Guarantor Subsidiary Clause Samples
Guarantor Subsidiary. If Lenders determine in their sole discretion that, if liquidated, the value of the Collateral would not be sufficient to repay the Obligations in full, Borrower shall, at Borrower’s expense and within twenty (20) days of Lenders’ request, either (a) execute and deliver, or cause any Subsidiary or Subsidiaries of Borrower to execute and deliver, as directed by Lenders, a Stock Pledge, Guaranty and such other documentation in form and substance satisfactory to Lenders as Lenders may request, including without limitation, original stock certificates, an opinion of foreign counsel, together with such additional documents as Lenders may require to perfect a first priority lien on the assets described in the Stock Pledge and Guaranty, or (b) post a letter of credit or other credit enhancement from a source satisfactory to the Lenders and which Lenders deem adequate in their sole discretion to eliminate any potential shortfall from the liquidation of the Collateral. Notwithstanding the foregoing, neither Borrower nor any Domestic Subsidiary of Borrower shall be required to pledge more than sixty five percent (65%) of the outstanding voting stock of any Foreign Subsidiary.
Guarantor Subsidiary. The Borrower shall deliver not less than five (5) Domestic Business Days' notice prior to the creation of any Guarantor Subsidiary or prior to the date on which an existing Subsidiary shall become a Guarantor Subsidiary, and within ten (10) Domestic Business Days thereafter, shall cause any such Subsidiary to execute and deliver to the Administra tive Agent, for the benefit of the Banks, a Guaranty.
Guarantor Subsidiary. The Borrower shall send the Lender a copy of each credit memorandum in excess of $100,000 as soon as issued. The Lender may, at all times when an Event of Default exists hereunder, settle or adjust disputes and claims directly with Account Debtors for amounts and upon terms which the Lender considers advisable and, in all cases, the Lender will credit the Borrower's loan account with only the net amounts received by the Lender in payment of any Accounts.
Guarantor Subsidiary. The definition of "Guarantor Subsidiary " is hereby added to read as follows: