Common use of New Material Subsidiaries Clause in Contracts

New Material Subsidiaries. Promptly and in any event within ten (10) Business Days following the (i) organization or acquisition of any new Material Subsidiary or (ii) delivery of financial statements pursuant to Section 5.01 that indicate that a Subsidiary (other than the Borrower) not at such time a Subsidiary Guarantor is a Material Subsidiary, cause such Material Subsidiary (other than a Subsidiary that is not a “United States Person”, as such term is defined in Section 7701(a)(30) of the Code) to execute and deliver a Subsidiary Guaranty, together with such documents as the Administrative Agent may request evidencing corporate action taken to authorize such execution and delivery and the incumbency and signatures of the officers of such Material Subsidiary.

New Material Subsidiaries. Promptly and in any event within ten (10) Business Days following the (i) organization or acquisition of any new Material Subsidiary or (ii) delivery of financial statements pursuant to Section 5.01 that indicate that a Subsidiary of the Parent (other than the Borrower) not at such time a Subsidiary Guarantor is a Material Subsidiary, cause such Material Subsidiary (other than a Subsidiary that is not a “United States Person”, as such term is defined in Section 7701(a)(30) of the Code) to execute and deliver a Subsidiary GuarantyGuarantee, together with such documents as the Administrative Agent may request evidencing corporate action taken to authorize such execution and delivery and the incumbency and signatures of the officers of such Material Subsidiary.