Common use of Additional Collateral, etc Clause in Contracts

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Date by any Loan Party as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender a security interest in such Collateral and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.

Appears in 3 contracts

Sources: Credit Agreement (Qt Imaging Holdings, Inc.), Credit Agreement (CalAmp Corp.), Credit Agreement (CalAmp Corp.)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Company or any Loan Party Subsidiary Guarantor (other than (w) any interest in real property or any Property described in paragraph (b) of this Section 6.08, (x) any Property subject to a Lien permitted by Section 7.03(g) or (y) Property acquired by an Excluded Subsidiary) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or and such other documents (including intellectual property security agreements) as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Property (to the extent such Property is of a type that would constitute Collateral as described in the Guarantee and Collateral Agreement) and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject, except as expressly in the case of the pledge of Capital Stock of any Subsidiary, to Liens permitted by Section 7.27.03) security interest and Lien in such Collateral as Property (to the extent required by the Guarantee and Collateral Agreement or any other Security DocumentAgreement), including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions and/or intellectual property security agreements as may be required by the Guarantee and Collateral Agreement or taking any other action as may be reasonably requested by the LenderCollateral Agent. (b) With respect to any fee simple interest in any real property having a value (together with improvements thereof) of at least $5,000,000 acquired after the Closing Date by the Company or any Loan Party Subsidiary Guarantor (or owned by any Person that becomes a Subsidiary Guarantor), the Company shall notify the Collateral Agent and the Co-Collateral Agent promptly after the Borrower obtains knowledge thereof, to permit the Collateral Agent and the Co-Collateral Agent to comply with an individual fair market value in excess of $250,000the Flood Insurance Laws, promptly (and in any event within sixty (60) 90 days following the date of such acquisition of such real property or the date on which such Person becomes a Subsidiary Guarantor (or such longer period as approved the Collateral Agent and the Co-Collateral Agent shall reasonably agree or as may be reasonably required to permit completion of flood insurance diligence by the Lender in its reasonable discretion): Collateral Agent and the Co-Collateral Agent), (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the LenderCollateral Agent, provide deliver to the Lender with Collateral Agent (1A) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized lender’s title insurance companypolicy, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower form and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable to the LenderCollateral Agent, insuring such Mortgage as a first lien on such Mortgaged Property (subject only to Liens permitted by Section 7.03), (3B) flood insurance determination certificatesan American Land Title Association/American Congress of Surveying and Mapping (ALTA/ACSM) form of survey by a duly registered and licensed land surveyor for which all necessary fees have been paid dated a date reasonably acceptable to the Collateral Agent, certified to the Collateral Agent and the title company in a manner reasonably satisfactory to the Collateral Agent, (C) to the extent required by Financial Institutions Reform, Recovery, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Enforcement Act of 1968 and (4) such 1989, Pub.L. 101-73, ▇▇▇ ▇▇▇▇. ▇▇▇, enacted August 9, 1989, or any other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyapplicable law, an appraisal, and (iiiD) if requested by the Lender, deliver an opinion of local counsel reasonably satisfactory to the Lender legal opinions relating Collateral Agent. No later than 30 days (or such later date as the Collateral Agent or Co-Collateral Agent shall reasonably agree) prior to such Mortgagethe date on which a Mortgage is executed and delivered pursuant to this Section 6.08(b), which opinions in order to comply with the Flood Laws, the Collateral Agent and the Co-Collateral Agent shall be have received the following documents (collectively, the “Flood Documents”), in form and substance reasonably satisfactory thereto: (1) a completed standard “life of loan” flood hazard determination form (a “Flood Determination Form”), (2) if the improvement(s) to the applicable improved real property is located in a special flood hazard area, a notification to the Company (“Company Notice”) and (if applicable) notification to the Company that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, (3) documentation evidencing the Company’s receipt of the Company Notice (e.g., countersigned Company Notice, return receipt of certified U.S. Mail, or overnight delivery), and (4) if the Company Notice is required to be given and flood insurance is available in the community in which the property is located, evidence of flood insurance reasonably satisfactory to the Collateral Agent and the Co-Collateral Agent (any of the foregoing being “Evidence of Flood Insurance”). Notwithstanding anything to the contrary contained herein, if either the Collateral Agent or the Co-Collateral Agent are unable or fail to complete flood insurance diligence to its reasonable satisfaction so as to permit the Company or any Subsidiary Guarantor to deliver a Mortgage as required by this Section 6.08(b), then so long as the Company or such Subsidiary Guarantor otherwise has complied with this Section 6.08(b), the Company or such Subsidiary Guarantor shall have no obligation hereunder to deliver such Mortgage (and no Event of Default shall be deemed to arise from the Company’s or such Subsidiary Guarantor’s failure to deliver such Mortgage) unless and until both the Collateral Agent and the Co-Collateral Agent completes such flood insurance diligence to their reasonable satisfaction (after which the Company or such Subsidiary Guarantor shall have a period of 30 additional days following written notification thereof to execute and deliver such Mortgage). If at any time while this Agreement is in effect Bank of America, N.A. ceases to be a Lender, then there shall no longer be a Co-Collateral Agent hereunder, and all consent or approval rights of Co-Collateral Agent contained in this Agreement (including, without limitation, in Section 6.05 and this Section 6.08(b)) shall be deemed to be satisfied by the consent or approval of the Collateral Agent; provided, however, that at any time thereafter, the Required Lenders may elect to designate and appoint a successor Co-Collateral Agent, which successor Co-Collateral Agent shall be (i) a Lender, (ii) a bank with an office in New York, New York, or an Affiliate of any such bank, and (iii) reasonably satisfactory to the Company, in which event such successor Co-Collateral Agent shall become vested with all the rights, powers, privileges and duties of the Co-Collateral Agent hereunder. (c) With respect to any new direct or indirect Subsidiary that is (other than an Excluded Subsidiary) created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Subsidiary), by the Company or any Loan Partyof its Restricted Subsidiaries (other than by an Excluded Subsidiary), promptly within 45 days following the date of such creation or acquisition (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): Collateral Agent shall reasonably agree), (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Collateral Agent deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly by the Company or indirectly by any Subsidiary Guarantor (to the extent such Loan PartyCapital Stock is of a type that would constitute Collateral as described in the Guarantee and Collateral Agreement), (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Collateral Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital StockStock (to the extent such Capital Stock is of a type that would constitute Collateral as described in the Guarantee and Collateral Agreement), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyCompany or such Subsidiary Guarantor, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), as the case may be and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (subject subject, except in the case of the pledge of any Capital Stock of any Subsidiary, to Liens permitted hereunderby Section 7.03) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiarynew Subsidiary to the extent required by the Guarantee and Collateral Agreement, including including, without limitation, the filing of UCC Uniform Commercial Code financing statements and intellectual property security agreements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be by law and if reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the LenderCollateral Agent, with appropriate insertions and attachments, and (iv) if requested by the Lenderrespect to any Subsidiary other than an Immaterial Subsidiary, deliver to the Lender Collateral Agent customary legal opinions relating to the matters described above, which opinions . (d) The Co-Collateral Agent shall be not have any duties or obligations except those expressly set forth in form Section 6.05 and substance, and from counsel, reasonably satisfactory to Section 6.08. Without limiting the Lender. Notwithstanding generality of the foregoing, (i) other than the Co-Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall Agent is not be required to deliver any Collateral or perfect the Lender’s security interest with respect subject to any Collateral (except fiduciary or other implied duties, nor has any duty or obligation to the extent perfection can be accomplished by filing UCC financing statements) any Lender or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower participant or any Loan Party other Person as a result thereof), in each case, as reasonably determined by of the Lender, Co-Collateral Agent’s rights under Section 6.05 and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender6.08.

Appears in 3 contracts

Sources: Credit Agreement (Harsco Corp), Amendment to Credit Agreement (Harsco Corp), Amendment and Restatement Agreement (Harsco Corp)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Funds Availability Date by any Loan Party (other than Excluded Assets, Excluded Perfection Assets and any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Senior Secured Parties, does not have a perfected Lien that is required by Lien, promptly (and, in any event within 20 Business Days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition) (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Collateral Agent deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Senior Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or reasonably advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Senior Secured Parties, a perfected first priority security interest in such property (except as expressly subject, in the case of property not constituting Pledged Securities, to Permitted Liens, and in the case of Pledged Securities, to Liens permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document6.02(e)), including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderCollateral Agent. (b) With respect to any fee interest in any real property or any lease consisting of real property acquired or leased after the Closing Funds Availability Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (other than any Excluded Assets and in any event Excluded Perfection Assets) within sixty ninety (6090) days of such after the acquisition or such longer period as approved by the Lender in its reasonable discretion): leasing thereof (i) execute and deliver a first priority Mortgage (subject only to Liens permitted by clauses (a), (f) and (g) of Section 6.02) or where appropriate under the circumstances, an amendment to an existing Mortgage, in each case in favor of the maximum principal Collateral Agent, for the benefit of the Senior Secured Parties, covering such real property, (ii) if requested by the Administrative Agent, provide the Senior Secured Parties with (x) either (1) (A) title insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. Administrative Agent; and (cB) With a current ALTA survey thereof, complying with the requirements set forth in Schedule 5.10(b) together with a surveyor’s certificate (only with respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Partyany power plant, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts)improved real property, and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) any other real property for which an ALTA survey was obtained when such property was acquired. Notwithstanding the foregoing, such Loan Party shall obtain or cause such new Subsidiary or to be obtained an ALTA survey complying with the requirements set forth in Schedule 5.10(b) together with a surveyor’s certificate for any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) real property that becomes Collateral pursuant to become a party this section to the Guarantee extent that the title company will not remove the survey exception (or endorse over such exception) without an ALTA survey) or (2) where an amendment to an existing Mortgage has been delivered pursuant to clause (i) instead of a Mortgage, an endorsement to the existing title policy adding such property as an insured parcel, or a new title policy if the requirements in the state in which the real property is located do not allow for such an endorsement, and Collateral Agreement and other applicable Security Documents, (By) to take such actions as are any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent or the Collateral Agent in connection with such Mortgage or Mortgage amendment (to the opinion extent obtainable using commercially reasonable efforts), each of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) foregoing in the Collateral described in the Guarantee form and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form substance reasonably satisfactory to the LenderCollateral Agent, with appropriate insertions and attachments, and (iviii) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent and the foregoingCollateral Agent, (iv) if requested by the Administrative Agent or the Collateral Agent, deliver to the Administrative Agent and the Collateral Agent a current appraisal of such real property or other valuation of such Loan Party’s interest therein in a form and by an appraiser reasonably acceptable to the Administrative Agent, (v) deliver to the Administrative Agent and the Collateral Agent a SFHDF with respect to such real property and, to the extent that the SFHDF indicates that such real property is in a Special Flood Hazard Area as designated by the Federal Emergency Management Agency, proof that adequate flood insurance, as required under the National Flood Insurance Program, has been obtained with respect to such real property and (vi) deliver evidence of zoning compliance satisfactory to the Collateral Agent or Administrative Agent. (c) With respect to (i) any new Subsidiary (other than the Collateral in which a Lien was previously granted an Excluded Subsidiary) created or required to be granted acquired by the Loan Parties, Borrower or any of the guarantees provided by the Loan PartiesRestricted Subsidiaries or (ii) any domestic Immaterial Subsidiary or domestic Unrestricted Subsidiary that is designated as a Restricted Subsidiary in accordance with Section 6.11, in each case, on after the Closing Date Funds Availability Date, within twenty (20) days of such creation, acquisition or pursuant designation the Borrower or the applicable Restricted Subsidiary shall (i) execute and deliver to Section 5.2the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent and the Collateral Agent deem necessary or reasonably advisable to grant to the Collateral Agent, for the Loan Parties shall not be required to deliver any Collateral or perfect benefit of the Lender’s Senior Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Loan Party (subject only to the Liens permitted by clause (e) of Section 6.02), (ii) deliver to the Collateral Agent any certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Restricted Subsidiary, (iii) cause such Subsidiary that is a wholly-owned Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, and (B) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Senior Secured Parties a perfected first priority security interest (subject, in the case of property not constituting Pledged Securities, to Permitted Liens, and in the case of Pledged Securities, to Liens permitted by Section 6.02(e)) in the Collateral described in the Guarantee and Collateral Agreement with respect to any such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by Applicable Law or as may be reasonably requested by the Administrative Agent and (except iv) if requested by the Administrative Agent, deliver to the extent perfection can Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be accomplished in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. (d) With respect to (i) any Foreign Subsidiary created or acquired after the Funds Availability Date and directly owned by filing UCC financing statementsany Loan Party or (ii) any foreign Immaterial Subsidiary or provide foreign Unrestricted Subsidiary that is designated as a Restricted Subsidiary in accordance with Section 6.11 and directly owned by any guarantee of the ObligationsLoan Party, in each case, if after the cost Funds Availability Date , promptly (and, in any event, within 30 days of delivering the creation or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit acquisition thereof) (A) execute and deliver to the Lender Administrative Agent and the Collateral Agent (which shall take into account any adverse tax consequences suffered x) such amendments to the Guarantee and Collateral Agreement as the Collateral Agent deems necessary or expected to be suffered by the Borrower or any Loan Party as reasonably advisable and/or (y) a result thereof)Foreign Pledge Agreement, in each case, as reasonably determined by the Lender, and (ii) other than case to grant to the Collateral in which a Lien was previously granted or required to be granted by Agent, for the Loan benefit of the Senior Secured Parties, or a perfected first priority security interest in the guarantees Capital Stock of such Foreign Subsidiary that is owned by any such Loan Party (subject only to the Liens permitted by clause (e) of Section 6.02 and provided by that in no event shall more than 65% of the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no total outstanding voting Capital Stock of any such Liens or guarantees shall Foreign Subsidiary be required to be provided so pledged), (B) if commercially reasonable, deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock power, in blank, executed and delivered by any Subsidiary in any case in which (a duly authorized officer of the relevant Loan Party, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Collateral Agent’s security interest therein, and (C) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent and the provision of such Lien or guarantee would violate applicable lawCollateral Agent legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent and the Collateral Agent.

Appears in 3 contracts

Sources: Credit Agreement (Enexus Energy CORP), Credit Agreement (Entergy Corp /De/), Credit Agreement (Enexus Energy CORP)

Additional Collateral, etc. (a) With Subject to the entry of the Interim Financing Order, with respect to any Collateral property acquired after the Closing Date by any Loan Party as to (other than (w) any property which the Lender does would not have a perfected been subject to the Lien that is required created by the Guarantee and Collateral Agreement (excludingas of the Closing Date had such property been owned as of the Closing Date as to which the Administrative Agent, for the avoidance benefit of doubtthe Secured Parties, real property)does not have a perfected Lien, the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to either of the Guarantee and Collateral Agreement Agreements or such other documents as the Lender deems reasonably Required Lenders deem necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty (subject to Liens permitted to have priority under Section 2.17(c)), including (if applicable) the filing of Uniform Commercial Code financing statements or the making of such other filings or recordings in such jurisdictions as may be required by the Guarantee and Collateral Agreement Agreements or taking any other action by Law or as reasonably may be requested by the LenderAdministrative Agent (at the direction of the Required Lenders). (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender[Reserved]. (c) With Subject to Bankruptcy Court approval, subject to paragraph (d) below, with respect to any new direct wholly-owned Domestic Subsidiary, or indirect wholly-owned Foreign Subsidiary that is created organized under the Laws of Canada or any of its provinces or territories, organized or acquired after the Closing Date by any Loan PartyGroup Member, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to either of the Guarantee and Collateral Agreements or other applicable Security Documents, or such new Security Documents as the Lender deems reasonably Required Lenders deem necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such any Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Administrative Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause any such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such wholly-owned Domestic Subsidiary (A) to become a party to either of the Guarantee and Collateral Agreement and other applicable Security DocumentsAgreements, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreements prior and superior in right to any other Person with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by either of the Guarantee and Collateral Agreements or by Law or as may be requested by the Administrative Agent (subject at the direction of the Required Lenders) and (C) to Liens permitted hereunderdeliver to the Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit I, with appropriate insertions and attachments, (iv) cause any such new Foreign Subsidiary organized under the Laws of Canada or any of its provinces or territories, (A) to execute and deliver to the Administrative Agent the Guarantee and Collateral Agreement (Canada) or other applicable Security Document pursuant to which such Foreign Subsidiary shall guarantee the Obligations, (B) to execute and deliver to the Administrative Agent the Guarantee and Collateral Agreement (Canada) or other applicable Security Document as the Required Lenders deem necessary or advisable to ▇▇▇▇▇ ▇ ▇▇▇▇ to the Administrative Agent, for the benefit of the Secured Parties, on all property of such Foreign Subsidiary to secure payment of the Obligations, (C) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected security interest in the Collateral described in the Guarantee and Collateral Agreement (Canada) or such other applicable Security Documents, Document delivered pursuant to the foregoing clause (B) prior and superior in right to any other Person with respect to such new Subsidiary, including the filing of UCC financing statements such filings or other recordings in such jurisdictions as may be required by the Guarantee and Collateral Agreement (Canada) or other applicable Security Document or by Law or as may be reasonably requested by the Lender Administrative Agent (at the direction of the Required Lenders), and (CD) to deliver to the Lender Administrative Agent a customary certificate of such new Foreign Subsidiary, substantially in a the form reasonably satisfactory to the Lenderof Exhibit I, with appropriate insertions and attachments, with such modifications relevant to the jurisdiction of such Foreign Subsidiary, as may be requested by the Administrative Agent (at the direction of the Required Lenders), and (ivv) if requested by the LenderAdministrative Agent (at the direction of the Required Lenders), deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Required Lenders. (d) Notwithstanding anything in this Section 6.09 to the foregoingcontrary, (i) other than no Subsidiary of a Group Member shall provide a guaranty of all or any portion of the Collateral in which a Borrower’s obligations under the Second Lien was previously granted Note Indenture or required to be granted by the Loan Partiesany Permitted Refinancing Debt Document, or ▇▇▇▇▇ ▇ ▇▇▇▇ on any of its assets to secure any other the guarantees provided by foregoing Indebtedness, unless, prior to or concurrently therewith, such Subsidiary complies with the Loan Partiesrequirements of Section 6.09(c). (e) For the avoidance of doubt, in each caseupon the consent of the Required Lenders, on the Closing Date or pursuant to this Section 5.2, the Loan Parties 6.09 shall not be required apply to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderan Immaterial Subsidiary.

Appears in 3 contracts

Sources: Superpriority Senior Debtor in Possession Credit Agreement (Paperweight Development Corp), Credit Agreement (Paperweight Development Corp), Dip Facility Agreement

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Restatement Closing Date by the Parent, the Borrower or any Loan Party Subsidiary Guarantor (other than (u) personal property as to which the Lender Administrative Agent, for the benefit of the Secured Parties, is not required to have a perfected security interest pursuant to the Guarantee and Collateral Agreement, (v) the Capital Stock of any Unrestricted Subsidiary organized under the laws of any jurisdiction outside the United States, (w) any Property described in paragraph (c) or (d) of this Section, (x) any interest in real property, (y) any foreign intellectual property and (z) any Property subject to a Lien permitted by Section 7.3(g), (k) or (m)) as to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is to the extent required by pursuant to the Guarantee and Collateral Agreement (excludingAgreement, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly subject to Liens permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentAgreement) security interest in such Property, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to (i) any fee interest in any real property having a value (together with improvements thereof) of at least $4,000,000 (valued in accordance with Schedule 6.9(b)-1; such valuation to be reasonably satisfactory to the Administrative Agent) acquired after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (which, for purposes of this paragraph, shall include any such property owned or leased by an entity at the time such entity becomes a Subsidiary Guarantor) or (ii) any leasehold interest in any real property contemplating an initial annual rent payment, including projected percentage rent during such initial year, after the expiration of any free rent or “rent abatement” period, of at least $550,000 acquired or leased after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (in each case other than any such real property subject to a Lien expressly permitted by Section 7.3(g), (k) or (m)), if, at the time of such acquisition or lease commencement, the aggregate value of all leasehold and fee-owned real property of the Borrower and the Subsidiary Guarantors subject to a Mortgage (valued in accordance with Schedule 6.9(b)-1; such value to be demonstrated to the reasonable satisfaction of the Administrative Agent) is less than 125% of the Assumed Loan Party with Amount (provided that, notwithstanding the foregoing requirement, the Parent, the Borrower and the Subsidiary Guarantors may elect to exclude leasehold interests in real property and fee-owned real property, to the extent that such leasehold interests and fee interests (i) have an individual fair market value aggregate value, measured at the time of any such election, not in excess of $250,000150,000,000 (valued in accordance with Schedule 6.9(b)-1) or (ii) are listed on Schedule 6.9(b)-2), promptly (and in any event within sixty (60) then no later than 90 days after the date of such acquisition or such longer period as approved by the Lender in its reasonable discretion): lease commencement: (iA) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender Administrative Agent, for the benefit of the Secured Parties, covering such real property, subject to any Liens permitted by Section 7.3; (iiB) if requested by the LenderAdministrative Agent, provide the Lender Lenders with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2w) a current ALTA/NSPS title search showing no Liens other than Liens permitted under Section 7.3 and otherwise in form and substance reasonably acceptable to Administrative Agent, as well as an ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lendercertificate, (3x) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may any consents or estoppels reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested deemed necessary or advisable by the Lender, deliver to the Lender legal opinions relating to Administrative Agent in connection with such Mortgage, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the Lender. Administrative Agent, (cy) With respect an appraisal of the value, or a valuation of, the applicable Mortgaged Property, which shall be reasonably satisfactory to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan PartyAdministrative Agent, promptly and (z) Phase I environmental reports (and in any event within thirty (30) days or where appropriate based upon such longer period as approved by Phase I environmental reports and at the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer reasonable request of the relevant Loan PartyAdministrative Agent, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereofPhase II environmental reports) with respect to Intellectual Property (other than Excluded Assets)such real property, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee all in form and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form substance reasonably satisfactory to the Lender, with appropriate insertions and attachments, and Administrative Agent; (ivC) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent; (D) deliver to the Administrative Agent a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to such Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and if any such Mortgaged Property is located in a special flood hazard area, evidence of flood insurance in form and amount reasonably satisfactory to the Administrative Agent; and (E) (x) deliver to the Administrative Agent evidence that short form leases or lease memoranda shall have been duly recorded in the local real estate records, with respect to each Mortgaged Property constituting a leasehold interest and (y) with respect to those Mortgaged Properties consisting of leaseholds so designated by the Administrative Agent described in the preceding clause (x), use commercially reasonable efforts to deliver to the Administrative Agent copies of valid, binding and enforceable lease amendments or landlord agreements in form and content reasonably acceptable to the Administrative Agent, conferring on the Administrative Agent rights of default notice, cure opportunity and such other leasehold lender protections as the Administrative Agent may reasonably require. Notwithstanding the foregoing, the Administrative Agent may extend the date for, or waive, in whole or in part, the foregoing deliveries in its sole discretion. (c) With respect to any new Subsidiary (other than (i) a Class II Restricted Subsidiary or (ii) an Unrestricted Subsidiary or (iii) a CFC Holdco) created or acquired after the Restatement Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that becomes a Class I Restricted Subsidiary because it ceases to be an Unrestricted Subsidiary), by the Parent, the Borrower or any Subsidiary Guarantor, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, the Borrower or any Subsidiary Guarantor (other than any such Capital Stock subject to a Lien expressly permitted by Section 7.3(m)), subject to the Liens permitted by the Guarantee and Collateral Agreement, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Parent, the Borrower or such Subsidiary Guarantor, as the case may be, (iii) if such new Subsidiary is a Wholly Owned Subsidiary, cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, subject to the Liens permitted by the Guarantee and Collateral Agreement, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Class II Restricted Subsidiary or CFC Class II Holdco created or acquired after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (which, for purposes of this paragraph (d), shall include any Unrestricted Subsidiary that becomes a Class II Restricted Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (subject to the Liens permitted by the Guarantee and Collateral Agreement) security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, the Borrower or any Subsidiary Guarantor (other than any such Capital Stock subject to a Lien was previously granted expressly permitted by Section 7.3(m)) (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such new Class II Restricted Subsidiary or CFC Class II Holdco be required to be granted so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Parent, the Borrower or such Subsidiary Guarantor, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if requested by the Loan PartiesAdministrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) Notwithstanding anything else to the contrary contained in this Section or elsewhere in the guarantees provided by the Loan PartiesAgreement, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties perfection of Collateral shall not be required to deliver any Collateral where either the burden or perfect the Lender’s costs of perfecting a security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) interest, lien or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as mortgage is reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required Administrative Agent to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, excessive in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, relation to the extent that) benefit afforded to the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderLenders thereby.

