Common use of Requirement to Become Guarantor Clause in Contracts

Requirement to Become Guarantor. Within thirty (30) days of any Person becoming a Material Subsidiary (other than an Excluded Subsidiary) after the Agreement Date, the Borrower shall deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary; (ii) if such Material Subsidiary owns Equity Interests in any Material Subsidiary, a supplement to the Pledge Agreement, and (iii) the items that would have been delivered under subsections (v) through (x), (xvi) and (xvii) of Section 5.1.(a) if such Subsidiary had been a Material Subsidiary on the Agreement Date; provided, however, promptly (and in any event within 30 days) upon any Excluded Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Date or delivering an Accession Agreement pursuant to this Section, as the case may be, such Subsidiary shall comply with the provisions of this Section.

Appears in 2 contracts

Samples: Pledge Agreement (Select Income REIT), Credit Agreement (Select Income REIT)

AutoNDA by SimpleDocs

Requirement to Become Guarantor. Within thirty (30) 30 days of any Person becoming a Material Subsidiary (other than an Excluded Subsidiary or an Unleveraged Non-Domestic Subsidiary) becoming a Material Subsidiary after the Agreement Effective Date, the Borrower shall deliver to the Administrative Agent each of the following items, each in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary; Material Subsidiary and (ii) if the items with respect to such Material Subsidiary owns Equity Interests in any Material Subsidiary, a supplement to the Pledge Agreement, and (iii) the items Subsidiaries that would have been delivered under subsections Sections 5.1.(a)(iv), (vix) through (x), xiii) and (xvi) and (xvii) of Section 5.1.(a) if such Material Subsidiary had been a Material Subsidiary one on the Agreement Effective Date; provided, however, promptly (and in any event within 30 days5 Business Days) upon any Excluded Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Date or delivering an Accession Agreement pursuant to this Section, Section or such Unleveraged Non-Domestic Subsidiary ceasing to qualify as the case may besuch, such Subsidiary shall comply with the provisions of this Section.

Appears in 2 contracts

Samples: Management Agreement (Hospitality Properties Trust), Credit Agreement (Hospitality Properties Trust)

Requirement to Become Guarantor. Within thirty (30) 30 days of any Person becoming a Material Subsidiary (other than an Excluded Subsidiary) becoming a Significant Subsidiary after the Agreement DateDate and at the time as any other Subsidiary guarantees the Borrower’s obligations under the Cash Management Line Agreement or the Term Loan Agreement, the Borrower shall deliver to the Administrative Agent each of the following items, each in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary; Subsidiary and (ii) if such Material Subsidiary owns Equity Interests in any Material Subsidiary, a supplement to the Pledge Agreement, and (iii) the items that would have been delivered under subsections (viv), (vii) through (x), (xvi) and (xviixiv) of Section 5.1.(a) if such Subsidiary had been a Material Subsidiary Guarantor on the Agreement Date; provided, however, promptly (and in any event within 30 days) upon any Excluded Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Agreement Date or delivering an Accession Agreement pursuant to this Section, as the case may be, such Subsidiary shall comply with the provisions of this Section.

Appears in 1 contract

Samples: Credit Agreement (Post Apartment Homes Lp)

Requirement to Become Guarantor. Within thirty (30) 30 days of any Person becoming a Material Subsidiary (other than an Excluded Subsidiary) becoming a Significant Subsidiary after the Agreement DateDate and at the time as any other Subsidiary guarantees the Borrower’s obligations under the Cash Management Line Agreement, the Borrower shall deliver to the Administrative Agent each of the following items, each in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary; Subsidiary and (ii) if such Material Subsidiary owns Equity Interests in any Material Subsidiary, a supplement to the Pledge Agreement, and (iii) the items that would have been delivered under subsections (viv), (vii) through (x), (xvi) and (xviixiv) of Section 5.1.(a) if such Subsidiary had been a Material Subsidiary Guarantor on the Agreement Date; provided, however, promptly (and in any event within 30 days) upon any Excluded Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Agreement Date or delivering an Accession Agreement pursuant to this Section, as the case may be, such Subsidiary shall comply with the provisions of this Section.

Appears in 1 contract

Samples: Credit Agreement (Post Apartment Homes Lp)

AutoNDA by SimpleDocs

Requirement to Become Guarantor. Within thirty (30) 30 days of any Person becoming a Material Subsidiary (other than an Excluded Subsidiary) becoming a Significant Subsidiary after the Agreement DateDate and at the time as any other Subsidiary guarantees the Borrower’s obligations under the Cash Management Line Agreement or the Revolving Credit Agreement, the Borrower shall deliver to the Administrative Agent each of the following items, each in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary; Subsidiary and (ii) if such Material Subsidiary owns Equity Interests in any Material Subsidiary, a supplement to the Pledge Agreement, and (iii) the items that would have been delivered under subsections (viv), (vii) through (x), (xvi) and (xviixv) of Section 5.1.(a) if such Subsidiary had been a Material Subsidiary Guarantor on the Agreement Date; provided, however, promptly (and in any event within 30 days) upon any Excluded Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Agreement Date or delivering an Accession Agreement pursuant to this Section, as the case may be, such Subsidiary shall comply with the provisions of this Section.

Appears in 1 contract

Samples: Term Loan Agreement (Post Apartment Homes Lp)

Requirement to Become Guarantor. Within thirty (30) 30 days of any Person becoming a Material Subsidiary (other than an Excluded Subsidiary or an Unleveraged Non-Domestic Subsidiary) becoming a Material Subsidiary after the Agreement Effective Date, the Borrower shall deliver to the Administrative Agent each of the following items, each in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary; Material Subsidiary and (ii) if the items with respect to such Material Subsidiary owns Equity Interests in any Material Subsidiary, a supplement to the Pledge Agreement, and (iii) the items Subsidiaries that would have been delivered under subsections Sections 5.1.(a)(iv), (vix) through (x), (xvixii) and (xvii) of Section 5.1.(axix) if such Material Subsidiary had been a Material Subsidiary one on the Agreement Effective Date; provided, however, promptly (and in any event within 30 days5 Business Days) upon any Excluded Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Date or delivering an Accession Agreement pursuant to this Section, Section or such Unleveraged Non-Domestic Subsidiary ceasing to qualify as the case may besuch, such Subsidiary shall comply with the provisions of this Section.

Appears in 1 contract

Samples: Interim Loan Agreement (Hospitality Properties Trust)

Time is Money Join Law Insider Premium to draft better contracts faster.