Common use of Active Subsidiaries Clause in Contracts

Active Subsidiaries. In the event that the Borrower or any of its Consolidated Subsidiaries shall form or acquire any new Consolidated Subsidiary that the Borrower anticipates will be an Active Subsidiary (or in the event that any existing Subsidiary which currently is not an Active Subsidiary shall become an Active Subsidiary), the Borrower will cause such new Active Subsidiary to become a Surety hereunder, and to pledge and grant a security interest in its Property to the Collateral Agent for the benefit of the Lenders pursuant to documents substantially in the same form as the relevant Loan Documents and to deliver such proof of corporate or other organizational action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by each Surety pursuant to this Agreement or as the Agents may reasonably request.

Active Subsidiaries. In the event that the Borrower or any of its Consolidated Subsidiaries shall form or acquire any new Consolidated Subsidiary that the Borrower anticipates will be an Active Subsidiary (or in the event that any existing Subsidiary which currently is not an Active Subsidiary shall become an Active Subsidiary), the Borrower will cause such new Active Subsidiary to become a Surety hereunder, and to pledge and grant a security interest in its Property to the Collateral Agent for the benefit of the Lenders Banks pursuant to documents substantially in the same form as the relevant Loan Documents and to deliver such proof of corporate or other organizational action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by each Surety pursuant to Article IV of this Agreement upon the Closing Date or as the Agents Agent may reasonably request.