Appears in 2 contracts

Sources: Credit Agreement (Cinemark Holdings, Inc.), Credit Agreement (Cinemark Usa Inc /Tx)

Additional Collateral, etc. (a) With respect to any personal property or Intellectual Property (other than assets expressly excluded from the Collateral pursuant to the Security Documents) located in the United States acquired or created after the Closing Date by any Loan Party (other than (x) any property subject to a Lien expressly permitted by Section 7.3(g) and (y) Instruments, Certificated Securities, Securities and Chattel Paper, which are referred to in the last sentence of this paragraph (a)) as to which the Lender Collateral Agent for the benefit of the Secured Parties does not have a perfected Lien that is required Lien, promptly, but in any case within 30 days (which period may be extended by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertyAdministrative Agent in its reasonable discretion), the Borrower will, and will cause each other Loan Party to, promptly: (i) give notice of such property to the Collateral Agent and execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems Collateral Agent reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and requests to grant to the Lender Collateral Agent for the benefit of the Secured Parties a security interest in such Collateral Property and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Collateral Agent to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as (to the extent required by the Guarantee Security Documents and with the priority required by Section 4.17) in such property (with respect to property of a type owned by a Loan Party as of the Closing Date to the extent the Collateral Agreement or any other Security DocumentAgent for the benefit of the Secured Parties, including (if applicable) has a perfected security interest in such property as of the Closing Date), including, without limitation, the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderCollateral Agent. Any Instrument, Certificated Security (other than in respect of the Capital Stock of any Subsidiary), Security or Chattel Paper in excess of $2,500,000 shall be promptly delivered to the Collateral Agent indorsed in a manner reasonably satisfactory to the Collateral Agent to be held as Collateral pursuant to the relevant Security Document. (b) With respect to any fee interest in any owned real property located in the United States having a value (together with improvements thereof) of at least $2,500,000 acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in other than any event such real property subject to a Lien expressly permitted by Section 7.3(g)) (i) within sixty (60) 30 days of such acquisition, give notice of such acquisition or such longer period as approved to the Collateral Agent and, if requested by the Lender in its reasonable discretion): (i) Collateral Agent promptly thereafter execute and deliver a first priority Mortgage (subject to Liens permitted by Section 7.3 other than clauses (a), (h)(ii), (z) and (aa) thereof) in favor of the maximum principal Collateral Agent for the benefit of the Secured Parties, covering such real property (provided that no Mortgage nor survey shall be obtained if the Collateral Agent reasonably determines in consultation with the Borrower that the costs of obtaining such Mortgage or survey are excessive in relation to the value of the security to be afforded thereby), (ii) if reasonably requested by the Collateral Agent (A) provide the Lenders with a lenders’ title insurance policy with extended coverage covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiCollateral Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from unless the title insurance policy relating referred to such real property and issue the customary above shall not contain an exception for any matter shown by a survey related endorsements or otherwise reasonably acceptable (except to the Lenderextent an existing survey has been provided and specifically incorporated into such title insurance policy), (3) flood insurance determination certificateseach in form and substance reasonably satisfactory to the Collateral Agent, and if applicable(B) use commercially reasonable efforts to obtain any consents or estoppels reasonably deemed necessary by the Collateral Agent in connection with such Mortgage, evidence that each of the applicable Loan Party has obtained flood insurance covering such property foregoing in an amount required for form and substance reasonably satisfactory to the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Collateral Agent and (iii) if requested by the Lender, Collateral Agent deliver to the Lender Collateral Agent legal opinions relating to such Mortgagethe matters described above, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderCollateral Agent. (c) With respect to any new direct or indirect Domestic Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and promptly, but in any event case within thirty 30 days of such creation or acquisition (30) days or such longer which period as approved may be extended by the Lender Administrative Agent in its sole reasonable discretion): ), (i) give notice of such acquisition or creation to the Collateral Agent and, if requested by the Collateral Agent, execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (to the extent required by the Security Documents and with the priority required by Section 4.17) in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Collateral Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant such Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) if such new Subsidiary is a wholly owned Domestic Subsidiary, cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunderthe extent required by the Security Documents and with the priority required by Section 4.17) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiarynew Subsidiary (to the extent the Collateral Agent, including for the benefit of the Secured Parties, has a perfected security interest in the same type of Collateral as of the Closing Date), including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and Collateral Agent. (Cd) With respect to deliver any new Foreign Subsidiary directly owned by Holdings, the Borrower or a Domestic Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly, but in any case within 30 days of such acquisition (which period may be extended by the Administrative Agent in its sole discretion), (i) give notice of such acquisition or creation to the Lender a customary certificate of such SubsidiaryCollateral Agent and, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderCollateral Agent, execute and deliver to the Lender legal opinions relating Collateral Agent such amendments to the matters described above, which opinions shall be Guarantee and Collateral Agreement or such other documents as the Collateral Agent deems necessary or reasonably advisable in form and substance, and from counsel, reasonably satisfactory order to grant to the Lender. Notwithstanding Collateral Agent, for the foregoingbenefit of the Secured Parties, a perfected security interest (ito the extent required by the Security Documents and with the priority required by Section 4.17) other in the Capital Stock of such new Subsidiary that is owned by such Loan Party (provided that (x) in no event shall more than 65% of the Collateral in which a Lien was previously granted or total outstanding voting Capital Stock of any Foreign Subsidiary be required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver so pledged and (y) 100% of non-voting stock of any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each caseForeign Subsidiary, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof)any, in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which so pledged) and (or, if applicable, ii) to the extent that) the provision of such Lien or guarantee would violate permitted by applicable law, deliver to the Collateral Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in each caseblank, executed and delivered by a duly authorized officer of such Loan Party, and take such other action as may be necessary or, in the reasonable opinion of the Collateral Agent, necessary to perfect or ensure appropriate priority the Lien of the Collateral Agent thereon. (e) Notwithstanding anything to the contrary in any Loan Document, this Section shall not apply with respect to any collateral to the extent the Administrative Agent has reasonably determined by that the Lendervalue of such collateral to which this Section would otherwise apply is insufficient to justify the difficulty, time and/or expense of obtaining a perfected Lien therefrom.

Appears in 2 contracts

Sources: First Lien Credit Agreement (PGA Holdings, Inc.), First Lien Credit Agreement (PGA Holdings, Inc.)

Additional Collateral, etc. (a) With Subject to and consistent with the Security and Guarantee Principles, with respect to any Collateral property (to the extent included in the definition of Collateral) acquired at any time after the Closing Date by any Loan Party (other than any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien Lien, within thirty (30) days of such acquisition (or ninety (90) days in the case of an acquisition by a Foreign Subsidiary that is required a Loan Party), or such longer period as agreed to by the Guarantee and Collateral Agreement (excludingAgent in its sole discretion, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Collateral Agent such amendments or supplements to the Guarantee and Collateral Agreement applicable Security Documents or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a valid and enforceable first priority security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (subject to Liens permitted hereunder) in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Security Agreement or taking any by other action applicable law or as may reasonably be requested by the LenderCollateral Agent. (b) With Subject to and consistent with the Security and Guarantee Principles, with respect to any fee interest in any real property Real Property (excluding any Leaseholds) having a fair market value (together with improvements thereof) of at least $5,000,000 acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000Party, promptly within ninety (and in any event within sixty (6090) days of such acquisition (or such longer period as approved agreed to by the Lender Collateral Agent in its reasonable sole discretion): ) of the acquisition of such interest, (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Mortgage, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real propertyinterest in Real Property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together along with a surveyor’s certificate and complying corresponding UCC fixture filing for filing in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyjurisdiction, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be each in form and substance reasonably satisfactory to the LenderCollateral Agent, as may be necessary to create a valid, perfected first and subsisting Lien, subject to liens permitted under Section 9.3, against such Real Property, (ii) provide the Lenders with title and extended coverage insurance covering such interest in Real Property in an amount at least equal to the fair market value of such Real Property (or such lesser amount as shall be specified by the Collateral Agent) together with title endorsements reasonably requested by the Collateral Agent, (iii) provide the Lenders with an ALTA survey thereof (or an existing survey accompanied, if necessary, by a “no-change” affidavit and/or other documents if same is/are sufficient for the title insurer to issue survey coverage in the applicable title policy, remove therefrom the standard survey exceptions, and issue the endorsements required pursuant to subsection (ii) above), together with a surveyor’s certification, (iv) such affidavits, certificates, instruments of indemnification and other items (including a so-called “gap” indemnification) as shall be reasonably required to induce the title insurer to issue the applicable title policy and endorsements referenced in clause (ii) above, (v) deliver to the Collateral Agent legal opinions in form and substance reasonably satisfactory to the Collateral Agent and covering such matters as the Collateral Agent may reasonably request, including, without limitation, the enforceability, due authorization, execution and delivery of the applicable Mortgage, (vi) deliver to the Collateral Agent a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each parcel of Real Property (together with notice about special flood hazard area status and flood disaster assistance, duly executed by the applicable Loan Party entering into the applicable Mortgage), and in the event any such Real Property or a portion thereof is located within an area designated by the Director of the Federal Emergency Management Agency to be a “special flood hazard area” and as required by applicable law, evidence of a flood insurance policy for such Real Property or the applicable portion thereof; and (vii) such other information, documentation (including, but not limited to, appraisals, environmental reports, and to the extent applicable, using commercially reasonable efforts, subordination agreements), certifications, in each case, as may be reasonably required by the Collateral Agent or necessary in order to create a valid, perfected first and subsisting Lien subject to liens permitted under Section 9.3 against the Real Property covered by the applicable Mortgage. (c) With Subject to and consistent with the Security and Guarantee Principles, with respect to any new direct or indirect Subsidiary that is Guarantor created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days of such creation or acquisition (or ninety (90) days in the case of a Subsidiary Guarantor that is a Foreign Subsidiary), or such longer period as approved agreed to by the Lender Collateral Agent in its sole discretion): , (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to this Agreement and the applicable Security Documents and such comparable documentation or other Security Documents as the Lender Collateral Agent deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary Guarantor that is owned directly or indirectly by such any Loan Party, (ii) deliver to the Lender Collateral Agent the certificates representing such documents Capital Stock (if any), together with undated stock powers, in blank, executed and instruments delivered by a duly Authorized Officer of the relevant Loan Party (iii) cause such new Subsidiary Guarantor (a) to execute and deliver to the Collateral Agent (x) a Guarantor Joinder Agreement or such comparable documentation requested by the Collateral Agent to become a Subsidiary Guarantor and guarantee the Obligations, (y) a joinder agreement to the Security Agreement, substantially in the form annexed thereto, or such comparable documentation or other Security Documents requested by the Collateral Agent, as applicable, (b) to take such actions reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the assets (other than Excluded Assets) of such new Subsidiary Guarantor, including the filing of UCC financing statements in such jurisdictions as may be required by the Security Agreement or comparable documentation or by other applicable law or as may be requested by the Collateral Agent and (c) to grant, perfect, protect and ensure deliver to the priority Collateral Agent (i) a certificate of such Subsidiary Guarantor, substantially in the form of Exhibit M, with appropriate insertions and attachments and (ii) if reasonably requested by the Collateral Agent, a legal opinion from counsel to such new Subsidiary Guarantor in form and substance satisfactory to the Collateral Agent and (iv) if such new Subsidiary Guarantor owns real property with a fair market value of at least $5,000,000, within ninety (90) days of such party becoming a Subsidiary Guarantor (or such longer period as agreed to by the Collateral Agent in its sole discretion), deliver the documents required pursuant to Section 8.8(b) hereof. (d) Subject to and consistent with the Security and Guarantee Principles, with respect to any new Restricted Subsidiary which is an Excluded Foreign Subsidiary described in clause (i) of the definition of Excluded Foreign Subsidiary (other than an Immaterial Subsidiary) created or acquired after the Closing Date by any Loan Party, within ninety (90) days of such creation or acquisition, (i) execute and deliver to the Collateral Agent such Security Documents or amendments thereto as the Collateral Agent reasonably deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interestinterest (subject to Liens permitted hereunder) in the Capital Stock of such entity; provided that not more than 65% of the total outstanding Capital Stock of any such Excluded Foreign Subsidiary shall be pledged, including but not limited to, (ii) deliver to the certificates, Collateral Agent the certificates (if any, ) representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer Authorized Officer of the relevant Loan PartyParty and (iii) if reasonably requested by the Collateral Agent, any Control Agreement with deliver to the Collateral Agent legal opinions in form and substance reasonably satisfactory to the Collateral Agent and covering such matters as the Collateral Agent may request. (e) With respect to each Deposit Account any new Non-Guarantor Subsidiary created or Securities Account acquired after the Closing Date by any Loan Party (other than, in each case, but excluding any Excluded AccountsForeign Subsidiary and any Non-Guarantor Subsidiary to the extent a pledge of the Capital Stock of such entity is prohibited by its Organizational Documents or requires the consent of any Person party thereto), and any Security Document within thirty (30) days of such creation or acquisition (or any amendment, supplement or modification thereof) with respect such longer period as agreed to Intellectual Property (other than Excluded Assetsby the Collateral Agent in its sole discretion), (iiii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party execute and deliver to the Guarantee and Collateral Agreement and other applicable Agent such Security Documents, (B) to take such actions Documents or amendments thereto as are reasonably the Collateral Agent deems necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Liens permitted hereunder) in the Capital Stock of such Non-Guarantor Subsidiary that is owned by any Loan Party, (ii) deliver to the Collateral described Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the Guarantee and Collateral Agreement or relevant Loan Party, (iii) cause such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) new Subsidiary Guarantor to deliver to the Lender Collateral Agent a customary certificate of such SubsidiarySubsidiary Guarantor, substantially in a the form reasonably satisfactory to the Lenderof Exhibit M, with appropriate insertions and attachmentsattachments (including modifications based on the Security and Guarantee Principles), and (iv) if reasonably requested by the LenderCollateral Agent, deliver to the Lender Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, substance reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Collateral Agent and covering such matters as the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAgent may request.

Appears in 2 contracts

Sources: Credit and Guaranty Agreement (Anvilire), Credit and Guaranty Agreement (Anvilire)

Additional Collateral, etc. (a) With respect Subject to clause (d) below, upon the formation or the Permitted Acquisition of any Collateral acquired after the Closing Date by new direct or indirect Subsidiary (excluding any Loan Party as to which the Lender does not have a perfected Lien Excluded Domestic Subsidiary, Excluded Foreign Subsidiary, or any Subsidiary that is held directly or indirectly by an Excluded Foreign Subsidiary), or upon the occurrence of any Excluded Domestic Subsidiary acquired as an Investment under Section 7.7(k) becoming or required by to be included in the Guarantee and Collateral Agreement (excluding, definition of “Material Subsidiary” in order for the avoidance of doubt, real property)Borrower to comply with such definition, the Borrower willshall, and will cause each other Loan Party to, promptly: at the Borrower’s expense: (i) on or before the date on which the Compliance Certificate in the immediately succeeding fiscal quarter is due (the “Compliance Certificate Delivery Date”) (but within 15 days after such formation or acquisition if an Event of Default exists), cause such Subsidiary to duly execute and deliver to the Lender such amendments Administrative Agent (with a copy to counsel to the Administrative Agent) a supplement to the Guarantee and Collateral Agreement or the Limited Guarantee Agreement (or if required by the Administrative Agent, to execute and deliver a limited guarantee agreement in form substantially similar to the Limited Guarantee Agreement or otherwise reasonably acceptable to the Administrative Agent), as applicable, in form and substance reasonably satisfactory to the Administrative Agent, guaranteeing the other Loan Parties’ obligations under the Loan Documents, (ii) on or before the Compliance Certificate Delivery Date (but within 15 days after such other documents as formation or acquisition if an Event of Default exists), furnish to the Lender deems Administrative Agent a description of the real and personal properties of such Subsidiary, in detail reasonably satisfactory to the Administrative Agent, (iii) on or before the Compliance Certificate Delivery Date (but within 15 days after such formation or acquisition if an Event of Default exists), cause such Subsidiary to duly execute and deliver to the Administrative Agent (with a copy to counsel to the Administrative Agent) deeds of trust, trust deeds, deeds to secure debt, mortgages, supplements to the Pledge and Security Agreement and, to the extent necessary or advisable to evidence that such Loan Party is a Guarantor in the Administrative Agent’s reasonable opinion, other Security Documents, as reasonably requested by and to grant in form and substance reasonably satisfactory to the Lender Administrative Agent (including delivery of all Pledged Stock in and of such Subsidiary and 65% of all Pledged Stock of any such Excluded Foreign Subsidiary), securing payment of all the obligations of the other Loan Parties and of such Subsidiary or such parent, as the case may be, under the Loan Documents and constituting Liens on all such real and personal properties; provided however that (1) the execution, delivery and recordation of deeds of trust, mortgages and similar documents granting a security interest in such Collateral lien on real property interests and (ii2) the execution and delivery of landlord waivers and access agreements shall, in each case, be required only after the occurrence and during the continuance of an Event of Default; (iv) on or before the Compliance Certificate Delivery Date (but within 15 days after such formation or acquisition if an Event of Default exists), cause such Subsidiary (A) if it is not a corporation, to deliver an officer’s certificate certifying as to its organizational documents in form and substance reasonably satisfactory to the Administrative Agent, and (B) (if it has not already done so) to take all actions whatever action (including, the filing of Uniform Commercial Code financing statements, the giving of notices, the endorsement of notices on title documents, and after the occurrence and during of an Event of Default, the recording of mortgages) may be necessary or advisable in the reasonable opinion of the Lender Administrative Agent to grant vest in the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on the properties purported to be subject to the Lender deeds of trust, trust deeds, deeds to secure debt, mortgages, supplements to Pledge and Security Agreement and Security Documents delivered pursuant to this Section 6.8, enforceable against all third parties in accordance with their terms, (v) within 60 days after the reasonable request of the Administrative Agent, deliver to the Administrative Agent a perfected first priority signed copy of a favorable opinion, addressed to the Administrative Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent as to the matters contained in clauses (except i), (iii) and (iv) above, and as expressly permitted by Section 7.2to such other matters as the Administrative Agent may reasonably request, and (vi) security interest as promptly as practicable after such formation or acquisition, deliver, upon the reasonable request of the Administrative Agent after the occurrence and Lien in such Collateral as required continuance of an Event of Default, to the Administrative Agent with respect to each parcel of real property owned or held by the Guarantee entity that is the subject of such formation or acquisition title reports, surveys and Collateral Agreement engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance reasonably satisfactory to the Administrative Agent, provided, however, that to the extent that any Loan Party or any other Security Documentof its Subsidiaries shall have otherwise received any of the foregoing items with respect to such real property, including (if applicable) such items shall, promptly after the filing of Uniform Commercial Code financing statements in such jurisdictions as may receipt thereof, be required by delivered to the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the LenderAdministrative Agent. (b) With respect Subject to clause (d) below, upon the acquisition of any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value Party, if such property, in excess the reasonable judgment of $250,000the Administrative Agent, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver shall not already be subject to a perfected first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), security interest in favor of the Lender covering Administrative Agent for the benefit of the Secured Parties, then the Borrower shall, at the Borrower’s expense and upon the Administrative Agent’s request: (i) on or before the Compliance Certificate Delivery Date (but within 15 days after such real propertyacquisition if an Event of Default exists), furnish to the Administrative Agent a description of the property so acquired in detail reasonably satisfactory to the Administrative Agent, (ii) on or before the Compliance Certificate Delivery Date (but within 15 days after such acquisition if requested by the Lenderan Event of Default exists), provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that cause the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 duly execute and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating Administrative Agent deeds of trust, trust deeds, deeds to such Mortgagesecure debt, which opinions shall be mortgages, supplements to the Pledge and Security Agreement and, to the extent necessary or advisable in the Administrative Agent’s reasonable opinion, other Security Documents, as reasonably requested by and in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after Administrative Agent, securing payment of all the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to Obligations of the applicable Security Loan Party under the Loan Documents as and constituting Liens on all such properties; provided however that (1) the Lender deems reasonably necessary or advisable to grant to execution, delivery and recordation of deeds of trust, mortgages and similar documents granting a lien on real property interests and (2) the Lender a perfected first priority security interest in the Capital Stock execution and delivery of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents landlord waivers and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other thanaccess agreements shall, in each case, Excluded Accounts), be required only upon the request of the Administrative Agent after the occurrence and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), during the continuance of an Event of Default, (iii) on or before the Compliance Certificate Delivery Date (but within 15 days after such acquisition if an Event of Default exists), cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) Loan Party to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest whatever action (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as statements, the giving of notices, the endorsement of notices on title documents, and after the occurrence and during of an Event of Default, the recording of mortgages) may be required necessary or advisable in the reasonable opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on such property, enforceable against all third parties, (iv) within 60 days after the Guarantee and Collateral Agreement or as may be reasonably requested by reasonable request of the Lender and (C) to Administrative Agent, deliver to the Lender Administrative Agent a customary certificate signed copy of a favorable opinion, addressed to the Administrative Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent as to the matters contained in clauses (ii) and (iii) above and as to such Subsidiaryother matters as the Administrative Agent may reasonably request, and (v) as promptly as practicable after any acquisition of a material fee or material leasehold interest in a real property, deliver, upon the reasonable request of the Administrative Agent after the occurrence and continuance of an Event of Default, to the Administrative Agent with respect to such real property title reports, surveys and engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance reasonably satisfactory to the LenderAdministrative Agent, provided, however, that to the extent that any Loan Party or any of its Subsidiaries shall have otherwise received any of the foregoing items with appropriate insertions respect to such real property, such items shall, promptly after the receipt thereof, be delivered to the Administrative Agent, (c) At any time upon reasonable request of the Administrative Agent, promptly execute and attachmentsdeliver any and all further instruments and documents and take all such other action as the Administrative Agent may reasonably deem necessary or desirable in obtaining the full benefits of, or (as applicable) in perfecting and preserving the Liens of, such guaranties, deeds of trust, trust deeds, deeds to secure debt, mortgages, supplements to the Pledge and Security Agreement and other security and pledge agreements. (d) Notwithstanding anything herein or in any other Loan Document to the contrary, neither the Borrower nor any of its Subsidiaries shall at any time prior to the occurrence and the continuance of an Event of Default be required to grant or perfect a security interest in favor of the Administrative Agent for the benefit of the Secured Parties in (i) Excluded Property (as such term is defined in the Security Agreement), (ii) fee interests in any real property with a fair market value not in excess of $2,500,000, and (iviii) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be any leasehold interests in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral real property with a fair market value not in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee excess of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender$5,000,000 individually.

Appears in 2 contracts

Sources: Credit Agreement (National Financial Partners Corp), Credit Agreement (National Financial Partners Corp)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by the Borrower or any Loan Party Subsidiary Guarantor (other than (w) any property described in clause (b) below, (x) any property constituting Excluded Assets and (y) any property subject to a Lien expressly permitted by Section 7.3(g) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: Lien) promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent or the Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral and property, (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in such property (except as expressly permitted subject to Permitted Liens), including the entering into of account control agreements (to the extent required by Section 7.2) security interest 6.15), delivery of Collateral that can be perfected by possession and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial 91 Sunshine (National) – Credit Agreement Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after Administrative Agent or the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Collateral Agent and (iii) if requested by the LenderAdministrative Agent or the Collateral Agent with respect to any property with a value, in the reasonable opinion of the Borrower, equal to, individually or in the aggregate, $15,000,000 or more, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form Administrative Agent and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Administrative Agent and the Collateral in which a Lien was previously granted or required to be granted Agent; provided that the actions contemplated by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties clause (ii) shall not be required to deliver in respect of any Collateral or perfect such property if perfection of the Lender’s security interest in such property requires more than entering into of account control agreements (to the extent required by Section 6.15) and the filing of Uniform Commercial Code financing statements or delivery of Collateral that can be perfected by possession unless the value, in the reasonable opinion of the Borrower, of such property, individually or in the aggregate, is equal to $5,000,000 or more. (b) Except as required in the process (but not the final reorganization) of effecting a Permitted Reorganization, with respect to any Collateral (except to new Subsidiary created or acquired after the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered Closing Date by the Borrower or any Loan Party as a result thereofSubsidiary Guarantor in accordance with Section 7.17(b), promptly (i) execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary, (ii) take such steps as are necessary to give the Collateral Agent “control” (as defined in the Uniform Commercial Code) of the Capital Stock, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and the Intercreditor Agreement pursuant to one or more joinder agreements substantially in the forms attached to each casesuch agreement, (B) to take such actions as reasonably determined are necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary (to the extent required by Section 6.15) and the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the LenderGuarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent or the Collateral Agent (provided, that the actions contemplated by clause (B) shall not be required in respect of any property of any such new Subsidiary if perfection of the security interest in such property requires more than the entering into of account control agreements (to the extent required by Section 6.15) and the filing of Uniform Commercial Code financing statements or delivery of Collateral that can be perfected by possession unless the value, in the reasonable opinion of the Borrower, of such property, individually or in the aggregate, is equal to 92 Sunshine (National) – Credit Agreement $5,000,000 or more) and (C) to deliver to the Administrative Agent and the Collateral Agent certificates of such Subsidiary, substantially in the respective forms of Exhibit E-1 and Exhibit E-2, with appropriate insertions and attachments, and (iiiv) other than if requested by the Administrative Agent or the Collateral in which Agent with respect to any property with a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Partiesvalue, in each casethe reasonable opinion of the Borrower, on equal to, individually or in the Closing Date aggregate, $15,000,000 or pursuant more, deliver to Section 5.2the Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, no such Liens or guarantees which opinions shall be required to be provided by any Subsidiary in any case in which (orform and substance, if applicableand from counsel, reasonably satisfactory to the extent that) Administrative Agent and the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderCollateral Agent.

