Additional Joint Obligors Clause Samples

Additional Joint Obligors. The Borrower will cause any of its Subsidiaries to become Joint Obligations under Clause Ten of this Loan Agreement and guarantors (provided they are constituted in accordance with the laws of Mexico) with respect to any Promissory Note signed by the Borrower under this Loan Agreement, provided that it is necessary so that at all times while the obligations of the Borrower are in force in accordance with this Loan Agreement and the rest of the Loan Documents, the sum of the total assets and EBITDA at the Consolidated Level of said Subsidiaries of the Borrower, represent at least 85% (eighty-five percent) of the total assets at the Consolidated Level of the Borrower and the Consolidated EBITDA. For such purposes, the Borrower undertakes to cause (i) said Subsidiary(ies) to grant and celebrate within 10 (ten) Business Days following the date on which the the need to incorporate said Subsidiary(s) as Joint Obligation(s), an Adherence Agreement to this Loan Agreement in terms of Exhibit "F" and constitute as guarantee of the Promissory Notes, for which the Promissory Notes in force on said date must be replaced, and (ii) deliver the corporate information of said S▇▇▇▇▇▇▇▇▇(s) to the Administrative Agent evidencing the powers to sign said Adhesion Agreement and Promissory Notes together with a legal opinion that confirm the capacity, powers, validity and enforceability of said guarantee in terms satisfactory to the Administrative Agent. The Borrower must also submit a report to the Administrative Agent, on a quarterly basis, in which the percentage that the Borrower and each of the Joint Obligors represents with respect to the Consolidated EBITDA at that time is reflected.