidiary comprises a “building” or a “mobile home” (each as defined in Regulation H promulgated under the Flood Insurance Laws), the Borrower shall provide to the Administrative Agent concurrently with the delivery of any mortgage in favor of the Administrative Agent (i) a standard flood hazard determination form for the applicable mortgaged property and (ii) if any such applicable mortgaged property is located in an area designated as a “special flood hazard area” by the Federal Emergency Management Agency (or any successor agency), evidence of flood insurance in such reasonable total amount as the Administrative Agent may from time to time reasonably require, and otherwise to ensure compliance with the Flood Insurance Laws (if applicable).