Appears in 2 contracts

Sources: Credit Agreement (REV Renewables, Inc.), Credit Agreement (REV Renewables, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Date or with respect to any property or asset which becomes Collateral pursuant to the definition thereof after the Closing Date or, in the case of inventory or equipment that is part of the Collateral, any material Collateral moved after the Closing Date by the Borrower or any other Loan Party (other than any Collateral described in paragraphs (b), (c) or (d) of this Section) as to which the Lender applicable Collateral Trustee, for the benefit of the Secured Parties, does not have a perfected Lien that is required by security interest, promptly (and, in any event, within 20 Business Days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition or designation) (i) execute and deliver to the Lender Administrative Agent, the Collateral Agent and the applicable Collateral Trustee such amendments to the Guarantee and Collateral Agreement, the Texas Genco Security Agreement or such other documents Security Documents as the Lender Collateral Agent or the applicable Collateral Trustee, as the case may be, deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to such Collateral Trustee, for the Lender benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Administrative Agent to grant to the Lender applicable Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal subject to the purchase price of such real property, (2limitations set forth in Section 3.19) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyCollateral (other than any Excluded Perfection Assets and, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement except with respect to each Deposit Account or Securities Account (other thanPledged Securities, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such SubsidiaryPermitted Liens), including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Texas Genco Security Agreement or by law or as may be reasonably requested by the Lender Administrative Agent, the Collateral Agent or the applicable Collateral Trustee. For the avoidance of doubt, any Collateral acquired by Texas Genco or its Subsidiaries shall be governed by the Texas Genco Security Agreement and the Texas Genco Collateral Trust Agreement unless and until the Texas Genco Collateral Trust Agreement is terminated in compliance with Article 10 of the NRG Collateral Trust Agreement. (b) With respect to any fee interest in any Collateral consisting of real property or any lease of Collateral consisting of real property acquired or leased after the Closing Date by the Borrower or any other Loan Party or which becomes Collateral pursuant to the definition thereof (other than any Excluded Perfection Assets), promptly (and, in any event, within 60 days following the date of such acquisition) (i) execute and deliver a first priority Mortgage in favor of the applicable Collateral Trustee, for the benefit of the Secured Parties, covering such real property and complying with the provisions herein and in the Security Documents, (ii) provide the Secured Parties with (A) title and extended coverage insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent, the Collateral Agent or the applicable Collateral Trustee, which may be the value of the generation assets, if applicable, situated thereon), together with such endorsements as are reasonably required by the Administrative Agent, the Collateral Agent or the applicable Collateral Trustee and are obtainable in the State in which such Mortgaged Property is located, as well as a current ALTA survey thereof complying with the requirements set forth in Schedule 5.09(b) and all of the other provisions herein and in the Security Documents, together with a surveyor’s certificate and (CB) to deliver to any consents or estoppels reasonably deemed necessary or advisable by the Lender a customary certificate Administrative Agent, the Collateral Agent or the applicable Collateral Trustee in connection with such Mortgage, each of such Subsidiary, the foregoing in a form and substance reasonably satisfactory to the LenderAdministrative Agent, with appropriate insertions the Collateral Agent and attachmentsthe applicable Collateral Trustee, and (iviii) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent, the Collateral Agent and the applicable Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoingAdministrative Agent, (i) other than the Collateral in which a Lien was previously granted or required to be granted by Agent and the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to applicable Collateral Trustee and (iv) deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) Administrative Agent a notice identifying the consultant’s reports, environmental site assessments or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered other documents relied upon by the Borrower or any other Loan Party as to determine that any such real property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could, or to determine that the operations on any such real property included in such Collateral is in compliance with Environmental Law except to the extent any non-compliance could not, reasonably be expected to result thereofin a material Environmental Liability. (c) With respect to any new Subsidiary (other than an Unrestricted Subsidiary or an Excluded Subsidiary, except for an Excluded Project Subsidiary the pledge of whose Equity Interests pursuant to the Security Documents would not cause a default under the applicable Non-Recourse Indebtedness in respect of which it is an obligor) created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Unrestricted Subsidiary, an Excluded Foreign Subsidiary or an Excluded Project Subsidiary and any Equity Interests in an Excluded Project Subsidiary the pledge of which would no longer cause a default under the applicable Non-Recourse Indebtedness in respect of which it is an obligor) by the Borrower or any of the Subsidiaries, promptly (and, in any event, within 20 days following such creation or the date of such acquisition), (i) execute and deliver to the Administrative Agent, the Collateral Agent and the applicable Collateral Trustee such amendments to the Guarantee and Collateral Agreement or the Texas Genco Security Agreement as the Administrative Agent, the Collateral Agent or the applicable Collateral Trustee deems necessary or reasonably advisable to grant to the applicable Collateral Trustee, for the benefit of the Secured Parties, a valid, perfected first priority security interest in each case, as reasonably determined the Equity Interests in such new Subsidiary that are owned by the LenderBorrower or any of the Subsidiaries, and (ii) deliver to the applicable Collateral Trustee the certificates, if any, representing such Equity Interests, together with undated instruments of transfer or stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary that is not an Excluded Subsidiary or an Unrestricted Subsidiary (A) to become a party to the Guarantee and Collateral Agreement to, among other than things, provide Guarantees of the Guaranteed Obligations hereunder, the applicable Collateral Trust Agreement and the Intellectual Property Security Agreements and (B) to take such actions necessary or reasonably requested by the Administrative Agent to grant to the applicable Collateral Trustee, for the benefit of the Secured Parties, a perfected (subject to the limitations set forth in Section 3.19) first priority security interest (except with respect to Pledged Securities, subject to Permitted Liens) in the Collateral described in which a Lien was previously granted or the Guarantee and Collateral Agreement, the Texas Genco Security Agreement and the Intellectual Property Security Agreement with respect to such new Subsidiary that is not an Excluded Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office, the execution and delivery by all necessary Persons of Control Agreements and the filing of UCC financing statements in such jurisdictions as may be required to be granted by the Loan PartiesGuarantee and Collateral Agreement, the Texas Genco Security Agreement, the Intellectual Property Security Agreement or by law or as may be reasonably requested by the Administrative Agent, the Collateral Agent or the guarantees provided by applicable Collateral Trustee and (iv) deliver to the Loan PartiesAdministrative Agent, the Collateral Agent and the applicable Collateral Trustee, if reasonably requested, legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, on and from counsel, reasonably satisfactory to the Administrative Agent, the Collateral Agent and the applicable Collateral Trustee. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date by the Borrower or pursuant any of its Subsidiaries, promptly (and, in any event, within 25 days following such creation or the date of such acquisition) (i) execute and deliver to Section 5.2the Administrative Agent, the Collateral Agent and the applicable Collateral Trustee such amendments to the Guarantee and Collateral Agreement or the Texas Genco Security Agreement as the Administrative Agent, the Collateral Agent or the applicable Collateral Trustee deems necessary or advisable in order to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority security interest in the Equity Interests in such new Excluded Foreign Subsidiary that is directly owned by the Borrower or any of its Domestic Subsidiaries (provided that in no event shall more than 66% of the total outstanding voting first-tier Equity Interests in any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the applicable Collateral Trustee the certificates representing such Equity Interests, together with undated instruments of transfer or stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Domestic Subsidiary, as the case in which (may be, and take such other action as may be necessary or, if applicablein the reasonable opinion of the Administrative Agent, the Collateral Agent or the applicable Collateral Trustee, desirable to perfect the security interest of such Collateral Trustee thereon and (iii) deliver to the extent thatAdministrative Agent, the Collateral Agent and such Collateral Trustee, if reasonably requested, legal opinions (which may be delivered by in-house counsel if admitted in the relevant jurisdiction) relating to the provision of matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent, the Collateral Agent and such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderCollateral Trustee.

Appears in 2 contracts

Sources: Credit Agreement (NRG Energy, Inc.), Credit Agreement (NRG Energy, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Restatement Effective Date by the Borrower or any Loan Party Subsidiary Guarantor (other than (x) any real property or any Property described in paragraph (b) of this Section, (y) any Property subject to a Lien expressly permitted by Section 7.3(g) and (z) any equity interest in or Property of a Foreign Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in such Property, in each case prior and superior in right to any other Person (except as expressly except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 7.27.3, and, in the case of Pledged Stock, (i) security interest Liens permitted by Section 7.3(s) and Lien in (ii) Liens permitted by Section 7.3(a) to the extent such Collateral as required Liens are prior and superior to the Liens granted under the Security Documents by the Guarantee and Collateral Agreement or any other Security Documentoperation of law), including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $2,000,000 acquired after the Closing Restatement Effective Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000Subsidiary Guarantor (other than any such real property owned by any Foreign Subsidiary or subject to a Lien expressly permitted by Section 7.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in favor of the maximum principal Administrative Agent, for the benefit of the Secured Parties, covering such real property, in each case prior and superior in right to any other Person (except Liens permitted by Section 7.3), (ii) if reasonably requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying (y) any consents or estoppels reasonably deemed necessary by the Administrative Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to such Mortgagethe matters described above, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent. (c) With respect to any new direct or indirect Material Wholly Owned Domestic Subsidiary that is created or acquired after the Closing Date Restatement Effective Date, by the Borrower or any Loan Partyof its Domestic Subsidiaries, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly by the Borrower or indirectly by such Loan Partyany of its Domestic Subsidiaries, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Administrative Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyBorrower or such Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiarynew Subsidiary in each case prior and superior in right to any other Person (except, including in the case of Collateral other than Pledged Stock, Liens permitted by Section 7.3, and, in the case of Pledged Stock, (i) Liens permitted by Section 7.3(s) and (ii) Liens permitted by Section 7.3(a) to the extent such Liens are prior and superior to the Liens granted under the Security Documents by operation of law), including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachmentsAdministrative Agent, and (iv) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAdministrative Agent.

Appears in 2 contracts

Sources: Credit Agreement, Credit Agreement (National CineMedia, LLC)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by the Borrower or any Loan Party Subsidiary Guarantor (other than (w) any property described in paragraph (b) or (c) below), (x) any property constituting Excluded Assets and (y) any property subject to a Lien expressly permitted by Section 7.3(g) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: Lien) promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent or the Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral property, and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in such property (except as expressly permitted subject to Permitted Liens), including the entering into of account control agreements (to the extent required by Section 7.2) security interest 6.17), 90 ▇▇▇▇▇ Wind – Credit Agreement delivery of Collateral that can be perfected by possession and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent or the Collateral Agent; provided that the actions contemplated by clause (ii) shall not be required in respect of any such property if perfection of the security interest in such property requires more than the entering into of account control agreements (to the extent required by Section 6.17) and the filing of Uniform Commercial Code financing statements or delivery of Collateral that can be perfected by possession unless the value, in the reasonable opinion of the Borrower, of such property, individually or in the aggregate, is equal to $1,500,000 or more. (b) With respect to any fee or leased interest in any real property (together with improvements thereof) that has a value, in the reasonable opinion of the Borrower, in excess of $1,500,000 acquired after the Closing Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000Subsidiary Guarantor (other than (x) property constituting Excluded Assets and (y) any such real property subject to a Lien expressly permitted by Section 7.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount mortgage or deed of the purchase price of such real property in jurisdictions that impose mortgage recording taxes trust, as applicable (or such other amount as shall be reasonably specified by amendments to the Lender in jurisdictions that do not impose mortgage recording taxes), existing Mortgage) in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real property (subject to Permitted Liens), and (ii) if reasonably requested by the Administrative Agent or the Collateral Agent, provide the Secured Parties with title insurance, surveys, consents, estoppels, flood “life of loan” certifications and proof of flood insurance (if applicable) and legal opinions, in each case with respect to such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to scope substantially consistent with the Lendercorresponding documentation delivered on the Closing Date. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by the Borrower or any Loan PartySubsidiary Guarantor in accordance with Section 7.17(b), promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent or the Collateral Agent deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartySubsidiary, (ii) deliver take such steps as are necessary to give the Lender such documents and instruments Collateral Agent “control” (as may be required to grant, perfect, protect and ensure defined in the priority Uniform Commercial Code) of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, the Intercreditor Agreement and other applicable Security Documentsthe Depositary Agreement, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such new Subsidiary, including the entering into of account control agreements (to the extent required by Section 6.17) and the filing of UCC Uniform 91 ▇▇▇▇▇ Wind – Credit Agreement Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent or the Collateral Agent (provided, that the actions contemplated by clause (B) shall not be required in respect of any property of any such new Subsidiary if perfection of the security interest in such property requires more than the entering into of account control agreements (to the extent required by Section 6.17) and the filing of Uniform Commercial Code financing statements or delivery of Collateral that can be perfected by possession unless the value, in the reasonable opinion of the Borrower, of such property, individually or in the aggregate, is equal to $1,500,000 or more) and (C) to deliver to the Lender a customary certificate Administrative Agent and the Collateral Agent certificates of such Subsidiary, substantially in a form reasonably satisfactory to the Lenderrespective forms of Exhibit F-1 and Exhibit F-2, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent or the Collateral Agent with respect to any property with a value, in the reasonable opinion of the Borrower, equal to, individually or in the aggregate, $5,000,000 or more, deliver to the Lender Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Administrative Agent and the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAgent.

Appears in 2 contracts

Sources: Credit Agreement (REV Renewables, Inc.), Credit Agreement (REV Renewables, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Company or any Loan Party of its Restricted Subsidiaries (other than (1) any interest in real property or any Property described in paragraph (2) of this Section 6.08, (3) any Property subject to a Lien permitted by Section 7.03(g), (4) Property acquired by an Excluded Domestic Subsidiary, (5) Property acquired by a Foreign Subsidiary, (6) any Excluded Asset and (7) Capital Stock in a Foreign Subsidiary or Immaterial Restricted Subsidiary) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or and such other documents (including intellectual property security agreements) as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Property (to the extent such Property is of a type that would constitute Collateral as described in the Guarantee and Collateral Agreement) and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject, except as expressly in the case of the pledge of any Restricted Subsidiary Capital Stock, to Liens permitted by Section 7.27.03) security interest and Lien in such Collateral as Property (to the extent required by the Guarantee and Collateral Agreement or any other Security DocumentAgreement), including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements and equivalent filings in other jurisdictions and/or intellectual property security agreements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderCollateral Agent. (b) With respect to any fee simple interest in any real property having a value (together with improvements thereof) of at least $10,000,000 acquired after the Closing Date by the Company or any Loan Party with of its Restricted Subsidiaries (other than any such real property owned by an individual fair market value in excess of $250,000Excluded Domestic Subsidiary, a Foreign Subsidiary or subject to a Lien permitted by Section 7.03(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in favor of the maximum principal Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the Collateral Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiCollateral Agent) as well as if then requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by Collateral Agent a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a recent or current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Collateral Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Collateral Agent and (iii) if requested by the LenderCollateral Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the LenderCollateral Agent. Notwithstanding No later than three Business Days prior to the foregoingdate on which a Mortgage is executed and delivered pursuant to this Section 6.08(a), in order to comply with the Flood Laws, the Collateral Agent shall have received the following documents (collectively, the “Flood Documents”): (A) a completed standard “life of loan” flood hazard determination form (a “Flood Determination Form”), (B) if the improvement(s) to the applicable improved real property is located in a special flood hazard area, a notification to the Company (“Company Notice”) and (if applicable) notification to the Company that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, (C) documentation evidencing the Company’s receipt of the Company Notice (e.g. countersigned Company Notice, return receipt of certified U.S. Mail, or overnight delivery), and (D) if the Company Notice is required to be given and flood insurance is available in the community in which the property is located, a copy of one of the following: the flood insurance policy, the Company’s application for a flood insurance policy plus proof of premium payment, a declaration page confirming that flood insurance has been issued, or such other evidence of flood insurance satisfactory to the Collateral Agent (any of the foregoing being “Evidence of Flood Insurance”). (c) With respect to any new Restricted Subsidiary (other than a Foreign Subsidiary or an Immaterial Restricted Subsidiary) created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Restricted Subsidiary that ceases to be either a Foreign Subsidiary or Immaterial Restricted Subsidiary), by the Company or any of its Restricted Subsidiaries (other than by an Excluded Domestic Subsidiary), promptly (i) execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Restricted Subsidiary that is owned by the Company or any of its Restricted Subsidiaries, (ii) deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Company or such Restricted Subsidiary, as the case may be, (iii) cause such new Restricted Subsidiary, unless an Excluded Domestic Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (subject, except in the case of the pledge of any Restricted Subsidiary Capital Stock, to Liens permitted by Section 7.03) in the Collateral described in the Guarantee and Collateral Agreement of such new Restricted Subsidiary to the extent required by the Guarantee and Collateral Agreement, including, without limitation, the filing of Uniform Commercial Code financing statements and equivalent filings in other relevant jurisdictions and intellectual property security agreements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, or by law or as may be requested by the Collateral Agent, and (iv) if requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent. (d) With respect to any new Foreign Subsidiary (other than any Immaterial Restricted Subsidiary) created or acquired after the Closing Date by the Company or any Restricted Subsidiary (which, for the purposes of this paragraph, shall include any existing Foreign Subsidiary that ceases to be an Immaterial Restricted Subsidiary) other than any Foreign Subsidiary or Excluded Domestic Subsidiary, promptly (i) execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in which a Lien was previously granted the Capital Stock of such new Restricted Subsidiary that is owned by the Company or any of its Restricted Subsidiaries (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such new Foreign Subsidiary or CFC Holding Company be required to be granted so pledged), (ii) deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Company or such Restricted Subsidiary, as the case may be, and take such other action as may be necessary or advisable to perfect the Lien of the Collateral Agent thereon, and (iii) if requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent. (e) Notwithstanding the foregoing or anything to the contrary herein or in any other Loan PartiesDocument, or the guarantees provided by the no Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties Party shall not be required to deliver (i) obtain any Collateral control agreements or perfect the Lender’s security interest with respect to take any Collateral other steps requiring perfection by “control” (except to the extent perfection can be accomplished by perfected through the filing of a UCC financing statementsstatement or delivery of stock certificates/pledged notes and powers/allonges) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than take any action under the Collateral law of any non-United States jurisdiction to create or perfect a security interest in which a Lien was previously granted any assets, including any intellectual property registered in any non-United States jurisdiction (and no security agreement or required to be granted by pledge agreements governed under the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees laws of any non-United States jurisdiction shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderrequired).

Appears in 2 contracts

Sources: Credit Agreement (Verint Systems Inc), Credit Agreement (Verint Systems Inc)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by any Loan Party Group Member (other than (x) any real property or any Property described in paragraph (c) of this Section 6.10, (y) any Property subject to a Lien expressly permitted by Section 7.3 and (z) Property acquired by an Excluded Foreign Subsidiary) as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender or the ASOT Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderLender or the ASOT Administrative Agent. (b) With respect to (i) any fee interest in any real property having an appraised value (together with improvements thereof) of at least $5,000,000 acquired after the Closing Date by any Group Member (other than any such real property owned by an Excluded Foreign Subsidiary or subject to a Lien expressly permitted by Section 7.3), or (ii) subject to the related Loan Party with obtaining the required landlord consent (provided that each Loan Party shall use commercially reasonable efforts to obtain such consent), any leasehold interest in real property having an individual fair market aggregate appraised value in excess of $250,0005,000,000 acquired or leased (including any leasehold property interest owned by any new Subsidiary acquired after the Closing Date) in one or a series of transactions after the Closing Date by any Group Member, promptly (and in any event within sixty no later than 60 days after the acquisition thereof) (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (iA) execute and deliver a first priority Mortgage in favor of the maximum principal Lender, covering such real property, (B) if requested by the Lender or the ASOT Administrative Agent, provide the ASOT Administrative Agent with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of or the Lender covering such real property, (iiASOT Administrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, (y) any consents or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise estoppels reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for deemed necessary by the Lender to be or the ASOT Administrative Agent in compliance connection with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the Lender. ASOT Administrative Agent and (cC) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to or the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderASOT Administrative Agent, deliver to the Lender ASOT Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding ASOT Administrative Agent. (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the foregoingClosing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), by any Group Member, promptly (i) other than execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement as the ASOT Administrative Agent deems necessary to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Group Member, (ii) deliver to the Lender the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Group Member, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary to grant to the Lender a perfected first priority security interest in the Collateral described in which a Lien was previously granted or the Guarantee and Collateral Agreement with respect to such new Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required to be granted by the Loan Parties, Guarantee and Collateral Agreement or by law or as may be requested by the Lender or the guarantees provided ASOT Administrative Agent, and (iv) if reasonably requested by the Loan PartiesASOT Administrative Agent, deliver to the ASOT Administrative Agent legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, on and from counsel, reasonably satisfactory to the ASOT Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date or pursuant to Section 5.2by any Group Member (other than any Excluded Foreign Subsidiaries), the Loan Parties shall not be required to promptly (i) execute and deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender or the ASOT Administrative Agent deems necessary in order to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Group Member (which shall take into account other than any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereofExcluded Foreign Subsidiaries), (provided that in each case, as reasonably determined by no event shall more than 65% of the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no total outstanding Capital Stock of any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Lender the certificates (if any) representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of such Group Member, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Lender or the ASOT Administrative Agent, desirable to perfect the Lien of the Lender thereon, and (iii) if applicablereasonably requested by the Lender or the ASOT Administrative Agent, deliver to the extent that) ASOT Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderASOT Administrative Agent.

Appears in 2 contracts

Sources: Credit Agreement (Archstone), Credit Agreement (Archstone)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by any Loan Party (other than (w) any property described in paragraph (b), (c) or (d) below, (x) any property subject to a Lien expressly permitted by Section 8.3(g) (solely to the extent the terms of such Indebtedness relating to such Lien prohibit the granting of a Lien to secure the Obligations), (y) any property acquired by any Excluded Subsidiary and (z) any Foreign Intellectual Property) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by Lien, within 10 Business Days of such acquisition (or such longer period as may be reasonably acceptable to the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: Agent) (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement applicable Security Document or such other documents as the Lender Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral and property, (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required property (in the case of property other than Capital Stock, subject to Liens permitted under Section 8.3 and in the case of Capital Stock, subject to non-consensual Liens imposed by the Guarantee and Collateral Agreement or any other Security DocumentRequirement of Law), including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the applicable Security Document or by law and, in the case of United States registered or applied-for Intellectual Property ((other than registered domain names and United States intent-to-use trademark applications that are included in the Excluded Collateral (as defined in the Guarantee and Collateral Agreement)), the recordation of an Intellectual Property Security Agreement or taking any other action as reasonably requested by evidencing the Lender. (b) With respect to any fee security interest created in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage United States Intellectual Property suitable for recordation in the maximum principal amount of United States Patent and Trademark Office or the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount United States Copyright Office, as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the LenderCollateral Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Collateral Agent. (ib) With respect to (a) any fee interest in any real property having a fair market value (together with improvements thereof) of at least $1,000,000 owned by any Loan Party (other than the Collateral in which any such real property subject to a Lien was previously granted or required to be granted expressly permitted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral 8.3(g) (except solely to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee the terms of such Indebtedness relating to such Lien prohibit the granting of a Lien to secure the Obligations, )) and (b) any leasehold interest in each case, if the cost any real property having annual fixed rental payments of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered at least $1,000,000 leased by the Borrower or any Loan Party as (other than (x) any such real property subject to a result thereofLien expressly permitted by Section 8.3(g) (solely to the extent the terms of such Indebtedness relating to such Lien prohibit the granting of a Lien to secure the Obligations), (y) any such real property where the respective Loan Party has made commercially reasonable efforts to obtain consent to execute and deliver a first priority Mortgage, in favor of the Collateral Agent, for the benefit of the Secured Parties, but is unable to do so and (z) leased cell towers to the extent a leasehold mortgage is required to create a security interest therein), in each case, acquired after the Closing Date, within 90 days after the acquisition thereof (or such longer period as may be reasonably determined by acceptable to the LenderCollateral Agent) (i) execute and deliver a first priority Mortgage, and subject to Liens permitted under Section 8.3, in favor of the Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) other than provide the Collateral Secured Parties with (x) a pro forma title insurance policy covering such real property in which a Lien was previously granted or required an amount equal to be granted by 105% of the Loan Parties, purchase price of such owned real property or the guarantees provided by fair market value of the Loan Partiesleasehold interests (or, in each case, such other lesser amount as shall be reasonably acceptable to the Collateral Agent) as well as a current ALTA survey thereof, (y) any consents, affidavits or estoppels reasonably deemed necessary or advisable by the Collateral Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and (z) any flood certificates and proof of flood insurance, if applicable, covering such real property and (iii) if requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent. (c) With respect to any new Subsidiary (other than an Excluded Subsidiary) created or acquired after the Closing Date by any Group Member (other than by any Group Member that is an Excluded Subsidiary) or any Subsidiary that ceases to be an Excluded Subsidiary (a “re-designated subsidiary”), within 10 Business Days of such creation or acquisition or ceasing to be an Excluded Subsidiary (or such longer period as may be reasonably acceptable to the Collateral Agent) (i) execute and deliver to the Collateral Agent such Security Documents as the Administrative Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to non-consensual Liens permitted under Section 8.3 imposed by any Requirement of Law) in the Capital Stock of such new Subsidiary or re-designated subsidiary, as applicable, that is owned by any Loan Party, (ii) deliver to the Collateral Agent any certificates representing such Capital Stock, together with undated stock or other transfer powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, (iii) cause such new Subsidiary or re-designated subsidiary, as applicable, (A) to become a party to the applicable Security Documents, (B) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (in the case of property other than Capital Stock, subject to Liens permitted under Section 8.3 and in the case of Capital Stock, subject to non-consensual Liens permitted under Section 8.3 imposed by any Requirement of Law) in all or substantially all, or any portion of the Property of such new Subsidiary or re-designated subsidiary, as applicable, as the Administrative Agent shall determine, in its reasonable discretion, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Collateral Agent, (iv) deliver to the Collateral Agent, for each such Subsidiary board resolutions and other secretary’s certificates reasonably requested by the Administrative Agent and consistent with those delivered on the Closing Date under Section 6.1, and (v) if requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent. (d) With respect to any new Excluded Subsidiary created or pursuant acquired after the Closing Date by any Loan Party (other than by any Group Member that is an Excluded Subsidiary), within 10 Business Days of such creation or acquisition (or such longer period as may be reasonably acceptable to the Collateral Agent) (i) execute and deliver to the Collateral Agent such Security Documents as the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to non-consensual Liens permitted under Section 5.2, 8.3 imposed by any Requirement of Law) in the Capital Stock of such new Subsidiary that is owned by any such Loan Party (provided that in no event shall more than 65% of the total outstanding voting Capital Stock and 100% of the total outstanding non-voting Capital Stock of any such Liens or guarantees shall new Foreign Subsidiary be required to be provided by any Subsidiary in any case in which so pledged), (or, if applicable, ii) deliver to the extent that) the provision of Collateral Agent any certificates representing such Lien Capital Stock, together with undated stock or guarantee would violate applicable lawother transfer powers, in each caseblank, executed and delivered by a duly authorized officer of the relevant Group Member, as the case may be, and take such other action as may be reasonably determined necessary to perfect the Collateral Agent’s security interest therein, and (iii) if requested by the LenderCollateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent.

Appears in 2 contracts

Sources: Amendment and Restatement Agreement (Gogo Inc.), Credit Agreement (Gogo Inc.)

Additional Collateral, etc. (a) With respect to any Collateral Specified Personal Property acquired after the Closing Date by the Borrower or any Loan Party Subsidiary Guarantor (other than any Property subject to a Lien expressly permitted by Section 7.3(g) or 7.3(j)) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, subject to Permitted Liens, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with new Material Subsidiary (other than an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60Excluded Subsidiary) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Material Subsidiary that ceases to be an Excluded Subsidiary and any existing Domestic Subsidiary that ceases to be an Immaterial Subsidiary), by the Borrower or any Loan Partyof the Subsidiary Guarantors, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) in the case of any Domestic Subsidiary, to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiarynew Subsidiary (subject to Permitted Liens), including including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachmentsAdministrative Agent, and (ivii) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAdministrative Agent.

Appears in 2 contracts

Sources: Credit Agreement (Parker Drilling Co /De/), Credit Agreement (Parker Drilling Co /De/)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Amendment/Restatement Effective Date by the Borrower or any Loan Party of its Subsidiaries (other than (v) any leasehold interests in real property, (w) any Intellectual Property to the extent creation of a security interest therein would be contractually prohibited, (x) any Property described in paragraph (b) or paragraph (c) of this Section, (y) any Property subject to a Lien expressly permitted by Section 6.3(g) and (z) Property acquired by an Excluded Foreign Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Lenders, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in such Property (except as expressly subject to Liens permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document6.3), including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $500,000 acquired after the Closing Amendment/Restatement Effective Date by the Borrower or any Loan Party with of its Subsidiaries (other than any such real property owned by an individual fair market value in excess of $250,000Excluded Foreign Subsidiary or subject to a Lien expressly permitted by Section 6.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the LenderAdministrative Agent, provide the Lender Lenders with (1x) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, property in an amount at least equal to the purchase price of such real property, (2) estate as well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s 's certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions covering matters consistent with those covered by opinions of counsel delivered on the Amendment/Restatement Effective Date relating to such Mortgagethe matters described above, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent. (c) With respect to any new direct or indirect Subsidiary that is of the Borrower (other than an Excluded Foreign Subsidiary) created or acquired after the Closing Amendment/Restatement Effective Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), by the Borrower or any Loan Partyof its Subsidiaries, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly by the Borrower or indirectly by such Loan Partyany of its Subsidiaries, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Administrative Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyBorrower or such Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the benefit of the Lenders a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiarynew Subsidiary (subject to Liens and other matters permitted by Section 6.3 and excluding leasehold interests in real property, including and Intellectual Property to the extent creation of a security interest therein would be contractually prohibited), including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachmentsAdministrative Agent, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions covering matters consistent with those covered by the opinions delivered by Dechert LLP on the Amendment/Restatement Effective Date relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Amendment/Restatement Effective Date by the Borrower or any of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such new Subsidiary be required to be so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAdministrative Agent.

