Common use of New Subsidiaries Guarantors Clause in Contracts

New Subsidiaries Guarantors. (a) Requirement to Become Guarantor. Within fifteen (15) days of any Person becoming a Material Subsidiary after the Effective Date, the Borrowers shall deliver to the Agent each of the following items, each in form and substance satisfactory to the Agent: (i) a Joinder Agreement executed by such Material Subsidiary and (ii) the items that would have been delivered under Sections 5.1(a)(iv) through (viii) if such Material Subsidiary had been one on the Effective Date. Additionally, in the event that any Wholly Owned Subsidiary of Parent or GBP, whether presently existing or hereafter formed or acquired, which is not a Guarantor at such time, shall after the date hereof become a guarantor under any existing or future Unsecured Indebtedness of Parent or any other Loan Party, then Borrowers shall cause such Subsidiary to execute and deliver the items described in this Section 7.12(a). At the election of Borrowers, any other Subsidiary of Parent or GBP, whether presently existing or hereafter formed or acquired, which is not a Guarantor at such time, may become a Guarantor by delivering to the Agent each of the items described in this Section 7.12(a). (b)