Common use of 4Additional Collateral Clause in Contracts

4Additional Collateral. The Borrower covenants that for so long as this Note remains outstanding: (a) If any asset that has an individual fair market value (as determined in good faith by the Borrower) in an amount greater than $250,000 is acquired by NewCo other than assets constituting Collateral that becomes subject to the encumbrances granted hereunder upon acquisition thereof, the Borrower will (i) as promptly as practicable notify the Lender thereof and (ii) take or cause the person to take such actions as shall be reasonably requested by the Lender to grant and perfect encumbrances in favor of the Lender to secure the Borrower’s obligations under this Note (subject to Permitted Encumbrances), all at the expense of the Borrower. (b) The Borrower shall furnish, or cause NewCo to furnish, as applicable, to the Lender promptly (and in any event no later than thirty (30) days prior to such change), written notice of any change (i) in the Loan Parties’ corporate or organization name, (ii) in the Loan Parties’ organizational identification number, or (iii) in the Loan Parties’ jurisdiction of organization; provided that the Borrower and NewCo shall not effect or permit any such change unless all filings have been made, or will have been made within any statutory period, under the Uniform Commercial Code (UCC) or otherwise that are required in order for the Lender to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral with the same priority as prior to such change (it being understood that, subject to the foregoing, the Borrower and NewCo may each change the name under which it conducts its business or its corporate name, trade name, trademarks, brand name or other public identifiers).