Appears in 2 contracts

Sources: Revolving Credit Agreement (B&g Foods Inc), Term Loan Agreement (B&g Foods Inc)

Additional Collateral, etc. (a) With respect to any Collateral Additional Guarantor created or acquired after the Closing Date by any Loan Party as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingwhich, for the avoidance purposes of doubtthis paragraph, real propertyshall include any existing Subsidiary that ceases to be an Excluded Subsidiary or Transparent Subsidiary), within 30 days after the Borrower will, and will cause each other Loan Party to, promptly: formation or acquisition of such Subsidiary (or such Subsidiary ceasing to be an Excluded Subsidiary or Transparent Subsidiary) (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems reasonably shall be necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent a valid and perfected security interest in the Equity Interests of such Collateral and Additional Guarantor, (ii) take all actions necessary or advisable deliver to the Collateral Agent the certificates, if any, representing such Equity Interests (to the extent constituting “certificated securities” under the applicable UCC), together with undated stock powers, in the reasonable opinion blank, executed and delivered by a duly authorized officer of the Lender Company or such Subsidiary, as the case may be, (iii) cause such Additional Guarantor (A) to grant become a party to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentand (B) to take such actions as are necessary to grant to the Collateral Agent a valid and perfected security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such Additional Guarantor, including (if applicable) including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such SubsidiaryCollateral Agent, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderCollateral Agent, deliver to the Lender Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Collateral Agent, and (v) take such other actions as may be required to cause the foregoingCollateral and Guarantee Requirement to be satisfied with respect to such Additional Guarantor. (b) Subject to Section 5.7(i), within 30 days after the formation or acquisition of any new Subsidiary the Equity Interests of which are owned directly by the Company or any Subsidiary Guarantor, the Company shall (or shall cause the relevant Subsidiary Guarantor to) (i) execute and deliver to the Collateral Agent such amendments or supplements to the Guarantee and Collateral Agreement as shall be necessary to grant to the Collateral Agent a valid and perfected security interest in the Equity Interests of such new Subsidiary that is owned by the Company or such Subsidiary Guarantor, (ii) deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Company or the relevant Subsidiary Guarantor, and take such other actions as may be reasonably requested by the Collateral Agent in order to perfect the Collateral Agent’s security interest therein including, with respect to any Foreign Subsidiary, the execution and delivery of a pledge agreement or similar instrument governed by the law of the jurisdiction in which such Foreign Subsidiary is domiciled and (iii) take such other actions as may be required to cause the Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary. (c) The Company shall use its commercially reasonable efforts to (i) grant to the Collateral Agent a security interest in the Equity Interests of any newly formed or after-acquired joint venture (or a holding company parent thereof) owned directly by the Company or a Subsidiary Guarantor if the amount recorded by the Company or such Subsidiary Guarantor as its investment in such joint venture exceeds US$50,000,000 and (ii) in the case of any domestic JV Subsidiary (other than an Excluded Subsidiary) to cause such JV Subsidiary to become a Subsidiary Guarantor (in each case, it being understood that such efforts shall not require any economic or other significant concession or result in any material adverse tax consequences with respect the terms or structure of such joint venture arrangements). (d) Subject to Section 5.7(i), at the request of the Administrative Agent, the Company shall, within ten days of the Administrative Agent’s request, (i) cause any Transparent Subsidiary that directly holds the Equity Interests of any 956 Subsidiary or holds Equity Interests of any other than Transparent Subsidiary to (A) become a party to the Guarantee and Collateral Agreement, (B) take such actions as are necessary to grant to the Collateral Agent a valid and perfected security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such Transparent Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Collateral Agent, and (C) enter into such pledge agreements, security agreements and/or similar instruments each in form and substance reasonably satisfactory to the Collateral Agent (including as to the governing law thereof) that are necessary to grant a valid and perfected security interest in all of its property, (ii) deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Subsidiary, (iii) if requested by the Administrative Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which a Lien was previously granted or opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent, and (iv) take such other actions as may be required to cause the Collateral and Guarantee Requirement to be granted satisfied with respect to such Subsidiary. (e) Within 30 days after the occurrence thereof, the Company will notify the Collateral Agent of any change to the name, jurisdiction of incorporation or formation or legal form of the Company or any Subsidiary Guarantor. (f) The Company shall, and shall cause each Group Member to, from time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take such actions, as the Administrative Agent or the Collateral Agent may reasonably request to cause the Collateral and Guarantee Requirement to be and remain satisfied at all times or otherwise for the purposes of implementing or effectuating the provisions of this Agreement and the other Credit Documents, or of more fully perfecting (or maintaining perfection) or renewing the rights of the Collateral Agent with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by any Group Member which may be deemed to be part of the Collateral) pursuant hereto or thereto. Upon the exercise by the Loan PartiesCollateral Agent of any power, right, privilege or remedy pursuant to this Agreement or the other Credit Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, the Company will execute and deliver, or will cause the guarantees provided execution and delivery of, all applications, certifications, instruments and other documents and papers that the Administrative Agent or the Collateral Agent may be required to obtain from the Company or any Group Member in order to obtain such governmental consent, approval, recording, qualification or authorization. (g) By June 30 of each year, commencing June 30, 2012 (and promptly upon consummation of any Material Acquisition), the Company shall deliver to the Collateral Agent, in addition to the updated Intellectual Property information required pursuant to Section 4.3(b) of the Guarantee and Collateral Agreement, a supplement to Schedule 1.1G (i) setting forth any trademark Registered in the United States by the Loan PartiesCompany or any of its Subsidiaries that is, in each casethe good faith determination of the Company, material to the business of the Company and its Subsidiaries, taken as a whole, that has not previously been disclosed to the Administrative Agent on Schedule 1.1G (or any update thereto previously provided hereunder) or (ii) removing any trademark Registered in the United States by the Company or any of its Subsidiaries that is no longer, in the good faith determination of the Company, material to the business of the Company and its Subsidiaries, taken as a whole; provided that no Principal Trade Name identified on Schedule 1.1G on the Closing Date or may be removed from such Schedule. Each year after delivery of the updated Intellectual Property information required pursuant to Section 5.24.3(b) of the Guarantee and Collateral Agreement, upon written request of the Collateral Agent, the Loan Company shall take such steps as the Collateral Agent may reasonably request in order to (A) perfect, for Intellectual Property of the Credit Parties Registered in the United States, and (B) file, for Key Foreign Trademarks and Key Foreign Patents in their respective jurisdictions, in the case of each of the foregoing clauses (A) and (B) the security interests granted in such Collateral in accordance with the provisions of the Guarantee and Collateral Agreement. (h) Upon the acquisition by the Company or any other Credit Party of Material Real Estate Asset after the Closing Date, the Company shall not cause the Collateral and Guarantee Requirement to be satisfied in respect of such Material Real Estate Asset. (i) Notwithstanding anything to the contrary herein, (i) in no case shall a Person be required to deliver any Collateral or perfect the Lender’s grant a security interest with respect to in any Collateral stock of a 956 Subsidiary (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee other than 100% of the Obligationsnon-Voting Equity Interests (if any) and 65% of the Voting Equity Interests of a first tier 956 Subsidiary), (ii) in no case shall more than 65% of the Voting Equity Interests of any 956 Subsidiary be directly or indirectly pledged, in each case, case to secure Obligations of the Company or any Domestic Subsidiary if the cost such grant of delivering a security interest or perfecting the lien pledge would result in such Collateral or of providing such guarantee exceeds the benefit deemed dividends to the Lender (which shall take into account any adverse tax consequences suffered Company or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or its owners pursuant to Section 5.2, 956 of the Code and (iii) in no such Liens or guarantees case shall a Transparent Subsidiary be required to guarantee any Obligations under any of the Credit Documents (it being understood that a Transparent Subsidiary may be provided required to grant a security interest in certain of its assets, including certain Equity Interests in a 956 Subsidiary held by any Subsidiary in any case in which (or, if applicableit, to the extent thatprovided under other provisions of the Credit Documents, insofar as they are not inconsistent with the first two clauses of this Section 5.7(i)). (j) To the extent not delivered on the Closing Date, within 180 days after the Closing Date (or such later date as shall be reasonably acceptable to the Administrative Agent), the Company shall deliver or cause to be delivered to the Collateral Agent (i) a Mortgage with respect to each Mortgaged Property owned by the Company or a Subsidiary Guarantor as of the Closing Date, each executed and delivered by the owner of the Mortgaged Property covered thereby, (ii) for each such Mortgage, a lenders’ title insurance policy issued by a title company selected by the Company insuring the Collateral Agent’s interest in such Mortgaged Property and reasonably satisfactory to the Administrative Agent, and (iii) for each such Mortgage, an opinion of local counsel with respect to the enforceability of such Mortgage under the applicable local law, reasonably satisfactory to the Administrative Agent and the Collateral Agent (collectively, the “Real Estate Deliverables”). If any Real Estate Deliverable is not received and satisfied within such 180-day period, the Borrowing Base will be reduced by the Eligible Value of the Eligible P&E or Eligible Real Estate for which such Real Estate Deliverable is outstanding. (k) Within 90 days (or, in the case of (i) the provision items identified in clause (f) of the definition of Collateral and Guarantee Requirement, 180 days, or (ii) the items identified in clause (d) of the definition of Collateral and Guarantee Requirement, 30 days) after the Closing Date (or such Lien later date as shall be reasonably acceptable to the Administrative Agent), the Company shall deliver or guarantee would violate applicable lawcause to be delivered to the Collateral Agent each of the items described on Schedule 5.7(k) (collectively the “Post-Closing Deliverables”). If any Post-Closing Deliverable with respect to the Equity Interests in any Foreign Pledgee is not received and satisfied within such 90-day period, in each case, as reasonably determined the Borrowing Base will be reduced by the LenderEligible Value of the Equity Interests in any Foreign Pledgee for which such Post-Closing Deliverable is outstanding. (l) The Company shall use commercially reasonable efforts to cause the definitive loan documentation for any Permitted DOE Facility to permit the Obligations to be secured on a second lien basis by the DOE Assets securing such Permitted DOE Facility. To the extent the Obligations may be secured by security interests in such DOE Assets, the Company shall, and shall cause the Subsidiary Guarantors to, promptly enter into such amendments to the Credit Documents or additional Credit Documents as the Administrative Agent may reasonably request, to implement such security interests, together with an intercreditor agreement with respect to such DOE Assets as contemplated by Section 9.25(b).

Appears in 2 contracts

Sources: Credit Agreement (Chrysler Group LLC), Credit Agreement (Chrysler Group LLC)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Restatement Closing Date by the Parent, the Borrower or any Loan Party Subsidiary Guarantor (other than (u) personal property as to which the Lender Administrative Agent, for the benefit of the Secured Parties, is not required to have a perfected security interest pursuant to the Guarantee and Collateral Agreement, (v) the Capital Stock of any Unrestricted Subsidiary organized under the laws of any jurisdiction outside the United States, (w) any Property described in paragraph (c) or (d) of this Section, (x) any interest in real property, (y) any foreign intellectual property and (z) any Property subject to a Lien permitted by Section 7.3(g), (k) or (m)) as to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is to the extent required by pursuant to the Guarantee and Collateral Agreement (excludingAgreement, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly subject to Liens permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentAgreement) security interest in such Property, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to (i) any fee interest in any real property having a value (together with improvements thereof) of at least $4,000,000 (valued in accordance with Schedule 6.9(b)-1; such valuation to be reasonably satisfactory to the Administrative Agent) acquired after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (which, for purposes of this paragraph, shall include any such property owned or leased by an entity at the time such entity becomes a Subsidiary Guarantor) or (ii) any leasehold interest in any real property contemplating an initial annual rent payment, including projected percentage rent during such initial year, after the expiration of any free rent or “rent abatement” period, of at least $550,000 acquired or leased after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (in each case other than any such real property subject to a Lien expressly permitted by Section 7.3(g), (k) or (m)), if, at the time of such acquisition or lease commencement, the aggregate value of all leasehold and fee-owned real property of the Borrower and the Subsidiary Guarantors subject to a Mortgage (valued in accordance with Schedule 6.9(b)-1; such value to be demonstrated to the reasonable satisfaction of the Administrative Agent) is less than 250% of the Assumed Loan Party with Amount (provided that, notwithstanding the foregoing requirement, the Parent, the Borrower and the Subsidiary Guarantors may elect to exclude leasehold interests in real property and fee-owned real property, to the extent that such leasehold interests and fee interests (i) have an individual fair market value aggregate value, measured at the time of any such election, not in excess of $250,000150,000,000 (valued in accordance with Schedule 6.9(b)-1) or (ii) are listed on Schedule 6.9(b)-2 ), promptly (and in any event within sixty (60) then no later than 90 days after the date of such acquisition or such longer period as approved by the Lender in its reasonable discretion): lease commencement: (iA) execute and deliver a first priority Mortgage in favor of the maximum principal Administrative Agent, for the benefit of the Secured Parties, covering such real property, subject to any Liens permitted by Section 7.3; (B) if requested by the Administrative Agent, provide the Lenders with (w) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in well as an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lendercertificate, (3x) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may any consents or estoppels reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested deemed necessary or advisable by the Lender, deliver to the Lender legal opinions relating to Administrative Agent in connection with such Mortgage, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the Lender. Administrative Agent, (cy) With respect an appraisal of the value, or a valuation of, the applicable Mortgaged Property, which shall be reasonably satisfactory to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan PartyAdministrative Agent, promptly and (z) Phase I environmental reports (and in any event within thirty (30) days or where appropriate based upon such longer period as approved by Phase I environmental reports and at the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer reasonable request of the relevant Loan PartyAdministrative Agent, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereofPhase II environmental reports) with respect to Intellectual Property (other than Excluded Assets)such real property, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee all in form and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form substance reasonably satisfactory to the Lender, with appropriate insertions and attachments, and Administrative Agent; (ivC) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent; (D) deliver to the Administrative Agent a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to such Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and if any such Mortgaged Property is located in a special flood hazard area, evidence of flood insurance in form and amount reasonably satisfactory to the Administrative Agent; and (E) (x) deliver to the Administrative Agent evidence that short form leases or lease memoranda shall have been duly recorded in the local real estate records, with respect to each Mortgaged Property constituting a leasehold interest and (y) with respect to those Mortgaged Properties consisting of leaseholds so designated by the Administrative Agent described in the preceding clause (x), use commercially reasonable efforts to deliver to the Administrative Agent copies of valid, binding and enforceable lease amendments or landlord agreements in form and content reasonably acceptable to the Administrative Agent, conferring on the Administrative Agent rights of default notice, cure opportunity and such other leasehold lender protections as the Administrative Agent may reasonably require. Notwithstanding the foregoing, the Administrative Agent may extend the date for, or waive, in whole or in part, the foregoing deliveries in its sole discretion. (c) With respect to any new Subsidiary (other than (i) a Class II Restricted Subsidiary or (ii) an Unrestricted Subsidiary organized under the laws of any jurisdiction outside the United States or (iii) a CFC Holdco) created or acquired after the Restatement Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that becomes a Class I Restricted Subsidiary because it ceases to be an Unrestricted Subsidiary), by the Parent, the Borrower or any Subsidiary Guarantor, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, the Borrower or any Subsidiary Guarantor (other than any such Capital Stock subject to a Lien expressly permitted by Section 7.3(m)), subject to the Liens permitted by the Guarantee and Collateral Agreement, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Parent, the Borrower or such Subsidiary Guarantor, as the case may be, (iii) if such new Subsidiary is a Wholly Owned Subsidiary, cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, subject to the Liens permitted by the Guarantee and Collateral Agreement, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Class II Restricted Subsidiary or CFC Class II Holdco created or acquired after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (which, for purposes of this paragraph (d), shall include any Unrestricted Subsidiary that becomes a Class II Restricted Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (subject to the Liens permitted by the Guarantee and Collateral Agreement) security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, the Borrower or any Subsidiary Guarantor (other than any such Capital Stock subject to a Lien was previously granted expressly permitted by Section 7.3(m)) (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such new Class II Restricted Subsidiary or CFC Class II Holdco be required to be granted so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Parent, the Borrower or such Subsidiary Guarantor, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if requested by the Loan PartiesAdministrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) Notwithstanding anything else to the contrary contained in this Section or elsewhere in the guarantees provided by the Loan PartiesAgreement, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties perfection of Collateral shall not be required to deliver any Collateral where either the burden or perfect the Lender’s costs of perfecting a security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) interest, lien or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as mortgage is reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required Administrative Agent to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, excessive in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, relation to the extent that) benefit afforded to the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderLenders thereby.

Appears in 2 contracts

Sources: Credit Agreement (Cinemark Holdings, Inc.), Credit Agreement (Cinemark Holdings, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral acquired personal Property acquired, created or developed (including, without limitation, the filing of any applications for the registration or issuance of any Intellectual Property) after the Closing Date by any Loan Party including any Immaterial Subsidiary which, after giving effect to such acquisition, is no longer an Excluded Subsidiary (other than any leasehold estate in a retail store, (i) any Property described in paragraph (b) or paragraph (c) of this Section (without regard to the value threshold set forth therein), (ii) any Property subject to a Lien expressly permitted by Section 6.3(g), (iii) that portion of the Capital Stock of a Foreign Subsidiary excluded from the Collateral pursuant to the terms of the Guarantee and Collateral Agreement, (iv) Property consisting of deposit accounts which are not required by the terms of the Guarantee and Collateral Agreement to be subject to control agreements) and (v) any other Excluded Assets (as defined in the Guarantee and Collateral Agreement) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertyLien), the Borrower will, and will cause each other Loan Party to, promptly: promptly (ix) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (iiy) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (subject to Permitted Liens) in such Collateral as Property to the extent required by under the Guarantee and Collateral Agreement or any other Security DocumentAgreement, including (if applicable) without limitation, the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lenderlaw. (b) With respect to any fee interest (or leasehold interest, to the extent such leasehold is created under a triple net ground lease or similar arrangement) in any real property having a value (together with improvements thereof) of at least $5,000,000 acquired after the Closing Date by any a Loan Party with an individual fair market value in excess of $250,000and which is not primarily used as a retail store location, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), subject to Permitted Liens) in favor of the Lender Administrative Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the LenderAdministrative Agent, provide the Lender Lenders with (1x) title and extended (to the extent available without surveys) coverage insurance (insurance, complying with such customary endorsementsthe provisions of Section 4.3(d), coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, property in an amount at least equal to the purchase price of such real propertyproperty (or such other lower amount as shall be reasonably agreed upon by the Administrative Agent) as well as, (2) if reasonably requested by the Administrative Agent, a current ALTA/NSPS ALTA survey thereof, paid for (in form and substance reasonably satisfactory to the Administrative Agent) and (y) any consents or estoppels reasonably deemed necessary by the Borrower and Administrative Agent in connection with such Mortgage, each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to such Mortgagethe matters described above, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent. (c) With respect to any new direct or indirect Subsidiary that is would constitute a Guarantor within the meaning of that term created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Foreign Subsidiary or an Immaterial Subsidiary), by any a Loan Party, Party promptly (e) to the extent required under the Guarantee and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) Collateral Agreement, execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Permitted Liens) in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Administrative Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant such Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including including, without limitation, the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office, the execution and delivery by all necessary persons of control agreements, and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachmentsAdministrative Agent, and (iv) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Administrative Agent. (d) With respect to any new Foreign Subsidiary created or acquired after the Closing Date by any Loan Party, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent reasonably deems necessary in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Permitted Liens) in the Capital Stock of such new Subsidiary that is owned by such Loan Party, (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such new Foreign Subsidiary be required to be so pledged), (ii) deliver to the Administrative Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Loan Party, and take such other action required under the Guarantee and Collateral Agreement as may be necessary to perfect the Lien of the Administrative Agent thereon, and (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) Notwithstanding anything to the foregoingcontrary in this Section 5.10, paragraphs (a), (b), (c) and (d) of this Section 5.10 shall not apply to any Property, new Subsidiary or new Foreign Subsidiary created or acquired after the Closing Date, as applicable, (i) other than as to which the Collateral Administrative Agent has determined in which its reasonable discretion that the collateral value thereof is insufficient to justify the difficulty, time and/or expense of obtaining a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s perfected security interest therein or (ii) with respect to any Collateral leases of real property described in paragraph (except b) of this Section 5.10, as to which the consent of the landlord is required to grant a security interest to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee Administrative Agent and the Borrower has not been able to obtain such consent after having used commercially reasonably efforts to do so (it being agreed that the use of commercially reasonable efforts shall not require the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered payment by the Borrower or any Loan Party as a result thereofof its Affiliates of any consent fees or similar payments to landlords), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.

Appears in 2 contracts

Sources: Credit Agreement (GNC Acquisition Holdings Inc.), Credit Agreement (General Nutrition International Inc)

Additional Collateral, etc. (a) [Reserved]. (b) With respect to any Collateral fee interest in any Material Real Property acquired after the Closing Date by any Loan Party (other than Excluded Real Property), within 90 days (or such later date as may be agreed by the Administrative Agent) (i) give notice of such acquisition to the Collateral Agent and promptly execute and deliver a first priority Mortgage (subject to liens permitted by Section 7.3) in favor of the Collateral Agent for the benefit of the Secured Parties, covering such Real Property (provided that no Mortgage nor survey shall be required if the Administrative Agent determines in consultation with the Borrower that the costs of obtaining such Mortgage or survey are excessive in relation to the value of the security to be afforded thereby), (ii) if reasonably requested by the Collateral Agent (A) provide the Lenders with a lenders’ title insurance policy with extended coverage covering such Real Property in an amount at least equal to the purchase price of such Real Property (or such other amount as shall be reasonably specified by the Collateral Agent) as well as a current ALTA survey thereof, together with a surveyor’s certificate unless the title insurance policy referred to above shall not contain an exception for any matter shown by a survey (except to the extent an existing survey has been provided and specifically incorporated into such title insurance policy), each in form and substance reasonably satisfactory to the Collateral Agent, (B) use commercially reasonable efforts to obtain any consents or estoppels reasonably deemed necessary by the Collateral Agent, in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Collateral Agent and (C) provide to the Administrative Agent a “Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination and if any portion of the improvements on the owned Property is currently or at any time in the future identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the Lender does not have Flood Insurance Laws, (x) a perfected Lien that is notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower or applicable Subsidiary Guarantor and (y) certificates of coverage under, and a declaration page relating to, the insurance policies required by Section 6.5(d) in form and substance satisfactory to the Guarantee Collateral Agent and (iii) if requested by the Collateral Agreement Agent deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent. (excludingc) With respect to any new Domestic Subsidiary (other than an Excluded Subsidiary) created or acquired after the Closing Date (which, for the avoidance purposes of doubtthis paragraph, real propertyshall include any Subsidiary that ceases to be an Excluded Subsidiary) by any Loan Party, within 60 days (or such later date as may be agreed by the Administrative Agent), the Borrower will, and will cause each other Loan Party to, promptly: (i) give notice of such acquisition or creation to the Collateral Agent and, if requested by the Collateral Agent, execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected security interest in such Collateral and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as extent required by the Guarantee Security Documents and Collateral Agreement or any other Security Document, including (if applicable) with the filing of Uniform Commercial Code financing statements in such jurisdictions as may be priority required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (bSection 4.17) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Collateral Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant such Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunderthe extent required by the Security Documents and with the priority required by Section 4.17) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such new Subsidiary, including including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, Collateral Agent and (iv) if requested by upon the Lenderreasonable request of the Collateral Agent, deliver to the Lender Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substancesubstance similar to the opinions delivered at the Closing Date. (d) With respect to any Capital Stock of any new First Tier Foreign Subsidiary or Foreign Subsidiary Holding Company (other than Excluded Capital Stock) that is created or acquired after the Closing Date by any Loan Party, within 60 days (or such later date as may be agreed by the Administrative Agent) (i) give notice of such acquisition or creation to the Collateral Agent and, if requested by the Collateral Agent, execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Collateral Agent deems necessary or reasonably advisable in order to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected security interest (to the extent required by the Security Documents and with the priority required by Section 4.17) in the Capital Stock of such new Subsidiary (other than any Excluded Capital Stock) that is owned by such Loan Party and (ii) deliver to the Collateral Agent the certificates, if any, representing such Capital Stock (other than any Excluded Capital Stock), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Loan Party, and from counseltake such other action as may be necessary or, reasonably satisfactory in the reasonable opinion of the Collateral Agent, desirable to perfect or ensure appropriate priority the Lien of the Collateral Agent thereon. (e) Notwithstanding anything in this Section 6.8 to the Lendercontrary, neither the Borrower nor any of its Restricted Subsidiaries shall be required to take any actions in order to perfect the security interest in the Collateral granted to the Collateral Agent for the ratable benefit of the Secured Parties under the laws of any jurisdiction outside the United States. (f) Notwithstanding the foregoing, to the extent any new Restricted Subsidiary is created solely for the purpose of consummating a merger transaction pursuant to an acquisition permitted by Section 7.7, and such new Subsidiary at no time holds any assets or liabilities other than any merger consideration contributed to it contemporaneously with the closing of such merger transaction, such new Subsidiary shall not be required to take the actions set forth in Section 6.8(c) or 6.8(d), as applicable, until the respective acquisition is consummated. (g) From time to time the Loan Parties shall execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take all such actions, as the Collateral Agent may reasonably request for the purposes implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of renewing the rights of the Secured Parties with respect to the Collateral as to which the Collateral Agent, for the ratable benefit of the Secured Parties, has a perfected Lien pursuant hereto or thereto, including, without limitation, filing any financing or continuation statements or financing change statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interests created thereby. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to provisions of this Section 5.2, the Loan Parties 6.8 shall not be required apply to deliver any Collateral or perfect assets as to which the Lender’s Administrative Agent and the Borrower shall reasonably determine that the costs and burdens of obtaining a security interest with respect to any Collateral (except to therein or perfection thereof outweigh the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee value of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lendersecurity afforded thereby.

