Creation of New Subsidiaries. Create or acquire any new Subsidiary after the Closing Date other than Subsidiaries created or acquired in accordance with Section 7.12.
Creation of New Subsidiaries. Create or acquire any new Non-Xxxxxxx Subsidiary after the Closing Date other than (a) any new Subsidiary created in connection with a Qualified Homebuilding Transaction, or (b) MSH Trusts and Restricted Subsidiaries created or acquired in accordance with Section 7.12, provided that any Unrestricted Subsidiary may create a Subsidiary that is an Unrestricted Subsidiary and the Borrower or any Non-Xxxxxxx Subsidiary may create a Subsidiary that is an Unrestricted Subsidiary described in part (e) of the definition of “Unrestricted Subsidiary”.
Creation of New Subsidiaries. Create or acquire any new Subsidiary after the Closing Date other than MSH Trusts and Restricted Subsidiaries created or acquired in accordance with Section 7.12, provided that any Unrestricted Subsidiary may create a Subsidiary that is an Unrestricted Subsidiary.
Creation of New Subsidiaries. (i) If the Company shall create or acquire any Subsidiary organized under the laws of a jurisdiction of the United States, any of the states thereof or the District of Columbia, simultaneous with the creation or acquisition of such Subsidiary, the Company shall (i) promptly cause such Subsidiary to become a guarantor by executing a guaranty in favor of the Holder in form and substance reasonably acceptable to the Company, the Subsidiary and the Holder, (ii) promptly cause such Subsidiary to become a grantor under the Security Agreement by executing a joinder to the Security Agreement in form and substance reasonably acceptable to the Company, the Subsidiary and the Holder, (iii) promptly cause such Subsidiary to become a pledgor by the Company and such Subsidiary executing a pledge agreement in form and substance reasonably acceptable to the Company, the Subsidiary and the Holder, and (iv) promptly cause such Subsidiary to duly execute and/or deliver such opinions of counsel and other documents, in form and substance reasonable acceptable to the Holder, as the Holder shall reasonably request with respect thereto.
Creation of New Subsidiaries. Companies and Subsidiaries shall not incorporate, create, form, establish or fund any Subsidiary unless Bank One shall immediately be notified in writing of the creation of such Subsidiary and such Subsidiary shall immediately execute such documents as Bank One deems necessary for Subsidiary to guarantee upon all indebtedness outstanding hereunder;
Creation of New Subsidiaries. Acquire an interest in any subsidiary corporation unless, within 15 days after the acquisition of such ownership interest, the new subsidiary executes the Line of Credit Note and becomes a party to this Agreement.
Creation of New Subsidiaries. Acquire an interest in any subsidiary corporation which has assets of $10,000 or more unless, concurrent with the acquisition of such ownership interest, the new subsidiary executes the Line of Credit Note and becomes a party to this Agreement.
Creation of New Subsidiaries. Create or acquire any new Domestic Subsidiary after the Closing Date except in compliance with Section 7.12.
Creation of New Subsidiaries. The Borrower and its Subsidiaries may from time to time create new Subsidiaries, provided that (i) each such new Subsidiary (y) having assets with a gross value (determined in accordance with Generally Accepted Accounting Principles) in excess of $25,000, and (z) having commenced the conduct of business, will execute and deliver to the Administrative Agent (with sufficient copies for each Lender) an amendment or accession to the Guaranty Agreement, in form and substance satisfactory to the Administrative Agent, pursuant to which such new Subsidiary shall become a party thereto, as well as an amendment or accession to the Guarantor Security Agreement and Financing Statements, each in form and substance satisfactory to the Administrative Agent, pursuant to which such new Subsidiary shall secure its obligations under the Guaranty Agreement by a first priority, perfected security interests in all of its assets, subject only to Permitted Liens, (ii) the Borrower will execute and deliver to the Administrative Agent (with sufficient copies for each Lender) an amendment or supplement to the Pledge Agreement, in form and substance satisfactory to the Administrative Agent, pursuant to which all of the capital stock or other ownership interests of such new Subsidiary that is directly or indirectly owned by the Borrower shall be pledged to the Administrative Agent under the Pledge Agreement, together with the certificates representing such capital stock or other ownership interests and stock powers duly executed in blank, and (iii) the Borrower will cause each such new Subsidiary to execute and deliver, and will cause to be delivered, all documentation of the type described in Sections 3.3(b), (c), (d) and (g) as such new Subsidiary would have had to deliver were it a Subsidiary on the Closing Date.
Creation of New Subsidiaries. Create or acquire any new Subsidiary after the Closing Date, unless such domestic Subsidiary is made a Guarantor with respect to the Obligations and grants Lender a first priority security interest in all of such Subsidiary's property to secure the Obligations.
