Examples of Material Operating Subsidiary in a sentence
The Company and each Material Operating Subsidiary, after giving effect to the transactions contemplated hereby and by the other Loan Documents and the Intercompany Revolving Facilities, shall be Solvent and the Initial Lender shall have received a certificate from the chief financial officer of the Company to such effect.
Give notice to the Agent (which upon receipt shall give a copy thereof to the Banks) of the occurrence of any Subsidiary becoming a Material Operating Subsidiary concurrently with such occurrence.
Organize or invest in any new Material Operating Subsidiary or permit any existing Subsidiary to become a Material Operating Subsidiary unless such Subsidiary shall have executed and delivered a Guaranty and a Security Agreement supplement, each in form and substance satisfactory to the Agent, and shall have become a Guarantor and a Collateral Grantor under the Loan Documents.
In addition, each Material Operating Subsidiary that becomes a Material Operating Subsidiary after the date hereof shall, concurrently with becoming a Material Operating Subsidiary, execute and deliver to the Agent a Guaranty, in form and substance satisfactory to the Agent, and upon such execution and delivery, such Material Operating Subsidiary shall become a Guarantor under the Loan Documents.
In addition, each Material Operating Subsidiary that becomes a Material Operating Subsidiary after the First Closing Date shall, concurrently with becoming a Material Operating Subsidiary, execute and deliver to the Agent a Guaranty, in form and substance satisfactory to the Agent, and upon such execution and delivery, such Material Operating Subsidiary shall become a Guarantor under the Loan Documents.
The Issuer undertakes to ensure that no Partner or any Material Operating Subsidiary will create or allow to subsist any Security Interest on the whole or any part of the Partner's or Material Operating Subsidiary's present or future property, except for a Permitted Security Interest.
The Noteholders will not be entitled to refuse such request, if no amount is then due and payable under the Subsidiary Guarantee to the Noteholders and the Issuer delivers a certificate to the Noteholders confirming that the Subsidiary seeking to be released is no longer a Material Operating Subsidiary.
The Noteholders will not be entitled to refuse such request if no amount is then due and payable under the Subsidiary Guarantee to the Noteholders and the Issuer delivers a certificate to the Noteholders confirming that the Subsidiary seeking to be released is no longer a Material Operating Subsidiary.
If an Event of Default specified in Section 7.01(a)(ix) or Section 7.01(a)(x) with respect to the Company (and not solely with respect to a Material Operating Subsidiary) occurs and is continuing, the principal of all the Notes and accrued and unpaid interest shall be immediately due and payable.
Each Material Operating Subsidiary and the Company has full corporate power and authority to own their respective assets and businesses and to carry on their respective businesses as now conducted.