Appears in 2 contracts

Sources: Credit Agreement (Engility Holdings, Inc.), Credit Agreement (Engility Holdings, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Borrower or any Loan Party of its Restricted Subsidiaries (other than (x) any Property described in paragraph (b) or paragraph (c) of this Section, (y) any Property subject to a Lien expressly permitted by Section 7.03(g) and (z) Property acquired by an Excluded Foreign Subsidiary) as to which the Lender Collateral Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Lenders, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderCollateral Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $500,000 acquired after the Closing Date by the Borrower or any Loan Party with of its Restricted Subsidiaries (other than any such real property owned by an individual fair market value in excess of $250,000Excluded Foreign Subsidiary or subject to a Lien expressly permitted by Section 7.03(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in favor of the maximum principal Collateral Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the Collateral Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiCollateral Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Collateral Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if requested by the LenderCollateral Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Collateral Agent. (ic) With respect to any new Restricted Subsidiary (other than the Collateral in which a Lien was previously granted an Excluded Foreign Subsidiary) created or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary and any Unrestricted Subsidiary that is redesignated as a Restricted Subsidiary pursuant to Section 5.26.11(l)), the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party of its Restricted Subsidiaries, promptly (i) execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Collateral Agent reasonably deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Lenders, a result thereofperfected first priority security interest in the Capital Stock of such new Restricted Subsidiary that is owned by the Borrower or any of its Restricted Subsidiaries, (ii) deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Restricted Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement (subject to Liens permitted by Section 7.02) with respect to such new Restricted Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Collateral Agent, and (iv) if requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date by the Borrower or any of its Restricted Subsidiaries (other than any Excluded Foreign Subsidiaries), promptly (i) execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably deems necessary or advisable in each caseorder to grant to the Collateral Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Restricted Subsidiary that is owned by the Borrower or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such new Excluded Foreign Subsidiary be required to be so pledged), (ii) deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Restricted Subsidiary, as reasonably determined the case may be, and take such other action as may be necessary or, in the reasonable opinion of the Collateral Agent, desirable to perfect the Lien of the Collateral Agent thereon, and (iii) if requested by the LenderCollateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent. (e) Promptly upon the request of the Collateral Agent, Borrower shall establish a cash management system subject to a depositary agreement satisfactory to the Collateral Agent whereby lock boxes, lock box accounts, and concentration accounts are established and maintained under the sole dominion and control of the Collateral Agent, into which all payments on and proceeds of (i) Private Accounts, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate permitted and in a manner consistent with all applicable lawlaws and regulations, in each caseGovernment Receivables, as reasonably determined by the Lendershall be deposited and from which all collected funds will be transferred.

Appears in 2 contracts

Sources: Credit Agreement (Rotech Healthcare Inc), Credit Agreement (Rotech Healthcare Inc)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by the Borrower or any other Loan Party (other than (x) Excluded Assets, (y) any property described in paragraph (b), (c) or (d) below and (z) any property subject to a Lien expressly permitted by Section 6.2(j), (n) and (o)) as to which the Lender Collateral Trustee, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Trustee such amendments to the Guarantee and Collateral Security Agreement or such the other documents Security Document (or execute new Security Documents) as the Lender Collateral Trustee deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (subject to any Liens permitted under Section 6.2) in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be reasonably required by the Guarantee and Collateral Security Agreement (or taking any other action Security Document) or by law or as may be reasonably requested by the LenderAdministrative Agent or the Collateral Trustee. (b) With respect to any fee interest in any real property owned or acquired after by the Closing Date by Borrower or any other Loan Party with an individual fair market value in excess of $250,000(other than (x) Excluded Assets and (y) any such real property (including improvements located on leased land) subject to any Liens permitted by Section 6.2), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage Mortgage, deed of trust or deed to secure debt, in favor of the maximum principal Collateral Trustee, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the Administrative Agent or the Collateral Trustee, provide the Secured Parties with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of Administrative Agent or the Lender covering such real property, (iiCollateral Trustee) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Collateral Trustee in all material respects connection with the minimum detail requirements such Mortgage, deed of trust or deed to secure debt, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that Administrative Agent or the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Collateral Trustee and (iii) if requested by the LenderAdministrative Agent or the Collateral Trustee, deliver to the Lender legal Collateral Trustee local counsel opinions relating to such Mortgagethe matters described above, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent or the Collateral Trustee; provided the Borrower and the other Loan Parties shall not be required to mortgage any real property unless and until the value of all real property (together with improvements thereof) exceeds $10,000,000 (in which case all such real property shall be mortgaged). The Borrower and the other Loan Parties shall not be required to deliver leasehold mortgages. (c) With respect to any new direct or indirect Subsidiary that is created or Capital Stock acquired after the Closing Date by the Borrower or any other Loan PartyParty (which, for the purposes of this paragraph (c), shall include any Capital Stock of an existing Subsidiary that ceases to be an Excluded Subsidiary) (other than any such Capital Stock constituting Excluded Assets or that is subject to Liens permitted by Section 6.2(n)), promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Agreement as the Lender Collateral Trustee reasonably deems reasonably necessary or advisable to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority security interest in the such Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyStock, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Collateral Trustee the certificates, if any, representing such Capital Stock, together with related undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such in the case of any new Subsidiary or any Subsidiary formed for the purpose of acquiring any that is not an Excluded Subsidiary, cause such Subsidiary (A) to become a Subsidiary Guarantor and a party to this Agreement, the Guarantee and Security Agreement, the Collateral Trust Agreement and any other Security Document to the extent applicable Security Documentsto such Subsidiary, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Trustee for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee Security Agreement and the Collateral Trust Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be reasonably required by the Guarantee and Collateral Security Agreement or by law or as may be reasonably requested by the Lender Collateral Trustee and (C) to deliver to the Lender Collateral Trustee a customary certificate of such Subsidiary, substantially in a the form reasonably satisfactory to the Lenderof Exhibit E, with appropriate insertions and attachments, and (iv) if reasonably requested by the LenderCollateral Trustee, deliver to the Lender Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Collateral Trustee. (id) other than The Lenders acknowledge the Collateral Trust Agreement provides for the release of security interests in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, and Liens on the Closing Date or pursuant to Section 5.2, Collateral and releases of Subsidiaries from their obligations under the Loan Parties shall not be required to deliver any Collateral or perfect Credit Documents under the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lendercircumstances described therein.

Appears in 2 contracts

Sources: Credit Agreement (American Capital, LTD), Credit Agreement (American Capital, LTD)

Additional Collateral, etc. (a) With respect to any Collateral owned property acquired after the Closing Restatement Effective Date by the Borrower or any Loan Party Subsidiary Guarantor as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required (except as expressly set forth in the applicable Security Document), within thirty (30) days of such acquisition (or within such longer period of time as reasonably consented to by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: Administrative Agent) (i) execute and deliver to the Lender Administrative Agent such amendments to the Amended and Restated Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2set forth in the applicable Security Document) perfected security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Amended and Restated Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to any fee simple interest in any real property having a value of at least $6,000,000 acquired after the Closing Restatement Effective Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event Subsidiary Guarantor within sixty (60) days of such acquisition (or within such longer period of time as approved reasonably consented to by the Lender in its reasonable discretion): Administrative Agent) (iA) execute execute, acknowledge and deliver a first priority Mortgage in favor of the maximum principal Administrative Agent, for the benefit of the Secured Parties, in an amount no greater than 125% of the purchase price of such real if the property is located in jurisdictions that impose a state with mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender tax covering such real property, (iiB) if requested by the LenderAdministrative Agent, provide the Lender Secured Parties with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, property in an amount at least equal to the purchase price of such real property, property (2and endorsements thereto) as well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, (2) any consents or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements estoppels reasonably deemed necessary or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested advisable by the Lender, deliver to the Lender legal opinions relating to Administrative Agent in connection with such Mortgage, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the Lender. Administrative Agent, (cC) With respect a flood hazard certificate, certified to any new direct or indirect Subsidiary that the Administrative Agent, specifying whether such real property is created or acquired after the Closing Date located in a special flood hazard zone and if so, evidence of flood insurance as required by any Loan Party, promptly Requirement of Law and (and in any event within thirty (30D) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (c) With respect to any new Restricted Subsidiary (other than a Foreign Subsidiary) created or acquired after the foregoingRestatement Effective Date by any Group Member (which, for the purposes of this paragraph (c), shall include any existing Restricted Subsidiary that ceases to be a Foreign Subsidiary or an Excluded Subsidiary), promptly (or within such period of time as reasonably consented to by the Administrative Agent) (i) execute and deliver to the Administrative Agent such amendments to the Amended and Restated Guarantee and Collateral Agreement as the Administrative Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected security interest in the Capital Stock of such new Restricted Subsidiary that is owned by any Group Member, (ii) deliver to the Administrative Agent the certificates, if any, representing such Capital Stock, together with undated stock powers or equivalents, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, (iii) cause such new Restricted Subsidiary (other than any Securitization Subsidiary) (A) to become a party to the Amended and Restated Guarantee and Collateral Agreement, (B) to take such actions reasonably necessary or reasonably advisable to grant to the Administrative Agent for the benefit of the Secured Parties a (to the extent provided in the Amended and Restated Guarantee and Collateral Agreement) perfected security interest in the Collateral described in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Amended and Restated Guarantee and Collateral or perfect the Lender’s security interest Agreement with respect to any such new Restricted Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Amended and Restated Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent and (except C) to deliver to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee Administrative Agent a certificate of such Restricted Subsidiary, substantially in the Obligationsform of Exhibit C, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lenderwith appropriate insertions and attachments, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to (i) any new Foreign Subsidiary created or acquired after the Restatement Effective Date by any Group Member (other than by any Group Member that is a Foreign Subsidiary) that is a Material Foreign Subsidiary or a direct or indirect parent of any Material Subsidiaries, or (ii) other than the Collateral in which any Foreign Subsidiary that becomes a Lien was previously granted Material Foreign Subsidiary or required is a direct or indirect parent of any Subsidiary that becomes a Material Foreign Subsidiary, promptly (A) (or within such period of time as reasonably consented to be granted by the Loan Administrative Agent) execute and deliver to the Administrative Agent such amendments or supplements to the Amended and Restated Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, or a (except as expressly set forth in the guarantees provided Amended and Restated Guarantee and Collateral Agreement) perfected security interest in the Capital Stock of such new Foreign Subsidiary that is owned by any such Group Member (provided, that in no event shall more than 65% of the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no total outstanding voting Capital Stock of any such Liens or guarantees shall new Foreign Subsidiary be required to be provided so pledged), (B) deliver to the Administrative Agent the certificates, if any, representing such Capital Stock, together with undated stock powers or equivalents, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, as the case may be, and take such other action as may be reasonably necessary or, in the reasonable opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein, and (C) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) If at any Subsidiary in time the aggregate amount of Consolidated EBITDA or Consolidated Total Assets attributable to all Subsidiaries that are not Material Subsidiaries exceeds five percent (5.0%) of Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for any case in which such period or five percent (5.0%) of Consolidated Total Assets of the Borrower and its Restricted Subsidiaries as of the end of any such fiscal quarter, the Borrower (or, if applicablein the event the Borrower has failed to do so within forty-five (45) days, the Administrative Agent) shall designate sufficient Domestic Subsidiaries as “Material Domestic Subsidiaries” or sufficient Foreign Subsidiaries as “Material Foreign Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Domestic Subsidiaries or Material Foreign Subsidiaries, respectively. (f) Promptly after the consummation of any Permitted Foreign Investment, (or within such period of time as reasonably consented to by the Administrative Agent) execute and deliver to the extent thatAdministrative Agent such amendments or supplements to the Amended and Restated Guarantee and Collateral Agreement and the Security Documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a (except as expressly set forth in the Amended and Restated Guarantee and Collateral Agreement) perfected security interest in any promissory notes required to be delivered in accordance with the provision definition of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderPermitted Foreign Investment.

Appears in 2 contracts

Sources: Incremental Commitment Agreement (KAR Auction Services, Inc.), Amendment and Restatement Agreement (KAR Auction Services, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral personal Property acquired after the Closing Initial Amendment Date by the Parent or any Loan Party of its Subsidiaries (other than (w) any leasehold, easement or fee interest in real property, (x) any Property subject to a Lien expressly permitted by Section 7.3(g), (y) Property acquired by an Excluded Subsidiary and (z) Property acquired directly by the Parent, Holdings or SBA Senior Finance other than the Capital Stock of a Person of which any of Holdings, SBA Senior Finance or the Borrower is a Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with new Subsidiary (other than an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60Excluded Subsidiary) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Initial Amendment Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Subsidiary or Securitization Subsidiary) by the Borrower or any Loan Partyof its Subsidiaries, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly by the Borrower or indirectly by such Loan Partyany of its Subsidiaries, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Administrative Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyBorrower or such Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such new Subsidiary, including including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachmentsAdministrative Agent, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Administrative Agent. (ic) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with With respect to any Collateral (except to new Excluded Subsidiary created or acquired after the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered Initial Amendment Date by the Borrower or any Loan Party of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a result thereof), perfected first priority security interest in each case, as reasonably determined the Capital Stock of such new Excluded Subsidiary that is owned by the Lender, and Borrower or any of its Subsidiaries (ii) other provided that in no event shall more than 65% of the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no total outstanding Capital Stock of any such Liens or guarantees shall new Excluded Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary a duly authorized officer of the Borrower or such Excluded Subsidiary, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. For the avoidance of doubt, no local perfection measures shall be taken in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderforeign jurisdiction.

Appears in 2 contracts

Sources: 2018 Refinancing Amendment (Sba Communications Corp), Credit Agreement (Sba Communications Corp)

Additional Collateral, etc. (a) With respect to any Collateral property (to the extent included in the definition of Collateral) acquired at any time after the Closing Date by any Loan Party (other than any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Security Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected (if and to the extent the assets subject to the applicable Security Document can be perfected by the actions required, and to the extent required, by such Security Document) first priority (except as expressly permitted by Section 7.2) security interest (subject only to the ABL/Term Loan Intercreditor Agreement and Lien ▇▇▇▇▇ permitted hereunder) in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Security Agreement or taking any other action by law or as may reasonably be requested by the LenderCollateral Agent. (b) With respect to any Real Property having a fair market value (as determined at the time of acquisition thereof) of at least $25,000,000 acquired in fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000Party, promptly (and in any event within sixty (60) no later than 90 days of such after the acquisition or such longer period thereof, as approved may be extended by the Lender Administrative Agent in its reasonable discretion): discretion (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Mortgage, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real propertyinterest in Real Property, (ii) along with a corresponding UCC fixture filing for filing in the applicable jurisdiction if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the LenderCollateral Agent, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the LenderCollateral Agent, as may be necessary to create a valid, perfected and subsisting Lien, subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted under Section 8.02, against such Real Property, (ii) provide the Lenders with a Title Policy and a Survey for each Mortgaged Property, together with such affidavits, certificates, instruments of indemnification, legal opinions, either (a) a “Life of Loan” Federal Emergency Management Agency Standard Flood Hazard Determination evidencing that the Mortgaged Property is not in a flood zone or (b) evidence of flood insurance as required by the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended and in effect and otherwise comply with the Flood Laws, and such other information, documentation (including, but not limited to, appraisals, environmental reports, and to the extent applicable, using commercially reasonable efforts, subordination agreements) and certifications, in each case, as may be reasonably requested by the Administrative Agent. (c) With respect to any new direct Subsidiary Guarantor created or indirect acquired after the Closing Date (or any Restricted Subsidiary that becomes a Subsidiary Guarantor after the Closing Date), promptly, and in any event within 30 days of such creation or acquisition (or, in the case of any Restricted Subsidiary that becomes a Subsidiary Guarantor, the date that such Restricted Subsidiary becomes a Subsidiary Guarantor) (as such date may be extended from time to time by the Administrative Agent in its sole discretion) (i) execute and deliver to the Collateral Agent such amendments to this Agreement and the Security Agreement as the Collateral Agent deems reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted hereunder) in the Capital Stock of such new Subsidiary Guarantor that is owned by any Loan Party, (ii) deliver to the First Lien Term Collateral Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the relevant Loan Party and (iii) cause such new Subsidiary Guarantor (a) to execute and deliver to the Collateral Agent (w) a Guarantor Joinder Agreement or such comparable documentation requested by the Collateral Agent to become a Subsidiary Guarantor, (x) a joinder agreement to the Security Agreement, substantially in the form annexed thereto, (y) to the extent requested by the Administrative Agent a customary joinder agreement to the ABL/Term Loan Intercreditor Agreement then in effect and (z) to the extent requested by the Administrative Agent a customary joinder agreement to the ABL/Term Loan Intercreditor Agreement then in effect, (b) to take such actions reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected (if and to the extent the assets subject to the applicable Security Document can be perfected by the actions required, and to the extent required, by such Security Document) first priority security interest (subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted hereunder) in the Collateral described in the Security Agreement with respect to such new Subsidiary Guarantor, including the filing of UCC financing statements in such jurisdictions as may reasonably be required by the Security Agreement or by law or as may be requested by the Collateral Agent and (c) to deliver to the Collateral Agent (i) a certificate of such Subsidiary Guarantor, substantially in the form of the certificate provided by the Loan Parties on the Closing Date pursuant to Section 6.01(i), with appropriate insertions and attachments and (ii) if reasonably requested by the Collateral Agent, a legal opinion from counsel to such new Subsidiary Guarantor in form and substance reasonably satisfactory to the Collateral Agent. (d) With respect to any new Restricted Subsidiary which is an Excluded Foreign Subsidiary described in clause (i) (but not clauses (ii) or (iii)) of the definition of Excluded Foreign Subsidiary created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to the applicable Security Documents Agreement as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject only to Liens permitted under Section 8.02) in no more than 65% of the total outstanding voting Capital Stock of any such new Excluded Foreign Subsidiary that is owned directly or indirectly by and 100% of the total outstanding non voting Capital Stock of any such Loan Party, Excluded Foreign Subsidiary and (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure First Lien Term Collateral Agent the priority of such security interest, including but not limited to, the certificates, certificates (if any, ) representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer Authorized Officer of the relevant Loan Party. (e) With respect to any new Non Guarantor Subsidiary created or acquired after the Closing Date by any Loan Party (but excluding any Unrestricted Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), Foreign Subsidiary and any Security Document Subsidiary which would be a Subsidiary Guarantor but for clause (vi) in the definition thereof to the extent a pledge of the Capital Stock of such entity is prohibited by its Organizational Documents or requires the consent of any amendment, supplement or modification thereof) with respect to Intellectual Property Person (other than Excluded AssetsHoldings or any of its Restricted Subsidiaries) party thereto which consent has not been obtained), promptly (iiii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party execute and deliver to the Guarantee and Collateral Agent such amendments to this Agreement and other applicable the Security Documents, (B) to take such actions Agreement as are reasonably the Collateral Agent deems necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject only to Liens permitted hereunderunder Section 8.02) in the Capital Stock of such Non Guarantor Subsidiary that is owned by any Loan Party and (ii) deliver to the First Lien Term Collateral described Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the relevant Loan Party. Notwithstanding anything to the contrary in the Guarantee foregoing clauses (c) and (d), the Borrower may notify the Administrative Agent at any time that the Borrower desires to join an Excluded Foreign Subsidiary as a Subsidiary Guarantor under this Agreement and the other Loan Documents, and, in any such case, cause such Excluded Foreign Subsidiary to (i) become a Subsidiary Guarantor by executing and delivering to the Collateral Agent a Guarantor Joinder Agreement or along with such other documentation as the Collateral Agent deems reasonably appropriate for effecting such joinder, (ii) ▇▇▇▇▇ ▇ ▇▇▇▇ in favor of the Collateral Agent for the ratable benefit of the Secured Parties on the assets and other personal property of such Excluded Foreign Subsidiary of the same type that constitute Collateral for purposes of the Security Documents, Documents (other than with respect to any Excluded Assets of such Subsidiary, including Excluded Foreign Subsidiary but without giving effect to any provision of the filing definition of UCC financing statements Excluded Assets that would otherwise result in such jurisdictions as may be required by the Guarantee Excluded Foreign Subsidiary (and Collateral its tangible and intangible personal property) constituting an Excluded Asset) and (iii) enter into any such amendments, modifications, or other changes to this Agreement or as may be and any other Loan Document reasonably requested by the Lender and (C) Collateral Agent in its reasonable discretion in order to deliver address any matters in connection with, or related to, such Excluded Foreign Subsidiary becoming a Subsidiary Guarantor under the Loan Documents. Each of the Lenders hereby authorize the Collateral Agent to enter into any such amendments, modifications, or other changes to this Agreement or any of the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory other Loan Documents solely to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding implement the foregoing. (f) Notwithstanding anything herein or in any other Loan Document, (i) other than with respect to the Collateral penultimate sentence of clause (e) above to the contrary, no actions in which a Lien was previously granted any non-U.S. jurisdiction shall be required in order to create any security interests in assets located or titled outside of the U.S. or to perfect any security interests (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction), (ii) Administrative Agent shall not accept delivery of any Mortgage from any Loan Party with respect to property located in the United States unless each of the Lenders has received 45 days prior written notice thereof and Administrative Agent has received confirmation from each Lender that such Lender has completed its flood insurance diligence, has received copies of all flood insurance documentation and has confirmed that flood insurance compliance has been completed as required to be granted by the Loan PartiesFlood Laws or as otherwise reasonably satisfactory to such Lender, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties and (iii) Administrative Agent shall not be required accept delivery of any joinder to deliver any Collateral or perfect the Lender’s security interest Loan Document with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee Subsidiary of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party that is not a Loan Party, if such Subsidiary that qualifies as a result thereof)“legal entity customer” under the Beneficial Ownership Regulation unless such Subsidiary has delivered a Beneficial Ownership Certification in relation to such Subsidiary and Administrative Agent has completed its Patriot Act searches, in each caseOFAC/PEP searches, as reasonably determined by flood certification and customary individual background checks for such Subsidiary, the Lender, and (ii) other than the Collateral in results of which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required reasonably satisfactory to be provided by Administrative Agent; provided, that no Default or Event of Default shall result from any Subsidiary in any case in which Loan Party’s failure to comply with the terms of this Section 7.08 so long as such Default or Event of Default arose solely from the failure or refusal of the Administrative Agent to accept delivery of the applicable joinder or security documentation under this clause (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderf).

Appears in 2 contracts

Sources: Abl Credit and Guarantee Agreement (Janus International Group, Inc.), Abl Credit and Guarantee Agreement (Janus International Group, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by any Loan Party (other than (w) any property described in paragraph (b), (c) or (d) below, (x) any property subject to a Lien expressly permitted by Section 7.3(g), (y) so long as the ABL Obligations Payment Date has not occurred, any ABL Priority Collateral as to which the Lender ABL Representative determines, in its reasonable discretion and in consultation with the Borrower, that the cost of obtaining a security interest therein is excessive in relation to the value of the security to be afforded thereby and (z) any property (or, so long as the ABL Obligations Payment Date has not occurred, any property other than ABL Priority Collateral) as to which the Administrative Agent determines, in its reasonable discretion and in consultation with the Borrower, that the cost of obtaining a security interest therein is excessive in relation to the value of the security to be afforded thereby) as to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or reasonably advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in any such Collateral as property (with the priority required by the Guarantee and Collateral Agreement or any other Security DocumentIntercreditor Agreement), including (if applicablex) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent and (y) filing and recording of intellectual property security agreements with the United States Patent and Trademark Office and the United States Copyright Office, as applicable. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $10,000,000 acquired after the Closing Date by any Loan Party with an individual fair market value (including a Person that owns such real property and becomes a Loan Party pursuant to this Section 6.10) (other than (i) any such real property subject to a Lien expressly permitted by Section 7.3(g) and (ii) any real property as to which the Administrative Agent determines, in excess of $250,000, promptly (its reasonable discretion and in any event consultation with the Borrower, that the cost of obtaining a security interest therein is excessive in relation to the value of the security to be afforded thereby), within sixty (60) days of such after the acquisition thereof (or such longer period later date as approved by the Lender Administrative Agent shall agree to in its reasonable sole discretion): (i) execute and deliver a first priority Mortgage in to the maximum principal amount Administrative Agent the documents and instruments required under Section 5.1(k) of the purchase price of such real property in jurisdictions that impose mortgage recording taxes Existing Credit Agreement (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance including any legal opinions as the Lender Administrative Agent may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender). (c) With respect to any new direct Domestic Subsidiary (other than any Immaterial Subsidiary, any CFC Holding Company or indirect any Subsidiary that is of a Foreign Subsidiary or of a CFC Holding Company) created or acquired after the Closing Date by any Loan PartyParty (which, promptly for the purposes of this paragraph (c), shall include (1) any existing Subsidiary (other than an Immaterial Subsidiary) that becomes a Domestic Subsidiary that is not a CFC Holding Company or a Subsidiary of a Foreign Subsidiary or a CFC Holding Company and (2) any existing Subsidiary that ceases to be an Immaterial Subsidiary (and in any event that is not a CFC Holding Company)), within thirty (30) days after the creation or acquisition of such new Domestic Subsidiary (or such longer period later date as approved by the Lender Administrative Agent shall agree to in its sole discretion): ) (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent deems reasonably necessary or reasonably advisable to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such any Loan Party, (ii) deliver to the Lender Administrative Agent the certificates representing such documents Capital Stock, together with undated endorsements, in blank, executed and instruments delivered by a duly authorized officer of the relevant Loan Party, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions necessary or reasonably advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected security interest with the priority required by the Intercreditor Agreement in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent and (C) to grant, perfect, protect and ensure deliver to the priority Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit C, with appropriate insertions and attachments, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new CFC Holding Company or Foreign Subsidiary created or acquired after the Closing Date by any Loan Party (which, for the purposes of this paragraph (d) shall include any existing Subsidiary that becomes a CFC Holding Company or a Foreign Subsidiary), within sixty (60) days after the creation or acquisition of such new CFC Holding Company or Foreign Subsidiary (or such later date as the Administrative Agent shall agree to in its sole discretion) (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or reasonably advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest, including but not limited to, interest in the certificates, if any, Capital Stock of such CFC Holding Company or Foreign Subsidiary that is owned by any such Loan Party (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such CFC Holding Company or Foreign Subsidiary be required to be so pledged) and (ii) deliver to the Administrative Agent the certificates representing such pledged Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions other action as are reasonably the Administrative Agent deems necessary or reasonably advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the LenderAdministrative Agent’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lendertherein.

