Creation of a Subsidiary Clause Samples
The 'Creation of a Subsidiary' clause authorizes a company to establish a new, separate legal entity under its control. This clause typically outlines the conditions and procedures for forming a subsidiary, such as obtaining necessary approvals, defining the subsidiary's purpose, and specifying ownership structure. By providing a clear framework for subsidiary formation, the clause ensures that all parties understand the process and helps prevent disputes or misunderstandings regarding the creation and operation of new business entities.
Creation of a Subsidiary. The Borrower shall not create a subsidiary other than AHLP without the prior written approval of the Lender, not to be unreasonably withheld.
Creation of a Subsidiary. If during the Policy Period any entity is created by the Parent Company and meets the definition of a Subsidiary, then such Subsidiary and its Insured Persons shall be Insureds, but only with respect to Wrongful Acts occurring or allegedly occurring after such entity is created and/or qualified as a Subsidiary.
Creation of a Subsidiary. Subject to the terms and conditions of this Agreement, within five Business Days from the date hereof, the Company shall form a wholly owned subsidiary (the “Subsidiary”) by filing the Articles of Incorporation, substantially in the form attached hereto as Exhibit A, with the Office of the Secretary of State of the State of Florida.