Electing Guarantor means any Excluded Subsidiary that at the option, and in the sole discretion, of Holdings has been designated as a Guarantor (solely during the time of such designation); provided that such Excluded Subsidiary shall not become a Guarantor until the Administrative Agent shall have received and be satisfied with all documentation and other information reasonably requested by it under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act.
Electing Guarantor means any Excluded Subsidiary that, at the option, and in the sole discretion, of the Borrower has been designated a Subsidiary Loan Party.
Electing Guarantor means any Excluded Subsidiary that, at the option, and in the sole discretion, of the Borrower, has been designated (or re-designated) as a Loan Party; provided that (x) the Administrative Agent shall have received, at least five (5) Business Days prior to any Excluded Subsidiary that has elected to become an Electing Guarantor becoming an Electing Guarantor, all documentation and other information in respect of such Excluded Subsidiary as has been reasonably requested by the Administrative Agent in writing that is required under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and (y) if such Restricted Subsidiary is not organized in the United States or Canada, the jurisdiction of organization of such Restricted Subsidiary shall be reasonably satisfactory to the Administrative Agent (taking into account any imposition of fiduciary duties and/or if acting as Administrative Agent or entering into Loan Documents with Persons in such jurisdiction is prohibited by applicable law or would expose the Administrative Agent, in its capacity as such, to material additional liabilities or political risk); provided further that (x) such redesignation shall constitute an Investment by the Borrower or the relevant Restricted Subsidiary, as applicable, therein at the date of designation in an amount equal to the fair market value (as determined in good faith by the Borrower) of the Investments held by the Borrower and/or the Restricted Subsidiaries in such Electing Guarantor immediately prior to such re-designation, and such Investments shall otherwise be permitted hereunder and (y) any Indebtedness or Liens of such Restricted Subsidiary (after giving effect to such release) shall be deemed to be incurred at the time of such release by such Electing Guarantor and such incurrence shall otherwise be permitted hereunder.
Examples of Electing Guarantor in a sentence
The designation of any Electing Guarantor as an Excluded Subsidiary after the Effective Date shall constitute (i) the incurrence at the time of designation of Indebtedness or Liens of such Subsidiary existing at such time and (ii) an Investment by the Borrower or its Restricted Subsidiaries therein at the date of designation in an amount equal to the fair market value (as determined in good faith by the Borrower) of the Borrower’s or its respective subsidiaries’ (as applicable) investment therein.
The designation of any Excluded Subsidiary as an Electing Guarantor shall constitute a return on any Investment by the Borrower in such Excluded Subsidiary in an amount equal to the fair market value (as determined in good faith by the Borrower) at the date of such designation of the Borrower’s or its Subsidiaries’ (as applicable) Investment in such Subsidiary.
More Definitions of Electing Guarantor
Electing Guarantor any Excluded Subsidiary that, at the option, and in the sole discretion, of the Borrower has been designated a Subsidiary Guarantor, it being understood that the Borrower may undesignate any such Subsidiary.
Electing Guarantor means any Excluded Subsidiary that, at the option, and in the sole discretion, of the Issuer has been designated a Subsidiary Note Party.
Electing Guarantor means any excluded Subsidiary that at the option, and in the sole discretion, of Holdings has been designated as a guarantor (solely during the time of such designation); provided that such excluded Subsidiary shall not become a guarantor until the administrative agent shall have received and be satisfied with all documentation and other information reasonably requested by it under applicable “know your customer” and anti-money laundering rules and regulations, including the uSa patriot act.