Appears in 2 contracts

Sources: Term Loan Credit Agreement (TTM Technologies Inc), Term Loan Credit Agreement (TTM Technologies Inc)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Borrower or any Loan Party of its Subsidiaries (other than (x) any Property described in paragraph (b), (c) or (d) below, (y) any Property subject to a Lien expressly permitted by Section 7.3(g) and (z) Receivables Facility Assets) as to which the Lender Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and in order to grant to the Lender Administrative Agent, for the benefit of the Lenders, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property estate which, together with any related parcel of real estate not yet subject to a Mortgage, has a value (determined inclusive of any improvements thereof) of at least $5,000,000 acquired after the Closing Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000its Subsidiaries (other than any such real estate subject to a Lien expressly permitted by Section 7.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage mortgage or deed of trust (subject only to Liens permitted by Section 7.3) in favor of the maximum principal Administrative Agent, for the benefit of the Lenders, covering such real estate, in form and substance reasonably satisfactory to the Administrative Agent, (ii) if reasonably requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real estate in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes estate (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s 's certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements - 58 - 64 such mortgage or deed of trust, each of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be foregoing in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (Administrative Agent and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be if reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Administrative Agent. (ic) With respect to any new Subsidiary (other than the Collateral in which a Lien was previously granted an Excluded Foreign Subsidiary or required to be granted by the Loan Parties, any Receivables SPV) created or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or pursuant to Section 5.2(which, for the Loan Parties purposes of this paragraph (c), shall not be required to deliver include any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected existing Subsidiary that ceases to be suffered an Excluded Foreign Subsidiary) by the Borrower or any Loan Party of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Lenders, a result thereof)perfected first priority security interest in the Capital Stock of such new Subsidiary which is owned by the Borrower or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in each caseblank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as reasonably determined the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the LenderGuarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent, and (iiiv) other than the Collateral in which a Lien was previously granted or required to be granted if reasonably requested by the Loan PartiesAdministrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date by the Borrower or pursuant any of its Subsidiaries, promptly (i) execute and deliver to Section 5.2the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary which is owned by the Borrower or any of its Subsidiaries (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such Liens or guarantees shall new Subsidiary be required to be provided by any Subsidiary in any case in which so pledged), (or, if applicable, ii) deliver to the extent that) Administrative Agent the provision of certificates representing such Lien or guarantee would violate applicable lawCapital Stock, together with undated stock powers, in each caseblank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be and (iii) if reasonably determined requested by the LenderAdministrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) Within 60 days after the Closing Date, deliver any items requested by the Administrative Agent pursuant to Sections 5.1(k)(ii) and 5.1(k)(iv) and not delivered on the Closing Date, together with, in the case of surveys, such endorsements to the title insurance policies referred to in Section 5.1(k)(iii) relating to the matters disclosed in such surveys as may be reasonably requested by the Administrative Agent. In the case of the Borrower, within 30 days after the Closing Date, acquire that portion of the capital stock of Heritage not acquired by the Borrower on the Closing Date.

Appears in 2 contracts

Sources: Credit Agreement (International Home Foods Inc), Credit Agreement (International Home Foods Inc)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by the Borrower or any Loan Party of its Subsidiaries (other than (x) any property described in paragraph (b) below or (y) any property subject to a Lien expressly permitted by Section 7.1) as to which the Lender Lender, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Lender, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Lender, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000either BlueStar Networks, promptly (and in any event within sixty (60) days of such acquisition Inc. or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by the Borrower any Loan Partyof its Subsidiaries, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of BlueStar Networks, Inc. or such new Subsidiary Subsidiary, as the case may be, that is owned directly by the Borrower or indirectly by such Loan Partyany of its Subsidiaries, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyBorrower or such Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iii) cause BlueStar Networks, Inc. or such new Subsidiary or any Subsidiary formed for Subsidiary, as the purpose of acquiring any such Subsidiary case may be, (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security DocumentsAgreement, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such new Subsidiary, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, substantially in a the form reasonably satisfactory to the Lenderof Exhibit B, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.

Appears in 1 contract

Sources: Demand Loan Agreement (Covad Communications Group Inc)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Effective Date or, in the case of inventory or equipment, any material Collateral moved after the Effective Date by any Loan Tensar Party (other than any Collateral described in clauses (b), (c) or (d) of this Section) as to which the Lender TCO does not have a first priority perfected Lien that is required by security interest, promptly (and, in any event, within 10 days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition) (i) execute and deliver to TCO and the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement Agreement, the Foreign Security Documents or such other documents Security Documents as TCO or the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender TCO a security interest in such Collateral and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender to, or continue on behalf of, TCO, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentCollateral, including (if applicable) entering into landlord waivers and the filing of Uniform Commercial Code UCC financing statements (or other waivers, filings or recordations) in such jurisdictions as may be required by the Guarantee and Collateral Agreement Agreement, the Foreign Security Documents or taking any other action by law or as may be reasonably requested by TCO or the LenderAdministrative Agent. (b) With respect to any fee interest in any real property acquired after the Closing Date by Collateral consisting of Real Property or any Loan Party lease interest in Collateral consisting of Real Property with an individual fair market value annual rent in excess of $250,0001,000,000 acquired or leased after the Effective Date by any Tensar Party, promptly (and and, in any event event, within sixty (60) 20 days following the date of such acquisition or such longer period as approved by the Lender in its reasonable discretion): acquisition) (i) execute and deliver a first priority Mortgage or such other Foreign Security Document reasonably requested by the Administrative Agent in favor of TCO covering such real property and complying with the provisions herein and in the maximum principal Security Documents, (ii) with respect to Real Property owned by a US Guarantor, provide the Secured Parties with title and extended coverage insurance in an amount of at least equal to the purchase price of any such real property in jurisdictions that impose mortgage recording taxes Real Property owned by a US Guarantor (or such other amount as TCO or the Administrative Agent shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxesspecify), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificatesSurveys, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property insurance, lease estoppel certificates, memoranda or amendments, all in an amount required for the Lender to be in compliance accordance with the National Flood Insurance Act of 1968 and (4) such other documents standards for deliveries contemplated on the Effective Date, as the Lender may reasonably request that are described in the Borrower’s possession with respect Annex 9 to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)this Schedule 3, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to TCO and the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to TCO and the LenderAdministrative Agent and (iv) deliver to TCO and the Administrative Agent a notice identifying, and upon TCO’s or the Administrative Agent request, provide a copy of, the consultant’s reports, environmental site assessments or other documents relied upon by any Tensar Party to determine that any Real Property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in a material Environmental Liability or otherwise cause any of the representatives or warranties contained in Section 1.17 of Schedule 2 to be untrue. Notwithstanding Schedule 3, Affirmative Covenants (c) With respect to any Subsidiary (other than an Excluded Subsidiary) created or acquired after the foregoingEffective Date (which, for the purposes of this clause (c), shall include any existing Subsidiary that ceases to be an Excluded Subsidiary at any time after the Effective Date) by Tensar Holdings, Luxco or any of the Subsidiaries, promptly (and, in any event, within 10 days following such creation or the date of such acquisition) (i) execute and deliver to TCO such amendments to the Guarantee and Collateral Agreement and the Foreign Security Documents as TCO or the Administrative Agent deem necessary or advisable to grant to TCO a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by any Tensar Party, (ii) deliver to TCO the certificates, if any, representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Tensar Party, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, the Foreign Security Documents or such other than documentation reasonably requested by TCO or the Administrative Agent to provide a Guarantee of the Obligations and (B) to take such actions necessary or, in the reasonable opinion of TCO or the Administrative Agent, advisable to grant to TCO a perfected first priority security interest in the Collateral described in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Guarantee and Collateral or perfect the Lender’s security interest Agreement and such Foreign Security Documents with respect to such new Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office and the filing of UCC financing statements (or other recordations or filings) in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Foreign Security Documents, any Collateral Intellectual Property Security Agreement or by law or as may be reasonably requested by TCO, (except iv) deliver to TCO and the Administrative Agent legal opinions relating to the extent perfection can matters described above, which opinions shall be accomplished by filing UCC financing statements) or provide any guarantee of in form and substance, and from counsel, reasonably satisfactory to TCO and the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the LenderAdministrative Agent, and (v) deliver to TCO and the Administrative Agent a notice identifying, and upon TCO’s or the Administrative Agent’s request, provide a copy of, the consultant’s reports, environmental site assessments or other documents relied upon by any Tensar Party to determine that any such real property owned by such Tensar Party does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in a material Environmental Liability or that acquisition of such Subsidiary will not cause any of the representations and warranties contained in Section 1.17 of Schedule 2 to be untrue. (d) With respect to any Excluded Subsidiary created or acquired after the Effective Date by Tensar Holdings, Luxco or any Guarantor, promptly (and, in any event, within 10 days following such creation or the date of such acquisition) (i) execute and deliver to TCO and the Administrative Agent such amendments to the Guarantee and Collateral Agreement or Foreign Pledge Agreements as TCO or the Administrative Agent deems necessary or advisable in order to grant to TCO a perfected first priority security interest in the Equity Interests in such new Excluded Subsidiary that is owned by any Tensar Party, (ii) deliver to TCO the certificates representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Tensar Party and take such other than action as may be necessary or, in the Collateral reasonable opinion of TCO or the Administrative Agent, desirable to perfect the security interest of TCO thereon, (iii) deliver to TCO and the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in which form and substance, and from counsel, reasonably satisfactory to TCO and the Administrative Agent, and (iv) deliver to TCO and the Administrative Agent a Lien was previously granted notice identifying, and upon TCO’s or required the Administrative Agent’s request, provide a copy of, the consultant’s reports, environmental site Schedule 3, Affirmative Covenants assessments or other documents relied upon by Luxco or any other Tensar Party to determine that any real property owned by such Subsidiary does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in a material Environmental Liability or that acquisition of such Subsidiary will not cause any of the representations and warranties contained in Section 1.17 of Schedule 2 to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderuntrue.

Appears in 1 contract

Sources: Murabaha Facility Agreement (Tensar Corp)

Additional Collateral, etc. (a) With respect to any property (to the extent included in the definition of Collateral and not constituting Excluded Assets) acquired after the Closing Restatement Date by any Loan Party or Enterasys (other than (x) any property described in paragraph (b) or (c) below, and (y) any property subject to a Lien expressly permitted by Section 7.3(g)) as to which the Lender Administrative Agent, for the ratable benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement, the Enterasys Pledge Agreement or such other documents as the Lender deems Administrative Agent may reasonably deem necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.27.3) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Enterasys Pledge Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Material Domestic Subsidiary that is of the Borrower created or acquired after the Closing Restatement Date by (including any Loan Partysuch Material Domestic Subsidiary acquired pursuant to a Permitted Acquisition, and including any Immaterial Subsidiary existing as of the Restatement Date which becomes a Material Domestic Subsidiary after the Restatement Date), promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest and Lien in the Capital Stock of such new Material Domestic Subsidiary that is owned directly or indirectly by such Loan Partythe Borrower, (ii) deliver to the Lender Administrative Agent such documents and instruments as may be reasonably required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Borrower or any other applicable Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Material Domestic Subsidiary (A) to become a party to the Guarantee and Collateral Agreement as a Grantor and other applicable Security Documentsa Guarantor thereunder, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent for the ratable benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) and Lien in the Collateral described in the Guarantee and Collateral Agreement or such other Security DocumentsAgreement, with respect to such new Material Domestic Subsidiary, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent and (C) to deliver to the Lender Administrative Agent a customary certificate of the secretary (or other equivalent officer) of such SubsidiaryMaterial Domestic Subsidiary of the type described in Section 5.1(c), in a form reasonably satisfactory to the LenderAdministrative Agent, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions addressing such matters as the Administrative Agent may reasonably specify, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (c) With respect to any new First Tier Foreign Subsidiary or any First Tier Foreign Subsidiary Holding Company, as applicable, created or acquired after the Restatement Date by any Loan Party or Enterasys, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or the Enterasys Pledge Agreement as the Administrative Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the ratable benefit of the US-DOCS\109358599.12 Secured Parties, a perfected first priority security interest and Lien in the Capital Stock of such new First Tier Foreign Subsidiary or First Tier Foreign Subsidiary Holding Company, as applicable, that is owned by any such Loan Party or Enterasys (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such new First Tier Foreign Subsidiary (other than the Irish Guarantor) or First Tier Foreign Subsidiary Holding Company (other than the Irish Guarantor), as applicable, be required to be so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock (if certificated), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party or Enterasys, and take such other action (including, as applicable, the delivery of any Foreign Pledge Documents reasonably requested by the Administrative Agent) as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein, and (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (d) Each Loan Party shall use commercially reasonable efforts to obtain a landlord’s agreement or bailee letter, as applicable, from the foregoing, (i) other than lessor of its headquarters location and from the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, lessor of or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect bailee related to any other location where in excess of $750,000 of Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) is stored or provide any guarantee of the Obligationslocated, in each case, if requested by the cost Administrative Agent, which agreement or letter, in any such case, shall contain a waiver or subordination of delivering all Liens or perfecting claims that the lien landlord or bailee may assert against the Collateral at that location, and shall otherwise be reasonably satisfactory in form and substance to the Administrative Agent. After the Restatement Date, no real property or warehouse space shall be leased by any Loan Party and no Inventory shall be shipped to a processor or converter under arrangements established after the Restatement Date, without the prior written consent of the Administrative Agent or unless and until a reasonably satisfactory landlord agreement or bailee letter, as appropriate, if requested by the Administrative Agent, shall first have been obtained with respect to such location. Each Loan Party shall pay and perform its material obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. (e) Not later than 120 days (or such longer period as the Administrative Agent may agree in writing in its discretion) after (i) any Material Real Property is acquired by a Loan Party after the Restatement Date or (ii) an entity becomes a Loan Party if such entity owns Material Real Property at the time it becomes a Loan Party, cause such Material Real Property to be subject to a Lien and Mortgage in favor of the Administrative Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Loan Documents and to otherwise comply with the requirements of the Loan Documents. Notwithstanding anything to the contrary contained in this Section 6.11(e), prior to the execution of any Mortgage for any such Material Real Property, (x) the Borrower shall deliver to the Administrative Agent advance notice of the address of any such Material Real Property and (y) the Administrative Agent shall provide the Lenders with at least 45 days’ prior written notice of the address of such Material Real Property (it being understood that the Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into the accuracy of any such address, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to provide any such notice). (f) With respect to the Irish Guarantor, promptly (i) cause the Irish Guarantor (A) to become a party to the Guarantee and Collateral Agreement as a Grantor and a Guarantor thereunder, (B) to take such actions as are necessary or advisable in the opinion of the Administrative Agent to grant to the Administrative Agent for the ratable benefit of the Secured Parties a perfected first priority security interest and Lien in the Collateral described in the Guarantee and Collateral Agreement, with respect to the Irish Guarantor, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested US-DOCS\109358599.12 by the Administrative Agent, and the filing of providing Form C1 with the Irish Companies Registration Office, the filing of a notification with the Revenue Commissioners of Ireland in accordance with section 1001 of the Irish Taxes Consolidation ▇▇▇ ▇▇▇▇, and take such guarantee exceeds other action (including, as applicable, the benefit delivery of any foreign law security documents reasonably requested by the Administrative Agent) as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein and (C) to deliver to the Lender Administrative Agent a certificate of the secretary (or other equivalent officer) of the Irish Guarantor of the type described in Section 5.1(c), in form reasonably satisfactory to the Administrative Agent, with appropriate insertions and attachments, and (iii) deliver to the Administrative Agent legal opinions addressing such matters as the Administrative Agent may reasonably specify, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. Notwithstanding the foregoing, the Administrative Agent shall not enter into any Mortgage in respect of any real property acquired by any Loan Party after the Closing Date until the date that occurs thirty (30) days after the Administrative Agent has delivered to the Lenders (which shall take into account any adverse tax consequences suffered may be delivered electronically) the following documents in respect of such real property: (i) a completed flood hazard determination from a third party vendor; (ii) if such real property is located in a “special flood hazard area”, (A) a notification to the Borrower (or expected applicable Loan Party) of that fact and (if applicable) notification to be suffered the Borrower that flood insurance coverage is not available and (B) evidence of the receipt by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, of such notice; and (iiiii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no if such Liens or guarantees shall be notice is required to be provided by any Subsidiary to the Borrower and flood insurance is available in any case the community in which (orsuch real property is located, if applicable, to the extent that) the provision evidence of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderrequired flood insurance.

Appears in 1 contract

Sources: Credit Agreement (Extreme Networks Inc)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Funding Date or, in the case of inventory or equipment that is part of the Collateral, any material Collateral (other than Collateral in possession of the Administrative Agent or the Collateral Agent) moved after the Closing Date by the Borrower (other than any Loan Party Collateral described in paragraphs (b), (c) or (d) of this Section) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by security interest, promptly (and, in any event, within 20 Business Days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition or designation) (i) execute and deliver to the Lender Administrative Agent, and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to such Collateral Agent, for the Lender benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Administrative Agent to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal subject to the purchase price of such real property, (2limitations set forth in Section 3.19) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyCollateral (other than any Excluded Perfection Assets and, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement except with respect to each Deposit Account or Securities Account (other thanPledged Securities, in each case, Excluded Accounts)subject to Permitted Liens, and any Security Document in respect of Pledged Securities, the Permitted Liens set forth in clause (or any amendment, supplement or modification thereofh) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiarydefinition thereof), including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and Administrative Agent or the Collateral Agent. (Cb) With respect to deliver to any fee interest in any Collateral consisting of real property or any lease of Collateral consisting of real property acquired or leased after the Lender a customary certificate Funding Date by the Borrower (other than any Excluded Perfection Assets), promptly (and, in any event, within 60 days following the date of such Subsidiaryacquisition) (i) execute and deliver a first priority Mortgage in favor of the Collateral Agent, for the benefit of the Secured Parties, covering such real property and in a form and substance reasonably satisfactory to the LenderCollateral Agent, (ii) provide the Secured Parties with appropriate insertions (A) title and attachmentsextended coverage insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent or the Collateral Agent, which may be the value of the generation assets, if applicable, situated thereon), together with such endorsements as are reasonably required by the Administrative Agent or the Collateral Agent and are obtainable in the State in which such real property is located, as well as a current ALTA survey thereof complying with the requirements set forth in Schedule 5.09(b) and all of the other provisions herein and in the Security Documents, together with a surveyor’s certificate and (ivB) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent or the Collateral Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent, (iii) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent and the foregoingCollateral Agent and (iv) deliver to the Administrative Agent a notice identifying the consultant’s reports, environmental site assessments or other documents relied upon by the Borrower to determine that any such real property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could, or to determine that the operations on any such real property included in such Collateral is in compliance with Environmental Law except to the extent any non-compliance could not, reasonably be expected to result in a material Environmental Liability. (c) With respect to any new Subsidiary (other than an Unrestricted Subsidiary or a subsidiary of the Company) created or acquired after the Funding Date by (and directly owned by) the Borrower, promptly (and, in any event, within 20 days following such creation or the date of such acquisition), (i) other than execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary or reasonably advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a valid, perfected first priority security interest in which a Lien was previously granted or required to be granted the Equity Interests in such new Subsidiary that are owned by the Loan PartiesBorrower, (ii) deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with undated instruments of transfer or the guarantees provided by the Loan Partiesstock powers, in each caseblank, on executed and delivered by a duly authorized officer of the Closing Date or pursuant Borrower, and (iii) deliver to Section 5.2the Administrative Agent and the Collateral Agent, if reasonably requested, legal opinions relating to the Loan Parties matters described above, which opinions shall not be required in form and substance, and from counsel, reasonably satisfactory to deliver any the Administrative Agent and the Collateral or perfect the Lender’s security interest with Agent. (d) With respect to any Collateral new Foreign Subsidiary (except other than an Unrestricted Subsidiary or a subsidiary of the Company) created or acquired after the Funding Date by (and directly owned by) the Borrower, promptly (and, in any event, within 25 days following such creation or the date of such acquisition), (i) execute and deliver to the extent perfection can be accomplished by filing UCC financing statements) Administrative Agent and the Collateral Agent such amendments to the Collateral Agreement as the Administrative Agent or provide any guarantee the Collateral Agent deems necessary or advisable in order to grant to the Collateral Agent, for the benefit of the ObligationsSecured Parties, a perfected first priority security interest in each case, if the cost of delivering or perfecting the lien Equity Interests in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered new Foreign Subsidiary that is directly owned by the Borrower or (provided that in no event shall more than 66% of the total outstanding voting first-tier Equity Interests in any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall new Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Collateral Agent the certificates representing such Equity Interests, together with undated instruments of transfer or stock powers, in blank, executed and delivered by any Subsidiary in any case in which (a duly authorized officer of the Borrower and take such other action as may be necessary or, if applicablein the reasonable opinion of the Administrative Agent or the Collateral Agent, desirable to perfect the security interest of the Collateral Agent thereon and (iii) deliver to the extent thatAdministrative Agent and the Collateral Agent, if reasonably requested, legal opinions (which may be delivered by in-house counsel if admitted in the relevant jurisdiction) relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent and the Collateral Agent.

Appears in 1 contract

Sources: Credit Agreement (NRG Energy, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral personal property or Intellectual Property acquired after the Closing Date by any Loan Party (other than any motor vehicles, or any tangible personal property evidenced by a title certificate or any other type of property expressly excluded by the Security Documents) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee Guaranty and Collateral Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest under U.S. law in such property pursuant to the terms, conditions and limitations set forth in the Guaranty and Collateral Agreement, subject to Liens permitted under Section 7.3, and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Collateral Agent to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien under U.S. law in such Collateral as required by property pursuant to the Guarantee terms, conditions and limitations set forth in the Guaranty and Collateral Agreement or any other Security DocumentAgreement, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be reasonably required by the Guarantee Guaranty and Collateral Agreement or taking any other action under U.S. law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the date that is 180 days after the Closing Date by any Loan Party with an individual fair market value in excess (other than any such real property subject or to be subject to a Lien permitted by Section 7.3(g)), on a quarterly basis reasonably promptly within 30 days after delivery of $250,000, promptly the financial statements delivered pursuant to Section 6.1(a) or (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (ib) execute and deliver a first priority Mortgage mortgage or deed of trust subject to the Liens permitted by such mortgage or deed of trust in a form substantially similar to the maximum principal amount of Mortgages on the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be Mortgaged Properties and otherwise reasonably specified by satisfactory to the Lender in jurisdictions that do not impose mortgage recording taxes)Administrative Agent, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title property and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued recorded by a nationally recognized title insurance companycompany in such manner and in such place as is required by law to establish, perfect, preserve and protect the Lien in an amount equal favor of the Collateral Agent required to be granted pursuant to the purchase price of such real propertyMortgage and all taxes, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements fees and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate charges payable in connection therewith shall be paid in full. Such Loan Party shall otherwise take such actions and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable execute and/or deliver to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering Collateral Agent such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may Administrative Agent shall reasonably request that are in require to confirm the Borrower’s possession with respect to validity, perfection and priority of the Lien of any existing Mortgage or new Mortgage against such real propertyafter-acquired Real Property (including a Title Policy, a Survey and local counsel opinion (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the LenderAdministrative Agent) and other documents of the type described in Section 6.15 in respect of such Mortgage). (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guaranty and Collateral Agreement as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest subject to Liens permitted pursuant to Section 7.3 in the Capital Stock of such new Subsidiary that is owned by any Loan Party (provided such security interest shall be limited (A) in the case of a Foreign Subsidiary directly owned by a Domestic Subsidiary, to 65% of such Capital Stock in such Foreign Subsidiary and (B) in the case of any other Foreign Subsidiary or indirectly by any Insurance Subsidiary or Immaterial Subsidiary, to 0% of such Loan PartyCapital Stock in such Foreign Subsidiary, Insurance Subsidiary or Immaterial Subsidiary), (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Administrative Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any (unless such Subsidiary is a Foreign Subsidiary, an Insurance Subsidiary, an Immaterial Subsidiary, a Regulated Entity or a Non-Wholly-Owned Subsidiary or otherwise excluded pursuant to the definition of a Subsidiary Guarantor) (A) to become a party to the Guarantee Guaranty and Collateral Agreement and other applicable Security DocumentsAgreement, (B) to take such actions as are necessary and reasonably necessary or advisable in requested by the opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent for the benefit of the Lenders a perfected first priority security interest (subject to the Liens permitted hereunder) under Section 7.3 in the Collateral described in the Guarantee Guaranty and Collateral Agreement or such other Security Documents, with respect to such new Subsidiary, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee Guaranty and Collateral Agreement or by U.S. law or as may be reasonably requested by the Lender Administrative Agent and (C) to deliver to the Lender Administrative Agent a customary certificate of such Subsidiary, substantially in a the form of Exhibit C or in such other form as may be reasonably satisfactory acceptable to the LenderAdministrative Agent, with appropriate insertions and attachments, and (iv) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent; provided that (1) the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties Borrower shall not be required to deliver take, or cause any Collateral or perfect Subsidiary to take, the Lender’s security interest actions required by this paragraph (c) with respect to any Collateral (except such new Subsidiary prior to the extent perfection can be accomplished by filing UCC financing statementsdelivery of financial statements delivered pursuant to Section 6.1(a) or provide any guarantee (b) for the fiscal quarter of the ObligationsBorrower during which such new Subsidiary was created or acquired unless (x) the aggregate amount of Investments made by Borrower and the Subsidiaries in all such new Subsidiaries exceeds $10,000,000 prior to the end of such fiscal quarter or (y) an Event of Default has occurred and is continuing and (2) the Borrower shall not be required to provide the legal opinions required by this paragraph (c) if the applicable new Subsidiary (on a consolidated basis) accounts for less than 1% of the assets, revenues or Consolidated EBITDA of the Borrower, in each case, if case on a pro forma basis as of the cost end of delivering and for the four fiscal quarters most recently ended for which financial statements have been delivered under Section 6.1(a) or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (iib) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, prior to the extent that) first delivery date for such financial statements, for which financial statements of the provision Company are available, as though such Subsidiary had become a Subsidiary at the beginning of such Lien or guarantee would violate applicable lawperiod, unless such new Subsidiary, together with all other Subsidiary Guarantors organized in each case, as reasonably determined the same jurisdiction with respect to which no opinions have been received by the LenderAdministrative Agent, account for 4% of more of the assets, revenues or Consolidated EBITDA of the Borrower (determined on the same basis as provided above).

