Common use of Requirement to Become Guarantor Clause in Contracts

Requirement to Become Guarantor. Within 10 days of any Person (other than an Exempt Subsidiary or a Foreign Subsidiary) becoming a Material Subsidiary after the Effective Date, the Borrower shall deliver to the Agent each of the following items, each in form and substance satisfactory to the Agent: (i) an Accession Agreement executed by such Material Subsidiary and (ii) the items for such Material Subsidiary that would have been delivered under 69 Sections 6.1.(a)(iv) through (viii) and (xv) if such Material Subsidiary had been one on the Effective Date; provided, however, promptly (and in any event within 10 days) upon any Exempt 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. The Borrower shall send to each Lender copies of each of the foregoing items once the Agent has received all such items with respect to a Material Subsidiary.

Appears in 1 contract

Samples: Credit Agreement (Morgans Hotel Group Co.)

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Requirement to Become Guarantor. Within 10 45 days of any Person (other than an Exempt Subsidiary or a Foreign Excluded Subsidiary) becoming a Material Subsidiary after the Effective Date, the Borrower shall deliver to the Agent each of the following items, each in form and substance satisfactory to the Agent: (i) an Accession Agreement executed by such Material Subsidiary and (ii) the items for such Material Subsidiary that would have been delivered under 69 Sections 6.1.(a)(iv5.1.(a)(iv), (ix) through (viiixii) and (xvxvii) if such Material Subsidiary had been one on the Effective Date; provided, however, promptly (and in any event within 10 30 days) upon any Exempt 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. The Borrower shall send to each Lender copies of each of the foregoing items once the Agent has received all such items with respect to a Material Subsidiary.

Appears in 1 contract

Samples: Term Loan Agreement (UDR, Inc.)

Requirement to Become Guarantor. Within 10 days Business Days of any Person (other than an Exempt Subsidiary or a Foreign Excluded Subsidiary) becoming a Material Subsidiary after the Effective Date, the Borrower shall deliver cause to be delivered to the Agent each of the following items, each in form and substance satisfactory to the Agent: (i) an Accession Agreement executed by such Material Subsidiary and (ii) the items for such Material Subsidiary that would have been delivered under 69 Sections 6.1.(a)(ivSection 6.1.(a)(v) through (viiia)(ix) and (xva)(xvi) if such Material Subsidiary had been one a Guarantor on the Effective Date; provided, however, promptly (and in any event within 10 daysBusiness Days) upon any Exempt 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. The Borrower shall send to each Lender copies of each of the foregoing items once the Agent has received all such items with respect to a Material Subsidiary.

Appears in 1 contract

Samples: Assignment and Acceptance Agreement (U-Store-It Trust)

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Requirement to Become Guarantor. Within 10 forty-five (45) days of any Person (other than an Exempt Subsidiary or a Foreign Excluded Subsidiary) becoming a Material Subsidiary after the Effective Date, the Borrower shall deliver to the Agent each of the following items, each in form and substance satisfactory to the Agent: (i) an Accession Agreement executed by such Material Subsidiary and (ii) the items for such Material Subsidiary that would have been delivered under 69 Sections 6.1.(a)(iv5.1.(a)(iv), (ix) through (viiixii) and (xvxvii) if such Material Subsidiary had been one on the Effective Date; provided, however, promptly (and in any event within 10 thirty (30) days) upon any Exempt 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. The Borrower shall send to each Lender copies of each of the foregoing items once the Agent has received all such items with respect to a Material Subsidiary.

Appears in 1 contract

Samples: Term Loan Agreement (UDR, Inc.)

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