No New Subsidiaries Sample Clauses
The "No New Subsidiaries" clause prohibits a party, typically the borrower in a financial agreement, from creating or acquiring new subsidiary companies without the prior consent of the lender or other contracting party. In practice, this means the borrower cannot expand its corporate structure by forming or purchasing additional entities during the term of the agreement unless it receives explicit approval. This restriction helps the lender maintain oversight and control over the borrower's organizational complexity, thereby reducing the risk of financial instability or asset dilution that could affect the lender's interests.
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No New Subsidiaries. Company shall not, and shall not permit any of its Subsidiaries to, acquire, incorporate or otherwise organize any Subsidiary which was not in existence on the Closing Date unless such Subsidiary (a) executes a Guaranty Agreement, a Subordination Agreement and an Intercompany Note and (b) delivers to Administrative Agent (i) the executed Guaranty Agreement, Subordination Agreement and an Officer's Certificate containing Articles of Incorporation, Bylaws, corporate resolutions, and incumbency of officers, all in form and substance reasonably satisfactory to Administrative Agent, and (ii) an opinion of legal counsel of such Subsidiary in form and substance reasonably satisfactory to Administrative Agent.
No New Subsidiaries. No Loan Party shall, directly or indirectly, organize, create, acquire or permit to exist any Subsidiary.
No New Subsidiaries. No Credit Party shall create, or permit any Subsidiary to create, a new Subsidiary after the Petition Date without the prior written consent of the Requisite Lenders.
No New Subsidiaries. No member of the Group may create, acquire or invest in a Subsidiary.
No New Subsidiaries. Neither Franklin nor its Subsidiaries will establish, acquire or otherwise create any new entity.
No New Subsidiaries. Neither Camco nor its Subsidiaries will establish, acquire or otherwise create any new entity or otherwise enter into any joint venture or other association. Change, alter or modify the business operations of any Subsidiary.
No New Subsidiaries. Neither ProCentury nor its Subsidiaries will establish, acquire or otherwise create any new entity.
No New Subsidiaries. The Company shall not, and shall procure that the Subsidiaries shall not, form or acquire any Subsidiary of any kind (a "New Subsidiary") after the Closing Date, unless such New Subsidiary (a) has executed and delivered to the holders of the Convertible Notes a binding and enforceable unconditional guarantee of the Convertible Notes satisfactory in form and substance to counsel designated by a majority in interest of the then Holders of the Convertible Notes, and (b) agrees to be bound by, and to comply with, all of the provisions of this Article VI which are by their terms applicable to Subsidiaries.
No New Subsidiaries. Without the prior written consent of FFCA, Debtor shall not, and shall not permit any of its Subsidiaries to, acquire, incorporate or otherwise organize any Subsidiary, which was not in existence as of the Effective Date.
No New Subsidiaries. [DELETED – CONDITIONS TO CREATE A SUBSIDIARY]