Appears in 1 contract

Sources: Credit Agreement (Radiation Therapy Services Holdings, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral personal Property acquired after the Closing Restatement Effective Date by Holdings or any of its Restricted Subsidiaries constituting any Additional Regal-Holdings Notes, any other possessory collateral required to be delivered to the Administrative Agent pursuant to any other Section of this Agreement, any collateral accounts required to be created under this Agreement or any other Loan Party Document and any Property provided as replacement Collateral under Section 7.5, (but specifically excluding (x) any Collateral described in paragraphs (b), (c) or (d) of this Section 6.10, (y) any Collateral subject to a Lien expressly permitted by Sections 7.3(f) and (g) (but only for so long as so subject) and (z) Collateral acquired by an Excluded Foreign Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required security interest, promptly (and, in any event, within 30 days following the date of such acquisition (or, in the case of replacement Collateral contemplated by Section 7.5, within the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertytime period set forth therein), the Borrower will, and will cause each other Loan Party to, promptly: ): (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by Administrative Agent, for the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount benefit of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Secured Parties, in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyCollateral, (ii) deliver to the Lender such documents and instruments as may be required to grantincluding, perfectwithout limitation, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and Administrative Agent. (Cb) With respect to deliver any fee interest in any Real Estate acquired by Holdings or any of its Restricted Subsidiaries having a value (together with improvements thereof) of at least $1,000,000 (other than with respect to any such Real Estate, (x) owned by an Excluded Foreign Subsidiary, (y) owned by a new Subsidiary subject to the Lender requirements of Section 6.10(c), or (z) subject to a customary certificate Lien expressly permitted by Sections 7.3(f) or 7.3(g) (but only for so long as so subject)), promptly (and, in any event, within 45 days following the date of such Subsidiaryacquisition or such later date permitted by the Administrative Agent): (i) execute and deliver a first priority Mortgage (subject to Permitted Liens) in favor of the Administrative Agent, in a form reasonably satisfactory to for the Lenderbenefit of the Secured Parties, with appropriate insertions and attachmentscovering such real property, and (ivii) if requested by the LenderAdministrative Agent, provide the Secured Parties with (x) title and extended coverage insurance covering such real property complying with the provisions of Schedule 6.10(b), in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent) as well as a current ALTA survey in substantially the form of such surveys delivered in connection with the Original Credit Agreement, together with a surveyor's certificate, (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and (z) Phase I environmental reports (and where appropriate based upon such Phase I environmental reports and at the request of the Administrative Agent, Phase II environmental reports) with respect to such real property, all in form and substance reasonably satisfactory to the Administrative Agent; and (iii) if requested by the Administrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary, any Unrestricted Subsidiary created or acquired pursuant to an Investment made in accordance with Sections 7.8(k) or (l), any Foreign Subsidiary of RCM in existence on the foregoingRestatement Effective Date and Next Generation Network, Inc.) created or acquired after the Restatement Effective Date (which, for the purposes of this Section 6.10(c), shall include any existing Subsidiary that (i) other than the Collateral in which a Lien was previously granted or required ceases to be granted an Excluded Foreign Subsidiary or (ii) ceases to be an Unrestricted Subsidiary and becomes a Restricted Subsidiary), by either of the Loan Borrowers or any of their respective Restricted Subsidiaries, (A) promptly (and, in any event, within 30 days following such creation or the date of such acquisition) (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement, if any, as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by either of the Borrowers or any of their respective Restricted Subsidiaries, (ii) deliver to the guarantees provided by Administrative Agent the Loan Partiescertificates representing such Capital Stock, together with undated stock powers, in each caseblank, on executed and delivered by a duly authorized officer of such Borrower or such Restricted Subsidiary, as the Closing Date or pursuant case may be and (iii) cause such new Subsidiary to Section 5.2, become party to the Loan Parties shall Guarantee and Collateral Agreement as a Guarantor (but not be required to deliver any Collateral or perfect the Lender’s security interest a Grantor (except with respect to the Capital Stock of its Restricted Subsidiaries)) thereunder, (B) promptly (and, in any Collateral event, within 45 days following the date of such acquisition or such later date as permitted by the Administrative Agent) (except I) execute and deliver a first priority Mortgage (subject to Permitted Liens) in favor of the extent perfection can be accomplished Administrative Agent, for the benefit of the Secured Parties, covering any Real Property owned in fee by filing UCC financing statementssuch Subsidiary having a value (together with improvements thereof) of at least $1,000,000 (other than Real Estate subject to a Lien expressly permitted by Sections 7.3(f) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender 7.3(g) (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party but only for so long as a result thereofso subject), in each case, as reasonably determined by the Lender), and (iiII) if requested by the Administrative Agent, provide the Secured Parties with (x) title and extended coverage insurance covering such real property complying with the provisions of Schedule 6.10(b); and (C) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described in clause (iii) above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Restatement Effective Date by either of the Borrowers or any of their respective Restricted Subsidiaries (other than any Foreign Subsidiary of RCM in existence on the Restatement Effective Date), promptly (and, in any event, within 30 days following such creation or the date of such acquisition): (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable in which a Lien was previously granted or required order to be granted by grant to the Loan Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by either of the Borrowers or any of their respective Domestic Subsidiaries (provided that in no event shall more than 65% of the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no total outstanding Capital Stock of any such Liens or guarantees shall new Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of such Borrower or such Domestic Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the security interest of the Administrative Agent thereon, and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) Notwithstanding anything to the contrary in this Section 6.10, paragraphs (a), (b), (c) and (d) of this Section 6.10 shall not apply to any Property, new Subsidiary or new Excluded Foreign Subsidiary created or acquired after the Restatement Effective Date, as applicable, as to which the Administrative Agent has determined in its sole discretion that the collateral value thereof is insufficient to justify the difficulty, time and/or expense of obtaining a perfected security interest therein. (f) The Administrative Agent is hereby authorized by the Lenders to enter into such amendments to the extent thatGuarantee and Collateral Agreement as the Administrative Agent deems necessary to effectuate the provisions of this Section 6.10. (g) It is the provision intention of such Lien or guarantee would violate applicable law, in each case, as reasonably determined the Borrowers and their Subsidiaries that the Obligations are secured by the LenderMortgages, the Guarantee and Collateral Agreement and the other Security Documents.

Appears in 1 contract

Sources: Credit Agreement (Regal Entertainment Group)

Additional Collateral, etc. (a) With respect to any Collateral property (to the extent included in the definition of Collateral) acquired after the Closing Date by any Loan Party (other than (x) any property described in paragraph (b), (c) or (d) below, and (y) any property subject to a Lien expressly permitted by Section 7.3(g)) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee Lien, promptly (and Collateral Agreement in any event within three (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: 3) Business Days) (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement, the Canadian Security Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.27.3) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code or PPSA financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Canadian Security Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000(other than any such real property subject to a Lien expressly permitted by Section 7.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved promptly, to the extent requested by the Lender in its reasonable discretion): Administrative Agent, (i) execute and deliver a first priority Mortgage Mortgage, in favor of the maximum principal Administrative Agent, for the ratable benefit of the Secured Parties, covering such real property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate certificate, and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to such Mortgagethe matters described above, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent. (c) With respect to any new direct or indirect Domestic Subsidiary that is created or acquired after the Closing Date by any Loan PartyParty or any Domestic Subsidiary that ceases to be an Immaterial Subsidiary at any time after the Closing Date, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Guarantee and Collateral Agreement and/or the Canadian Security Documents Agreement, as applicable, as the Lender Administrative Agent deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Domestic Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender Administrative Agent such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including including, but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Domestic Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable and/or the Canadian Security DocumentsAgreement, as applicable, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other and/or the Canadian Security DocumentsAgreement, as applicable, with respect to such Domestic Subsidiary, including the filing of UCC Uniform Commercial Code or PPSA financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Canadian Security Agreement or by law or as may be reasonably requested by the Lender Administrative Agent and (C) to deliver to the Lender Administrative Agent a customary certificate of such Domestic Subsidiary, in a form reasonably satisfactory to the LenderAdministrative Agent, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (d) With respect to any new First Tier Foreign Subsidiary created or acquired after the foregoingClosing Date by any Loan Party, promptly (i) other execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement, as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new First Tier Foreign Subsidiary that is owned by any such Loan Party (provided that in no event shall more than 66% of the Collateral in which a Lien was previously granted or total outstanding voting Capital Stock of any such new First Tier Foreign Subsidiary be required to be granted by so pledged), (ii) deliver to the Loan PartiesAdministrative Agent the certificates representing such Capital Stock, or the guarantees provided by the Loan Partiestogether with undated stock powers, in each caseblank, on executed and delivered by a duly authorized officer of the Closing Date or pursuant relevant Loan Party, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the LenderAdministrative Agent’s security interest therein, and (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) At the request of the Administrative Agent, each Loan Party shall use commercially reasonable efforts to obtain a landlord’s agreement or bailee letter, as applicable, from the lessor of each leased property or bailee with respect to any warehouse, processor or converter facility or other location where Collateral (except is stored or located, which agreement or letter shall contain a waiver or subordination of all Liens or claims that the landlord or bailee may assert against the Collateral at that location, and shall otherwise be reasonably satisfactory in form and substance to the extent perfection can Administrative Agent. After the Closing Date, no real property or warehouse space shall be accomplished leased by filing UCC financing statementsany Loan Party, without the prior written consent of the Administrative Agent (which consent, in the Administrative Agent’s discretion, may be conditioned upon the establishment of Reserves acceptable to the Administrative Agent) or provide any guarantee of the Obligationsunless and until a reasonably satisfactory landlord agreement or bailee letter, in each caseas appropriate, if the cost of delivering or perfecting the lien in shall first have been obtained with respect to such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any location. Each Loan Party as a result thereof), in shall pay and perform its material obligations under all leases and other agreements with respect to each case, as reasonably determined by the Lender, and (ii) other than the leased location or public warehouse where any Collateral in which a Lien was previously granted is or required to may be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderlocated.

Appears in 1 contract

Sources: Credit Agreement (Satcon Technology Corp)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Restatement Date by the Borrower or any other Loan Party (other than any Collateral described in paragraphs (b), (c) or (d) of this Section and other than the PJM Receivables) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a first priority perfected Lien that is required security interest (subject to any Permitted Liens), promptly (and, in any event, within 10 days following the date of such acquisition or such latter date approved by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertyAdministrative Agent), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in to grant to, or continue on behalf of, the reasonable opinion Collateral Agent, for the benefit of the Lender to grant to the Lender Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document(subject to Permitted Liens), including (if applicable) the filing execution and delivery of Uniform Commercial Code financing statements in such jurisdictions as may be required a Control Agreement with respect to each deposit account or securities account that is established by a Loan Party after the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the LenderRestatement Date. (b) With respect to any fee interest in any real property Collateral consisting of material Real Property (as reasonably determined by the Administrative Agent) acquired after the Closing Restatement Date by the Borrower or any other Loan Party with an individual fair market value in excess of $250,000Party, promptly (and and, in any event event, within sixty (60) 30 days following the date of such acquisition or such longer period as latter date approved by the Lender in its reasonable discretion): Administrative Agent) (i) if and to the extent reasonably requested by the Administrative Agent, execute and deliver a first priority Mortgage or amendments or modifications to Mortgages (in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)each case, subject to Permitted Liens) in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real propertyproperty and complying with the provisions herein and in the Security Documents along with any related financing statements so requested, (ii) if and to the extent reasonably requested by the LenderAdministrative Agent, provide the Lender Secured Parties with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance companyor comparable endorsements or supplements to the Title Policy, in an amount at least equal to the purchase price of such real property, Real Property (2) a current ALTA/NSPS survey thereof, paid for or such lesser amount as reasonably agreed to by the Borrower and in each caseAdministrative Agent), including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing surveywhich may be subject, in each case, sufficient for such title insurance company to remove all standard survey exceptions from Permitted Liens (which, in the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise case of Permitted Liens described in clause (c) of Section 6.02, shall be reasonably acceptable to the LenderAdministrative Agent), (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form Administrative Agent and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Administrative Agent and the Collateral in which Agent and (iv) deliver to the Administrative Agent a Lien was previously granted notice identifying, and upon the Administrative Agent’s request, provide a copy of, the consultant’s reports, environmental site assessments or required to be granted by the Loan Parties, or the guarantees provided by the Loan Partiesother documents, in each case, on to the Closing Date or pursuant to Section 5.2extent available to, and relied upon by, the Borrower or any other Loan Parties shall Party to determine that any such real property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be required expected to deliver any Collateral or perfect the Lender’s security interest with result in a material Environmental Liability. (c) With respect to any Collateral (except to Subsidiary created or acquired after the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered Restatement Date by the Borrower or any Loan Party as a result thereof)of the Subsidiaries in accordance with Section 6.12, promptly (and, in each caseany event, as reasonably determined within 20 days following such creation or the date of such acquisition or such latter date approved by the LenderAdministrative Agent) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, and for the benefit of the Secured Parties, a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by the Borrower or any of the Subsidiaries, (ii) other than deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with undated stock powers, in which blank, executed and delivered by a Lien was previously granted duly authorized officer of the Borrower or such Subsidiary, as the case may be and (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement (and provide Guarantees of the Obligations) and (B) to take such actions necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Permitted Liens) in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office and the filing of UCC financing statements in such jurisdictions as may be required to be granted by the Loan Parties, Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderCollateral Agent.

Appears in 1 contract

Sources: First Lien Credit Agreement (Dynegy Inc /Il/)

Additional Collateral, etc. (axxiv) With respect to any Collateral personal Property acquired after the Closing Amendment Effective Date by the Parent or any Loan Party of its Subsidiaries (other than (w) any leasehold, easement or fee interest in real property, (x) any Property subject to a Lien expressly permitted by Section 7.3(g), (y) Property acquired by an Excluded Subsidiary and (z) Property acquired directly by the Parent, Holdings or SBA Senior Finance other than the Capital Stock of a Person of which any of Holdings, SBA Senior Finance or the Borrower is a Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (ca) With respect to any new direct or indirect Subsidiary that is (other than an Excluded Subsidiary) created or acquired after the Closing Amendment Effective Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Subsidiary or Securitization Subsidiary) by the Borrower or any Loan Partyof its Subsidiaries, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly by the Borrower or indirectly by such Loan Partyany of its Subsidiaries, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Administrative Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyBorrower or such Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such new Subsidiary, including including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachmentsAdministrative Agent, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Administrative Agent. (ib) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with With respect to any Collateral (except to new Excluded Subsidiary created or acquired after the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered Amendment Effective Date by the Borrower or any Loan Party of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a result thereof), perfected first priority security interest in each case, as reasonably determined the Capital Stock of such new Excluded Subsidiary that is owned by the Lender, and Borrower or any of its Subsidiaries (ii) other provided that in no event shall more than 65% of the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no total outstanding Capital Stock of any such Liens or guarantees shall new Excluded Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary a duly authorized officer of the Borrower or such Excluded Subsidiary, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. For the avoidance of doubt, no local perfection measures shall be taken in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderforeign jurisdication.

Appears in 1 contract

Sources: Credit Agreement (Sba Communications Corp)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Date by or with respect to any Loan Party as property or asset which becomes Collateral pursuant to the definition thereof after the Closing Date, promptly (and, in any event, (A) with respect to any Deposit Account, Securities Account or Commodities Account, within the time period set forth in the second paragraph of Section 5.10 applicable to such Deposit Account, Securities Account or Commodities Account and (B) with respect to any other Collateral or any other property or asset which becomes Collateral, within 20 Business Days following the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition or designation) (i) execute and deliver to the Lender Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent or the Collateral Trustee, as the case may be, deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Administrative Agent to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal subject to the purchase price of such real property, (2limitations set forth in Section 3.19) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyCollateral (other than any Excluded Perfection Assets and, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement except with respect to each Deposit Account or Pledged Securities Account (other thanin the possession of the Collateral Trustee, in each case, Excluded Accounts)subject to Permitted Liens, and any Security Document in respect of Pledged Securities in the possession of the Collateral Trustee, the Permitted Liens set forth in clause (or any amendment, supplement or modification thereofg) of the definition thereof and with respect to Intellectual Property (any other than Excluded AssetsPriority Lien Obligations), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent, the Collateral Agent or the Collateral Trustee (it being understood and agreed that no Control Agreements shall be required pursuant to this Section 5.09(a) in respect of any Counterparty Accounts). Notwithstanding anything set forth herein or in any other Loan Document to the contrary, this Section 5.09(a) shall not apply to Intellectual Property Collateral acquired after the Closing Date or with respect to any property or asset which becomes Intellectual Property Collateral pursuant to the definition of Collateral after the Closing Date (it being agreed and understood that such Intellectual Property Collateral shall be subject to the applicable provisions of the Guarantee and Collateral Agreement). (b) With respect to any fee interest in any Collateral consisting of real property or any lease of Collateral consisting of real property acquired or leased after the Closing Date by the Borrower or any other Loan Party or which becomes Collateral pursuant to the definition thereof (other than any Excluded Perfection Assets), promptly (and, in any event, within 60 days following the date of such acquisition or such longer period as consented to by the Administrative Agent in its sole discretion) (i) execute and deliver a first priority Mortgage in favor of the Collateral Trustee, for the benefit of the Secured Parties, covering such real property and complying with the provisions herein and in the Security Documents, (ii) provide the Secured Parties with (A) title and extended coverage insurance (or, if approved by the Administrative Agent in its sole discretion, a UCC title insurance policy) covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent, the Collateral Agent or the Collateral Trustee, which may be the value of the generation assets, if applicable, situated thereon), together with such endorsements as are reasonably required by the Administrative Agent, the Collateral Agent or the Collateral Trustee and are obtainable in the State in which such Mortgaged Property is located, as well as a current ALTA survey thereof complying with the requirements set forth in Schedule 5.09(b) and all of the other provisions herein and in the Security Documents, together with a surveyor’s certificate and (B) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent, the Collateral Agent or the Collateral Trustee in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent, the Collateral Agent and the Collateral Trustee, (iii) if any such Collateral (other than any Excluded Perfection Assets) consisting of fee-owned real property is required to be insured pursuant to the Flood Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968, and the regulations promulgated thereunder, because it is located in an area which has been identified by the Secretary of Housing and Urban Development as a “special flood hazard area,” deliver to the Administrative Agent (A) a policy of flood insurance that (1) covers such Collateral and (2) is written in an amount reasonably satisfactory to the Administrative Agent, (B) a “life of loan” standard flood hazard determination with respect to such Collateral and (C) a confirmation that the Borrower or such other Loan Party has received the notice requested pursuant to deliver to Section 208(e)(3) of Regulation H of the Lender a customary certificate of such SubsidiaryBoard, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent, the Collateral Agent and the Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoingAdministrative Agent, (i) other than the Collateral in which a Lien was previously granted or required to be granted by Agent and the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to Collateral Trustee and (v) deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) Administrative Agent a notice identifying the consultant’s reports, environmental site assessments or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered other documents relied upon by the Borrower or any other Loan Party as to determine that any such real property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could, or to determine that the operations on any such real property included in such Collateral is in compliance with Environmental Law except to the extent any non-compliance could not, reasonably be expected to result thereofin a material Environmental Liability. (c) With respect to any new Subsidiary (other than an Unrestricted Subsidiary or an Excluded Subsidiary) created or acquired after the Closing Date (which, for the purposes of this Section 5.09(c), in each caseshall include any existing Subsidiary that ceases to be an Unrestricted Subsidiary, as reasonably determined an Excluded Foreign Subsidiary or an Excluded Project Subsidiary) by the LenderBorrower or any of the Subsidiaries, promptly (and, in any event, within 20 Business Days following such creation or the date of such acquisition), (i) execute and deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement as the Administrative Agent, the Collateral Agent or the Collateral Trustee deems necessary or reasonably advisable to grant to the Collateral Trustee, for the benefit of the Secured Parties, a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by the Borrower or any of the Subsidiaries, (ii) deliver to the Collateral Trustee the certificates, if any, representing such Equity Interests, together with undated instruments of transfer or stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary that is not an Excluded Subsidiary or an Unrestricted Subsidiary (A) to become a party to the Guarantee and Collateral Agreement to, among other things, provide Guarantees of the Guaranteed Obligations hereunder, the Collateral Trust Agreement and the Intellectual Property Security Agreements and (B) to take such actions necessary or reasonably requested by the Administrative Agent to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected (subject to the limitations set forth in Section 3.19) first priority security interest (except with respect to Pledged Securities, subject to Permitted Liens, and in respect of Pledged Securities, the Permitted Liens in clause (g) of the definition thereof) in the Collateral described in the Guarantee and Collateral Agreement and the Intellectual Property Security Agreement with respect to such new Subsidiary that is not an Excluded Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office (but not in any intellectual property offices in any jurisdiction outside the United States), the execution and delivery by all necessary Persons of Control Agreements (other than with respect to any Counterparty Accounts) and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent, the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, Agent or the guarantees provided by Collateral Trustee and (iv) deliver to the Loan PartiesAdministrative Agent, the Collateral Agent and the Collateral Trustee, if reasonably requested, legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, on and from counsel, reasonably satisfactory to the Administrative Agent, the Collateral Agent and the Collateral Trustee. (d) With respect to any new Excluded Foreign Subsidiary (other than an Unrestricted Subsidiary or an Excluded Subsidiary pursuant to clause (ii) or (iii) of the definition thereof that is a subsidiary of an Excluded Foreign Subsidiary) created or acquired after the Closing Date by the Borrower or pursuant any of its Subsidiaries, promptly (and, in any event, within 20 Business Days following such creation or the date of such acquisition) (i) execute and deliver to Section 5.2the Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement as the Administrative Agent, the Collateral Agent or the Collateral Trustee deems necessary or advisable in order to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority security interest in the Equity Interests in such new Excluded Foreign Subsidiary that is directly owned by the Borrower or any of its Domestic Subsidiaries (provided that in no event shall more than 66% of the total outstanding voting first-tier Equity Interests in any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Collateral Trustee the certificates representing such Equity Interests, together with undated instruments of transfer or stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Domestic Subsidiary, as the case in which (may be, and take such other action as may be necessary or, if applicablein the reasonable opinion of the Administrative Agent, the Collateral Agent or the Collateral Trustee, desirable to perfect the security interest of the Collateral Trustee thereon and (iii) deliver to the extent thatAdministrative Agent, the Collateral Agent and the Collateral Trustee, if reasonably requested, legal opinions (which may be delivered by in-house counsel if admitted in the relevant jurisdiction) relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent, the Collateral Agent and the Collateral Trustee.

Appears in 1 contract

Sources: Credit Agreement (NRG Energy, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Borrower or any Loan Party of its Subsidiaries other than RIC and Excluded Foreign Subsidiaries (other than (x) any Property described in paragraph (b), (c) or (d) below and (y) any Property subject to a Lien expressly permitted by Section 7.3(g)) as to which the Lender Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and in order to grant to the Lender Agent, for the benefit of the Lenders, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAgent. (b) With respect to any fee interest or leasehold interest in any real property estate having a value (together with improvements thereof) of at least $100,000 acquired after the Closing Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000its Subsidiaries other than RIC and Excluded Foreign Subsidiaries (other than any such real estate subject to a Lien expressly permitted by Section 7.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in favor of the maximum principal Agent, for the benefit of the Lenders, covering such real estate, (ii) if such value is in excess of $1,000,000, provide the Lenders with (x) title and extended coverage insurance covering such real estate in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes estate (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAgent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s 's certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Agent in all material respects connection with the minimum detail requirements such mortgage or deed of trust, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyAgent, and (iii) if requested by the LenderAgent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Agent. (ic) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with With respect to any Collateral new Subsidiary (except to the extent perfection can be accomplished by filing UCC financing statementsother than an Excluded Foreign Subsidiary) created or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered acquired by the Borrower or any Loan Party as a result thereofof its Subsidiaries after the Closing Date (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), promptly (i) execute and deliver to the Agent such amendments to the Guarantee and Collateral Agreement as the Agent deems necessary or advisable in each caseorder to grant to the Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary which is owned by the Borrower or any of its Subsidiaries, (ii) deliver to the Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as reasonably determined the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the LenderGuarantee and Collateral Agreement or by law or as may be requested by the Agent, and (iiiv) other than the Collateral in which a Lien was previously granted or required to be granted if requested by the Loan PartiesAgent, deliver to the Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Agent. (d) With respect to any new Excluded Foreign Subsidiary created or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date by the Borrower or pursuant any of its Subsidiaries, promptly (i) execute and deliver to Section 5.2the Agent such amendments to the Guarantee and Collateral Agreement as the Agent deems necessary or advisable in order to grant to the Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary which is owned by the Borrower or any of its Subsidiaries (other than Excluded Foreign Subsidiaries) (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such Liens or guarantees shall new Subsidiary be required to be provided so pledged), (ii) deliver to the Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Subsidiary, as the case in which (may be, and take such other actions as may be necessary or, in the opinion of the Agent, desirable to perfect the Lien thereon, and (iii) if applicablerequested by the Agent, deliver to the extent that) Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAgent.

