Limitation on Subsidiary Formation. Form any Subsidiaries unless, immediately upon the formation of such Subsidiary, all requirements of Section 8.11 shall have been satisfied.
Limitation on Subsidiary Formation. 70 10.19 Limitation on Securities Issuances.......................70 10.20 Inventory................................................70
Limitation on Subsidiary Formation. Borrower shall not form any Subsidiaries.
Limitation on Subsidiary Formation. 42 7.13 Underwriting Guidelines...................................... 42 7.14 Reports...................................................... 42 7.15
Limitation on Subsidiary Formation. Form any Subsidiaries (other than an Excluded Subsidiary) unless, immediately upon the formation of such Subsidiary, all requirements of Section 6.11 shall have been satisfied.
Limitation on Subsidiary Formation. The Borrower shall not form any Subsidiaries other than the Property Owner. The Managing Member shall not form any Subsidiaries other than the Borrower; provided, however, that if Guarantor becomes the Managing Member in accordance with the provisions of the Borrower’s Organizational Documents, Guarantor shall be permitted to form Subsidiaries so long as such Subsidiaries have no direct or indirect ownership interests in the Collateral or the Mortgaged Property.
Limitation on Subsidiary Formation. Form any Subsidiaries, unless (a) the Borrower shall have given the Agent and the Lenders not less than ten Business Days' notice of such proposed formation, (b) all of the Capital Stock of such Subsidiary is directly owned by the Borrower and (c) simultaneously with the formation of such Subsidiary, this Agreement and the other Loan Documents are amended in a manner satisfactory to the Agent to provide that such Subsidiary becomes a joint obligor with the Borrower with respect to all Obligations.
Limitation on Subsidiary Formation. Create, organize, incorporate or acquire any Subsidiary (each a "New Subsidiary"), or permit any of its Subsidiaries to create, organize, incorporate or acquire any New Subsidiary, unless:
(a) either (i) such New Subsidiary will be a Loan Party or (ii) if such New Subsidiary will not be a Loan Party, all Investments necessary for the creation, organization, incorporation or acquisition of such New Subsidiary are otherwise permitted to be made pursuant to Section 10.7(h)(ii);
(b) the Administrative Agent shall have approved the legal structure (if other than a corporation, limited partnership or limited liability company organized under the laws of any state -75- 82 of the United States of America) and capitalization of such New Subsidiary, such approval not to be unreasonably withheld or delayed;
(c) such New Subsidiary shall execute and deliver to the Administrative Agent, on behalf of the Guaranteed Parties, promptly following the date of its creation, organization, incorporation or acquisition, (i) if such New Subsidiary will be a Loan Party, a Guarantee supplement or another guarantee in form and substance satisfactory to the Lenders, duly executed by such New Subsidiary, and (ii) in each case, such other agreements, instruments, certificates or documents as the Administrative Agent may reasonably request, in each case in form and substance reasonably satisfactory to the Lenders; and
(d) upon the reasonable request of the Administrative Agent, signed copies of one or more favorable opinions of special and appropriate local counsel for such New Subsidiary, addressed to the Administrative Agent, on behalf of the Guaranteed Parties, and reasonably acceptable to the Administrative Agent, as to the Guarantee Supplement or such other guarantee, as the case may be, being the legal, valid and binding obligations of such New Subsidiary, enforceable against such New Subsidiary in accordance with its terms, as to the choice of New York law being recognized in the courts of the jurisdiction in which such New Subsidiary is organized and as such other matters as the Administrative Agent, or any of the Lenders through the Administrative Agent, may reasonably request.
Limitation on Subsidiary Formation. Except with respect to those Subsidiaries formed solely for the purpose of issuing collateralized mortgage obligations, the Borrower shall not form any Subsidiaries.
Limitation on Subsidiary Formation. Form any Subsidiaries or allow any existing Subsidiary to own any assets or engage in any business without the consent of the Required Lenders and unless, immediately upon the formation of such Subsidiary, the acquisition by such Subsidiary of any assets, or such Subsidiary engaging in any business, as applicable, (x) all requirements of Section 7.10 of this Agreement shall have been satisfied with respect to such Subsidiary, and (y) such Subsidiary has executed and delivered to the Administrative Agent a Guaranty and a Guarantor security agreement and such other documentation as may be contemplated by and in each case in accordance with Section 7.11 of this Agreement.
