Additional Collateral Agreements Sample Clauses
The "Additional Collateral Agreements" clause establishes the parties' ability or obligation to enter into separate agreements that provide extra security or collateral beyond what is specified in the main contract. In practice, this may involve the creation of side agreements or the posting of additional assets to secure obligations, often triggered by certain events or at the request of one party. The core function of this clause is to enhance the security of the contractual relationship, thereby reducing credit risk and providing greater assurance that obligations will be fulfilled.
Additional Collateral Agreements. Each Mortgage 100 Pledge Agreement, Parent Power® Guaranty and Security Agreement for Securities Account, Parent Power® Guaranty Agreement for Real Estate, Control Agreement, Equity Access® Agreement and Equity Access® Mortgage, as applicable, for each Additional Collateral Mortgage Loan. Closing Date: October 31, 2005.
Additional Collateral Agreements. (a) Within 10 Relevant Business Days after the Delivery Date, the Issuer shall, or shall cause the applicable Issuer Subsidiary Guarantor to, (a) execute and deliver to the Trustee or the Collateral Agent, as applicable, the Additional Collateral Agreements, whereby the Issuer or such Issuer Subsidiary Guarantor, as applicable, shall (i) grant a first-priority security interest (subject to Permitted Collateral Liens) to the Trustee, for the benefit of the Secured Parties, in the Drilling Unit and (ii) assign to the Collateral Agent, for the benefit of the Secured Parties, all Earnings derived from the Drilling Unit and its operations and all proceeds of hull and machinery and loss of hire insurance payable to the Issuer or any such Issuer Subsidiary Guarantor in respect of the Drilling Unit and its operations (the Drilling Unit, the Earnings derived therefrom and such insurance proceeds, collectively, the “After-Acquired Collateral”) (as well as such other assets that constitute Collateral under the Additional Collateral Agreements), (b) execute and deliver such other Collateral Agreements as may be necessary or advisable in order to create and perfect security interests in such After-Acquired Collateral (as well as such other assets that constitute Collateral under the Additional Collateral Agreements) in favor of the Trustee or the Collateral Agent, as applicable, for the benefit of the Secured Parties, (c) cause its special Liberian counsel to execute and deliver to the Trustee a legal opinion substantially in the form of Exhibit F attached hereto, and (d) take or cause to be taken such other actions (including delivering properly completed Uniform Commercial Code financing statements) as may be necessary or advisable to vest in the Trustee or the Collateral Agent, as applicable, for the benefit of the Secured Parties, a first-priority perfected security interest (subject to Permitted Collateral Liens) in such After-Acquired Collateral and to have such After-Acquired Collateral added to the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such After-Acquired Collateral to the same extent and with the same force and effect. For the avoidance of doubt, the Issuer and the Issuer Subsidiary Guarantors, as applicable, shall not be required to grant a security interest in, and the Collateral shall not include, any Excluded Property.
(b) If the Issuer fails to execute and deliver, or to cause th...
Additional Collateral Agreements. The Company agrees that each material storage service agreement and transportation service agreement entered into by the Company with respect to the Facility from and after the Closing Date shall constitute a Collateral Agreement hereunder and, within 5 Business Days of the execution and delivery of each such additional agreement, the Company will:
(a) furnish notice to the Trustee and the Noteholders, including a copy of such additional agreement certified as true, correct and complete by a Responsible Officer of the General Partner;
(b) after the filing thereof, provide copies of all applications to the Alabama Public Service Commission (and each other regulatory authority, to the extent applicable), and, promptly upon issuance, copies of the related orders of such authorities and all amendments to any such applications or orders, authorizing the execution and delivery of such additional agreement, certified as true, correct and complete by a Responsible Officer of the General Partner;
(c) amend each Uniform Commercial Code financing statement filed in connection with this Indenture in order to evidence the first priority security interest and lien on each such agreement created by this Indenture;
(d) cause to be executed and delivered an Assignment Consent by the Contracting Party to such additional agreement and an opinion of counsel of such Contracting Party to the effect that such additional agreement has been duly authorized, executed and delivered by the Contracting Party and is enforceable against the Contracting Party in accordance with its terms; and
(e) execute, acknowledge and deliver any and all such further instruments and take such further acts as the Trustee may reasonably require in connection with such additional Collateral Agreement.