BORROWERS AND GUARANTORS. At all times the Company will maintain (directly or indirectly), beneficially and of record, 100% of the voting control of, and 100% of the equity in, each Borrower that makes Borrowings in Core Currencies and each Guarantor (other than the Company), in each case subject to director qualifying shares or similar legal requirements. The Company may designate any Subsidiary as a Subsidiary Guarantor (subject to meeting the qualifications of the preceding sentence) by causing such Subsidiary to enter into a Subsidiary Guaranty (including, if applicable, by joinder to an existing Subsidiary Guaranty) and to deliver to the Administrative Agent such supporting resolutions, incumbency certificates, opinions of counsel (including with respect to tax matters) reasonably satisfactory to the Administrative Agent and other documents as may be reasonably required by the Administrative Agent or any Lender (including such documents for each Lender to carry out, and be satisfied it has complied with the results of, all necessary “know your customer” or other similar checks under all applicable laws and regulations); provided that such Subsidiary Guarantor may be released in accordance with Section 9.10.
Appears in 2 contracts
Sources: Five Year Credit Agreement (Tiffany & Co), Credit Agreement (Tiffany & Co)