Common use of New Entities Clause in Contracts

New Entities. Borrower owns no equity interests in any partnership, limited liability company, corporations or other entity. Until Lender’s obligations hereunder have terminated and the Debt is paid in full, Borrower agrees that it shall not create, organize or acquire any interest in any limited partnership, limited liability company, corporation or other entity (collectively, a “New Entity”) without complying with each of the following requirements: (a) Borrower shall give Lender prior written notice of its intent to create, organize or acquire a New Entity; (b) if the New Entity will receive or benefit from any Advance hereunder, such new Entity shall become a new co-borrower under this Agreement and in connection therewith, shall execute all agreements, counterparts and joinders to the Loan Documents required by Lender in connection therewith promptly upon the formation of the New Entity, but in any event, no later than the earlier of (i) thirty (30) days after formation or acquisition, or (ii) the closing of the first Advance to the New Entity; (c) RESERVED; and (d) Borrower shall provide Lender with all information and documents required to be delivered to Lender by Section 6.1 and Section 7.1 of this Agreement or otherwise requested by Lender in relation to the New Entity and its assets, any real property owned or to be acquired by the New Entity, and the owners of the New Entity.

New Entities. Borrower owns no equity interests in any partnership, limited liability company, corporations or other entity. Until Lender’s obligations hereunder have terminated and the Debt is paid in full, Borrower agrees that it shall not create, organize or acquire any interest in any limited partnership, limited liability company, corporation or other entity (collectively, a “New Entity”) without complying with each of the following requirements: (a) Borrower shall give Lender prior written notice of its intent to create, organize or acquire a New Entity; (b) if the New Entity will receive or benefit from any Advance hereunder, such new Entity shall become a new co-borrower under this Agreement and in connection therewith, shall execute all agreements, counterparts and joinders to the Loan Documents required by Lender in connection therewith promptly upon the formation of the New Entity, but in any event, no later than the earlier of (i) thirty (30) days after formation or acquisition, or (ii) the closing of the first Advance to the New Entity; (c) RESERVED; and (dc) Borrower shall provide Lender with all information and documents required to be delivered to Lender by Section 6.1 and Section 7.1 of this Agreement or otherwise requested by Lender in relation to the New Entity and its assets, any real property owned or to be acquired by the New Entity, and the owners of the New Entity.