Appears in 1 contract

Sources: Credit Agreement (Friendly Ice Cream Corp)

Additional Collateral, etc. (a) With respect to any property (to the extent included in the definition of Collateral and not constituting Excluded Assets) acquired after the Closing Restatement Date by any Loan Party or Enterasys (other than (x) any property described in paragraph (b) or (c) below, and (y) any property subject to a Lien expressly permitted by Section 7.3(g)) as to which the Lender Administrative Agent, for the ratable benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement, the Enterasys Pledge Agreement or such other documents as the Lender deems Administrative Agent may reasonably deem necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.27.3) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Enterasys Pledge Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Material Subsidiary that is of the Borrower created or acquired after the Closing Restatement Date by (including any Loan Partysuch Material Subsidiary acquired pursuant to a Permitted Acquisition, and including any Immaterial Subsidiary existing as of the Restatement Date which becomes a Material Subsidiary after the Restatement Date, but excluding any Excluded Subsidiary), promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest and Lien in (to the extent included in the definition of Collateral and not constituting Excluded Assets) the Capital Stock of such new Material Subsidiary that is owned directly or indirectly by such Loan Partythe Borrower, (ii) deliver to the Lender Administrative Agent such documents and instruments as may be reasonably required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Borrower or any other applicable Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Material Subsidiary (A) to become a party to the Guarantee and Collateral Agreement as a Grantor and other applicable Security Documentsa Guarantor thereunder, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent for the ratable benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) and Lien in the Collateral described in the Guarantee and Collateral Agreement or such other Security DocumentsAgreement, with respect to such new Material Subsidiary, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent and (C) to deliver to the Lender Administrative Agent a customary certificate of the secretary (or other equivalent officer) of such SubsidiaryMaterial Subsidiary of the type described in Section 5.1(c), in a form reasonably satisfactory to the LenderAdministrative Agent, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.and

Appears in 1 contract

Sources: Credit Agreement (Extreme Networks Inc)

Additional Collateral, etc. (a) With Subject to Section 5.9(d), with respect to any Collateral personal Property (other than Excluded Assets) acquired or created (including the filing of any applications for the registration or issuance of any Intellectual Property) after the Closing Date by any existing Loan Party Party, no later than the later of (x) 45 days following the acquisition or creation thereof and (y) the next date of delivery of financial statements pursuant to Section 5.1(a) or 5.1(b) covering a period that includes the date of such acquisition or creation of such Property (subject, in each case, to any specific time frame established in the relevant Loan Documents or such later date as to which the Lender does not have a perfected Lien that is required may be agreed by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertyAdministrative Agent), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement Security Documents (including schedules thereto) or such other documents as the Lender deems Administrative Agent may reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and request to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions reasonably necessary or advisable (as determined by the Administrative Agent in the reasonable opinion of the Lender good faith) to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security Table of Contents interest (except as expressly permitted by Section 7.2subject to Permitted Liens) security interest and Lien in such Collateral Property to the extent required under the Security Documents, including the filing of UCC financing statements or PPSA financing statements in such US or Canadian jurisdictions as may be required by the Guarantee Security Documents and the making of certificate of title notations in respect of Rolling Stock Collateral. (b) [Reserved]. (c) With respect to (x) any new Restricted Subsidiary that would constitute a Subsidiary Guarantor within the meaning of that term created or acquired after the Closing Date (other than an Excluded Subsidiary), (y) any Intermediate Parent created after the Closing Date or (z) any previous Excluded Subsidiary that ceases to constitute an Excluded Subsidiary pursuant to the definition of such term (including any Immaterial Subsidiary that ceases to constitute an Immaterial Subsidiary or that has been designated by the Lead Borrower to no longer constitute an Immaterial Subsidiary in order to comply with the proviso to the definition thereof) (each such Person, a “Subsequent Required Guarantor”), in each case no later than the later of (x) 45 days following the date on which such Person constitutes a Subsequent Required Guarantor and (y) the next date of delivery of financial statements pursuant to Section 5.1(a) or Section 5.1(b) covering a period that includes the date such Person becomes a Subsequent Required Guarantor (subject, in each case, to any specific time frame established in the relevant Loan Documents or such later date as may be agreed by the Administrative Agent), (i) execute and deliver to the Administrative Agent such amendments to the Security Documents (including schedules thereto) as the Administrative Agent reasonably deems necessary to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected second priority security interest (subject to Permitted Liens) in the Capital Stock of such Subsequent Required Guarantor (other than to the extent constituting Excluded Assets), (ii) deliver to the Administrative Agent (x) the certificates, if any, representing such Capital Stock of such Subsequent Required Guarantor constituting certificated securities under the UCC or PPSA, as applicable, together with undated stock powers, in blank, to the extent necessary to perfect the Administrative Agent’s security interests therein, and (y) any note, instrument or debt security in favor of such Subsequent Required Guarantor, endorsed in blank or accompanied by an executed transfer form in blank, in each case executed and delivered by a duly authorized officer of such Subsequent Required Guarantor, in each case to the extent required by the Security Documents (and in each case to the extent delivery of such endorsements or transfer forms are customary under applicable Requirements of Law), (iii) cause such Subsequent Required Guarantor (A) to become a party to the applicable Security Documents and (B) to take such actions necessary to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Permitted Liens) in the Collateral Agreement or any other described in the applicable Security DocumentDocuments with respect to such Subsequent Required Guarantor, including (the recording of instruments in the applicable IP Office, if applicable) required, and the filing of Uniform Commercial Code UCC financing statements or PPSA financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent customary legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to above of the Lender. type delivered on the Closing Date (d) Notwithstanding the foregoingforegoing provisions of this Section 5.9 or any other provision hereof or of any other Loan Document, (i) no Loan Party shall be required to grant a security interest in any Excluded Assets, (ii) except as set forth in clause (iii) below, no Loan Party shall be required to perfect any pledges, security interests and mortgages in the Collateral by any means other than (A) (1) filings pursuant to the Uniform Commercial Code (or PPSA) in the office of the Secretary of State (or similar central filing office) of the relevant State, Province or Territory (or such multiple combination thereof as may be required to achieve perfection) or elsewhere as required by the Uniform Commercial Code or the PPSA, (2) filings in the applicable IP Offices with respect to Intellectual Property as expressly required in the Security Documents and (3) certificate of title notations and filings with respect to Rolling Stock Collateral and (B) similar filings in which a Lien was previously granted or other Qualified Jurisdictions to the extent required under the Loan Documents and (C) subject to the ABL Intercreditor Agreement and any other intercreditor arrangements entered into pursuant to this Agreement, delivery to the Administrative Agent of all certificates evidencing Capital Stock required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, delivered in each case, on the Closing Date or pursuant order to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the LenderAdministrative Agent’s security interest with respect to any Collateral therein, and intercompany notes and other instruments (except to including the extent perfection can be accomplished by filing UCC financing statementsSubordinated Intercompany Notes) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof)held Table of Contents in its possession, in each case, as reasonably determined expressly required in the Security Documents, (iii) subject to Section 2.21(c), no Loan Party shall be required to enter into any control agreement with respect to any deposit account, securities account or commodity account, (iv) no Loan Party shall be required to take any action with respect to any assets located outside of the United States or Canada (other than actions listed in clause (ii)(A) or (C) above), (v) no Loan Party shall be required to take any actions in any jurisdiction other than the United States or Canada (or any political subdivision thereof) in connection with pledging Collateral or enter into any collateral documents governed by the Lender, and laws of any country (iior any political subdivision thereof) other than the United States or Canada (or any political subdivision thereof), (vi) no Collateral Foreign Subsidiary described in which a Lien was previously granted clause (a), (b) or required to be granted by (d) of the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees definition of Collateral Foreign Subsidiary shall be required to guarantee, or make any payments in respect of any US Borrower Obligations, (vii) no Collateral Foreign Subsidiary described in clause (a), (b) or (d) of the definition of Collateral Foreign Subsidiary shall be provided by any Subsidiary required to grant a security interest in any case in which Property with respect to any US Borrower Obligations and (or, if applicable, viii) no Subsidiary shall be required to pledge more than 65% of the voting Capital Stock of a Collateral Foreign Subsidiary with respect to any US Borrower Obligation and (ix) no Loan Party shall be required to prepare or deliver any environmental surveys or reports with respect to the extent that) the provision real property of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderany Group Member.

Appears in 1 contract

Sources: Abl Credit Agreement (Foundation Building Materials, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral real or personal property acquired after the Closing Date execution and delivery of the Collateral Agreement in accordance with Section 5.15 by any Loan Party, including any entity that becomes a Loan Party hereafter pursuant to Section 5.13(c), (other than any property described in paragraph (b) or paragraph (c) of this Section) as to which the Lender Collateral Trustee, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Trustee and the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Collateral Trustee or the Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Lenders, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Trustee, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (as provided in the Collateral Agreement) in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderCollateral Trustee or the Administrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Second Amendment Effective Date by any Loan Party, including any entity that becomes a Loan Party with an individual fair market value in excess of $250,000hereafter pursuant to Section 5.13(c), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage (as provided therein) in favor of the maximum principal Collateral Trustee, for the benefit of the Lenders, covering such real property, (ii) if requested by the Collateral Trustee or the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Collateral Trustee or the Administrative Agent, in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender case may reasonably requestbe) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) as well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s 's certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Collateral Trustee or the Administrative Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the LenderCollateral Trustee or the Administrative Agent, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender case may reasonably request that are in the Borrower’s possession with respect to any such real propertybe, and (iii) if requested by the LenderCollateral Trustee or the Administrative Agent, deliver to the Lender legal opinions relating to such MortgageCollateral Trustee or the Administrative Agent, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Partycase may be, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Collateral Trustee or the foregoingAdministrative Agent, as the case may be. (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary, an Insurance Company, a Finance Company or an Inactive Subsidiary) created or acquired after the execution and delivery of the Collateral Agreement in accordance with Section 5.15 (which, for the purposes of this paragraph, shall include (x) any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary or an Inactive Subsidiary and (y) any Risk Management Subsidiary that becomes a Wholly-Owned Subsidiary of the Company), by the Company or any of its Subsidiaries, promptly (i) other than execute and deliver to the Collateral Trustee and the Administrative Agent such amendments to the Collateral Agreement as the Collateral Trustee or the Administrative Agent deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the Lenders, a perfected security interest in which a Lien was previously granted or required to be granted the Capital Stock of such new Subsidiary that is owned by the Loan PartiesCompany or any of its Subsidiaries, (ii) deliver to the Collateral Trustee (or a bailee thereof) the guarantees provided by the Loan Partiescertificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Company or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to each case, on of a Subsidiary Guarantee and the Closing Date Collateral Agreement and (B) to take such actions necessary or pursuant advisable to Section 5.2, grant to the Loan Parties shall not be required to deliver any Collateral or perfect Trustee for the Lender’s benefit of the Lenders a perfected security interest in the Collateral described in the Collateral Agreement with respect to any Collateral (except to such new Subsidiary, including, without limitation, the extent perfection can be accomplished by filing UCC of Uniform Commercial Code financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien statements in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to jurisdictions as may be suffered required by the Borrower Collateral Agreement or any Loan Party by law or as a result thereof), in each case, as may be reasonably determined requested by the LenderCollateral Trustee or the Administrative Agent, and (iiiv) if requested by the Collateral Trustee or the Administrative Agent, deliver to the Collateral Trustee or the Administrative Agent, as the case may be, legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Trustee or the Administrative Agent, as the case may be. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the execution and delivery of the Collateral Agreement in accordance with Section 5.15 or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), promptly (i) execute and deliver to the Collateral Trustee and the Administrative Agent such amendments to the Collateral Agreement or such other documents as the Collateral Trustee or the Administrative Agent deems necessary or advisable in which order to grant to the Collateral Trustee, for the benefit of the Lenders, a Lien was previously granted or required to be granted perfected security interest in the Capital Stock of such new Subsidiary that is owned by the Loan PartiesCompany or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), or (PROVIDED that in no event shall more than 65% of the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no total outstanding Capital Stock of any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Collateral Trustee (or a bailee thereof) the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Company or such Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Collateral Trustee or the Administrative Agent, desirable to perfect the Lien of the Collateral Trustee thereon, and (iii) if applicablerequested by the Collateral Trustee or the Administrative Agent, deliver to the extent that) Collateral Trustee or the provision of such Lien or guarantee would violate applicable law, in each caseAdministrative Agent, as the case may be, legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably determined by satisfactory to the LenderCollateral Trustee or the Administrative Agent, as the case may be.

Appears in 1 contract

Sources: Senior Loan Agreement (Anc Rental Corp)

Additional Collateral, etc. (a) With respect to any property (to the extent included in the definition of Collateral and not constituting Excluded Assets) acquired after the Closing Restatement Date by any Loan Party or Enterasys (other than (x) any property described in paragraph (b) or (c) below, and (y) any property subject to a Lien expressly permitted by Section 7.3(g)) as to which the Lender Administrative Agent, for the ratable benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement, the Enterasys Pledge Agreement or such other documents as the Lender deems Administrative Agent may reasonably deem necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.27.3) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Enterasys Pledge Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Material Domestic Subsidiary that is of the Borrower created or acquired after the Closing Restatement Date by (including any Loan Partysuch Material Domestic Subsidiary acquired pursuant to a Permitted Acquisition, and including any Immaterial Subsidiary existing as of the Restatement Date which becomes a Material Domestic Subsidiary after the Restatement Date), promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest and Lien in the Capital Stock of such new Material Domestic Subsidiary that is owned directly or indirectly by such Loan Partythe Borrower, (ii) deliver to the Lender Administrative Agent such documents and instruments as may be reasonably required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Borrower or any other applicable Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Material Domestic Subsidiary (A) to become a party to the Guarantee and Collateral Agreement as a Grantor and other applicable Security Documentsa Guarantor thereunder, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent for the ratable benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) and Lien in the Collateral described in the Guarantee and Collateral Agreement or such other Security DocumentsAgreement, with respect to such new Material Domestic Subsidiary, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent and (C) to deliver to the Lender Administrative Agent a customary certificate of the secretary (or other equivalent officer) of such SubsidiaryMaterial Domestic Subsidiary of the type described in Section 5.1(c), in a form reasonably satisfactory to the LenderAdministrative Agent, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions addressing such matters as the Administrative Agent may reasonably specify, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (c) With respect to any new First Tier Foreign Subsidiary or any First Tier Foreign Subsidiary Holding Company, as applicable, created or acquired after the Restatement Date by any Loan Party or Enterasys, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or the Enterasys Pledge Agreement as the Administrative Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest and Lien in the Capital Stock of such new First Tier Foreign Subsidiary or First Tier Foreign Subsidiary Holding Company, as applicable, that is owned by any such Loan Party or Enterasys (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such new First Tier Foreign Subsidiary (other than the Irish Guarantor) or First Tier Foreign Subsidiary Holding Company (other than the Irish Guarantor), as applicable, be required to be so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock (if certificated), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party or Enterasys, and take such other action (including, as applicable, the delivery of any Foreign Pledge Documents reasonably requested by the Administrative Agent) as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein, and (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (d) Each Loan Party shall use commercially reasonable efforts to obtain a landlord’s agreement or bailee letter, as applicable, from the foregoing, (i) other than lessor of its headquarters location and from the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, lessor of or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect bailee related to any other location where in excess of $750,000 of Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) is stored or provide any guarantee of the Obligationslocated, in each case, if requested by the cost Administrative Agent, which agreement or letter, in any such case, shall contain a waiver or subordination of delivering all Liens or perfecting claims that the lien landlord or bailee may assert against the Collateral at that location, and shall otherwise be reasonably satisfactory in form and substance to the Administrative Agent. After the Restatement Date, no real property or warehouse space shall be leased by any Loan Party and no Inventory shall be shipped to a processor or converter under arrangements established after the Restatement Date, without the prior written consent of the Administrative Agent or unless and until a reasonably satisfactory landlord agreement or bailee letter, as appropriate, if requested by the Administrative Agent, shall first have been obtained with respect to such location. Each Loan Party shall pay and perform its material obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. (e) Not later than 120 days (or such longer period as the Administrative Agent may agree in writing in its discretion) after (i) any Material Real Property is acquired by a Loan Party after the Restatement Date or (ii) an entity becomes a Loan Party if such entity owns Material Real Property at the time it becomes a Loan Party, cause such Material Real Property to be subject to a Lien and Mortgage in favor of the Administrative Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Loan Documents and to otherwise comply with the requirements of the Loan Documents. Notwithstanding anything to the contrary contained in this Section 6.11(e), prior to the execution of any Mortgage for any such Material Real Property, (x) the Borrower shall deliver to the Administrative Agent advance notice of the address of any such Material Real Property and (y) the Administrative Agent shall provide the Lenders with at least 45 days’ prior written notice of the address of such Material Real Property (it being understood that the Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into the accuracy of any such address, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to provide any such notice). (f) With respect to the Irish Guarantor, promptly (i) cause the Irish Guarantor (A) to become a party to the Guarantee and Collateral Agreement as a Grantor and a Guarantor thereunder, (B) to take such actions as are necessary or advisable in the opinion of the Administrative Agent to grant to the Administrative Agent for the ratable benefit of the Secured Parties a perfected first priority security interest and Lien in the Collateral described in the Guarantee and Collateral Agreement, with respect to the Irish Guarantor, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent, and the filing of providing Form C1 with the Irish Companies Registration Office, the filing of a notification with the Revenue Commissioners of Ireland in accordance with section 1001 of the Irish Taxes Consolidation ▇▇▇ ▇▇▇▇, and take such guarantee exceeds other action (including, as applicable, the benefit delivery of any foreign law security documents reasonably requested by the Administrative Agent) as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein and (C) to deliver to the Lender Administrative Agent a certificate of the secretary (or other equivalent officer) of the Irish Guarantor of the type described in Section 5.1(c), in form reasonably satisfactory to the Administrative Agent, with appropriate insertions and attachments, and (iii) deliver to the Administrative Agent legal opinions addressing such matters as the Administrative Agent may reasonably specify, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. Notwithstanding the foregoing, the Administrative Agent shall not enter into any Mortgage in respect of any real property acquired by any Loan Party after the Closing Date until the date that occurs thirty (30) days after the Administrative Agent has delivered to the Lenders (which shall take into account any adverse tax consequences suffered may be delivered electronically) the following documents in respect of such real property: (i) a completed flood hazard determination from a third party vendor; (ii) if such real property is located in a “special flood hazard area”, (A) a notification to the Borrower (or expected applicable Loan Party) of that fact and (if applicable) notification to be suffered the Borrower that flood insurance coverage is not available and (B) evidence of the receipt by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, of such notice; and (iiiii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no if such Liens or guarantees shall be notice is required to be provided by any Subsidiary to the Borrower and flood insurance is available in any case the community in which (orsuch real property is located, if applicable, to the extent that) the provision evidence of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderrequired flood insurance.

Appears in 1 contract

Sources: Credit Agreement (Extreme Networks Inc)

Additional Collateral, etc. (a) With respect to any property (to the extent included in the definition of Collateral and not constituting Excluded Assets) acquired after the Closing Date by any Loan Party or Enterasys (other than (x) any property described in paragraph (b) or (c) below, and (y) any property subject to a Lien expressly permitted by Section 7.3(g)) as to which the Lender Administrative Agent, for the ratable benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement, the Enterasys Pledge Agreement or such other documents as the Lender deems Administrative Agent may reasonably deem necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.27.3) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Enterasys Pledge Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Material Domestic Subsidiary that is of the Borrower created or acquired after the Closing Date by (including any Loan Partysuch Material Domestic Subsidiary acquired pursuant to a Permitted Acquisition, and including any Immaterial Subsidiary existing as of the Closing Date which becomes a Material Domestic Subsidiary after the Closing Date), promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest and Lien in the Capital Stock of such new Material Domestic Subsidiary that is owned directly or indirectly by such Loan Partythe Borrower, (ii) deliver to the Lender Administrative Agent such documents and instruments as may be reasonably required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Borrower or any other applicable Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Material Domestic Subsidiary (A) to become a party to the Guarantee and Collateral Agreement as a Grantor and other applicable Security Documentsa Guarantor thereunder, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent for the ratable benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) and Lien in the Collateral described in the Guarantee and Collateral Agreement or such other Security DocumentsAgreement, with respect to such new Material Domestic Subsidiary, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent and (C) to deliver to the Lender Administrative Agent a customary certificate of the secretary (or other equivalent officer) of such SubsidiaryMaterial Domestic Subsidiary of the type described in Section 5.1(c), in a form reasonably satisfactory to the LenderAdministrative Agent, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions addressing such matters as the Administrative Agent may reasonably specify, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (c) With respect to any new First Tier Foreign Subsidiary or any First Tier Foreign Subsidiary Holding Company, as applicable, created or acquired after the Closing Date by any Loan Party or Enterasys, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or the Enterasys Pledge Agreement as the Administrative Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest and Lien in the Capital Stock of such new First Tier Foreign Subsidiary or First Tier Foreign Subsidiary Holding Company, as applicable, that is owned by any such Loan Party or Enterasys (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such new First Tier Foreign Subsidiary or First Tier Foreign Subsidiary Holding Company, as applicable, be required to be so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock (if certificated), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party or Enterasys, and take such other action (including, as applicable, the delivery of any Foreign Pledge Documents reasonably requested by the Administrative Agent) as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein, and (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (d) Each Loan Party shall use commercially reasonable efforts to obtain a landlord’s agreement or bailee letter, as applicable, from the foregoing, (i) other than lessor of its headquarters location and from the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, lessor of or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect bailee related to any other location where in excess of $750,000 of Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) is stored or provide any guarantee of the Obligationslocated, in each case, if requested by the cost Administrative Agent, which agreement or letter, in any such case, shall contain a waiver or subordination of delivering all Liens or perfecting claims that the lien landlord or bailee may assert against the Collateral at that location, and shall otherwise be reasonably satisfactory in such Collateral or of providing such guarantee exceeds the benefit form and substance to the Lender (which Administrative Agent. After the Closing Date, no real property or warehouse space shall take into account any adverse tax consequences suffered or expected to be suffered leased by the Borrower or any Loan Party as and no Inventory shall be shipped to a result thereof)processor or converter under arrangements established after the Closing Date, in each casewithout the prior written consent of the Administrative Agent or unless and until a reasonably satisfactory landlord agreement or bailee letter, as reasonably determined appropriate, if requested by the LenderAdministrative Agent, shall first have been obtained with respect to such location. Each Loan Party shall pay and perform its material obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. (iie) other Not later than 120 days (or such longer period as the Collateral Administrative Agent may agree in which writing in its discretion) after (i) any Material Real Property is acquired by a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on Party after the Closing Date or pursuant (ii) an entity becomes a Loan Party if such entity owns Material Real Property at the time it becomes a Loan Party, cause such Material Real Property to Section 5.2be subject to a Lien and Mortgage in favor of the Administrative Agent for the benefit of the Secured Parties and take, no or cause the relevant Loan Party to take, such Liens or guarantees actions as shall be required necessary or reasonably requested by the Administrative Agent to be provided by any Subsidiary grant and perfect or record such Lien, in any each case in which (or, if applicable, to the extent thatrequired by, and subject to the limitations and exceptions of, the Loan Documents and to otherwise comply with the requirements of the Loan Documents. Notwithstanding anything to the contrary contained in this Section 6.11(e), prior to the execution of any Mortgage for any such Material Real Property, (x) the provision Borrower shall deliver to the Administrative Agent advance notice of the address of any such Material Real Property and (y) the Administrative Agent shall provide the Lenders with at least 45 days’ prior written notice of the address of such Lien Material Real Property (it being understood that the Administrative Agent shall not be responsible for or guarantee would violate applicable lawhave a duty to ascertain or inquire into the accuracy of any such address, in each case, as reasonably determined by nor shall the LenderAdministrative Agent be responsible or liable to the Lenders for any failure to provide any such notice).

Appears in 1 contract

Sources: Credit Agreement (Extreme Networks Inc)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Restatement Closing Date by the Parent, the Borrower or any Loan Party Subsidiary Guarantor (other than (u) personal property as to which the Lender Administrative Agent, for the benefit of the Secured Parties, is not required to have a perfected security interest pursuant to the Guarantee and Collateral Agreement, (v) the Capital Stock of any Unrestricted Subsidiary organized under the laws of any jurisdiction outside the United States, (w) any Property described in paragraph (c) or (d) of this Section, (x) any interest in real property, (y) any foreign intellectual property and (z) any Property subject to a Lien permitted by Section 7.3(g), (k) or (m)) as to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is to the extent required by pursuant to the Guarantee and Collateral Agreement (excludingAgreement, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly subject to Liens permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentAgreement) security interest in such Property, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to (i) any fee interest in any real property having a value (together with improvements thereof) of at least $4,000,000 (valued in accordance with Schedule 6.9(b)-1; such valuation to be reasonably satisfactory to the Administrative Agent) acquired after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (which, for purposes of this paragraph, shall include any such property owned or leased by an entity at the time such entity becomes a Subsidiary Guarantor) or (ii) any leasehold interest in any real property contemplating an initial annual rent payment, including projected percentage rent during such initial year, after the expiration of any free rent or “rent abatement” period, of at least $550,000 acquired or leased after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (in each case other than any such real property subject to a Lien expressly permitted by Section 7.3(g), (k) or (m)), if, at the time of such acquisition or lease commencement, the aggregate value of all leasehold and fee-owned real property of the Borrower and the Subsidiary Guarantors subject to a Mortgage (valued in accordance with Schedule 6.9(b)-1; such value to be demonstrated to the reasonable satisfaction of the Administrative Agent) is less than 250125% of the Assumed Loan Party with Amount (provided that, notwithstanding the foregoing requirement, the Parent, the Borrower and the Subsidiary Guarantors may elect to exclude leasehold interests in real property and fee-owned real property, to the extent that such leasehold interests and fee interests (i) have an individual fair market value aggregate value, measured at the time of any such election, not in excess of $250,000150,000,000 (valued in accordance with Schedule 6.9(b)-1) or (ii) are listed on Schedule 6.9(b)-2), promptly (and in any event within sixty (60) then no later than 90 days after the date of such acquisition or such longer period as approved by the Lender in its reasonable discretion): lease commencement: (iA) execute and deliver a first priority Mortgage in favor of the maximum principal Administrative Agent, for the benefit of the Secured Parties, covering such real property, subject to any Liens permitted by Section 7.3; (B) if requested by the Administrative Agent, provide the Lenders with (w) a title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender thesearch showing no Liens other than Liens permitted under Section 7.3 and otherwise in jurisdictions that do not impose mortgage recording taxesform and substance reasonably acceptable to Administrative Agent), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in well as an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lendercertificate, (3x) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may any consents or estoppels reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested deemed necessary or advisable by the Lender, deliver to the Lender legal opinions relating to Administrative Agent in connection with such Mortgage, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the Lender. Administrative Agent, (cy) With respect an appraisal of the value, or a valuation of, the applicable Mortgaged Property, which shall be reasonably satisfactory to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan PartyAdministrative Agent, promptly and (z) Phase I environmental reports (and in any event within thirty (30) days or where appropriate based upon such longer period as approved by Phase I environmental reports and at the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer reasonable request of the relevant Loan PartyAdministrative Agent, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereofPhase II environmental reports) with respect to Intellectual Property (other than Excluded Assets)such real property, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee all in form and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form substance reasonably satisfactory to the Lender, with appropriate insertions and attachments, and Administrative Agent; (ivC) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent; (D) deliver to the Administrative Agent a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to such Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and if any such Mortgaged Property is located in a special flood hazard area, evidence of flood insurance in form and amount reasonably satisfactory to the Administrative Agent; and (E) (x) deliver to the Administrative Agent evidence that short form leases or lease memoranda shall have been duly recorded in the local real estate records, with respect to each Mortgaged Property constituting a leasehold interest and (y) with respect to those Mortgaged Properties consisting of leaseholds so designated by the Administrative Agent described in the preceding clause (x), use commercially reasonable efforts to deliver to the Administrative Agent copies of valid, binding and enforceable lease amendments or landlord agreements in form and content reasonably acceptable to the Administrative Agent, conferring on the Administrative Agent rights of default notice, cure opportunity and such other leasehold lender protections as the Administrative Agent may reasonably require. Notwithstanding the foregoing, the Administrative Agent may extend the date for, or waive, in whole or in part, the foregoing deliveries in its sole discretion. (c) With respect to any new Subsidiary (other than (i) a Class II Restricted Subsidiary or (ii) an Unrestricted Subsidiary or (iii) a CFC Holdco) created or acquired after the Restatement Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that becomes a Class I Restricted Subsidiary because it ceases to be an Unrestricted Subsidiary), by the Parent, the Borrower or any Subsidiary Guarantor, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, the Borrower or any Subsidiary Guarantor (other than any such Capital Stock subject to a Lien expressly permitted by Section 7.3(m)), subject to the Liens permitted by the Guarantee and Collateral Agreement, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Parent, the Borrower or such Subsidiary Guarantor, as the case may be, (iii) if such new Subsidiary is a Wholly Owned Subsidiary, cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, subject to the Liens permitted by the Guarantee and Collateral Agreement, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Class II Restricted Subsidiary or CFC Class II Holdco created or acquired after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (which, for purposes of this paragraph (d), shall include any Unrestricted Subsidiary that becomes a Class II Restricted Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (subject to the Liens permitted by the Guarantee and Collateral Agreement) security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, the Borrower or any Subsidiary Guarantor (other than any such Capital Stock subject to a Lien was previously granted expressly permitted by Section 7.3(m)) (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such new Class II Restricted Subsidiary or CFC Class II Holdco be required to be granted so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Parent, the Borrower or such Subsidiary Guarantor, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if requested by the Loan PartiesAdministrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) Notwithstanding anything else to the contrary contained in this Section or elsewhere in the guarantees provided by the Loan PartiesAgreement, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties perfection of Collateral shall not be required to deliver any Collateral where either the burden or perfect the Lender’s costs of perfecting a security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) interest, lien or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as mortgage is reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required Administrative Agent to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, excessive in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, relation to the extent that) benefit afforded to the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderLenders thereby.

Appears in 1 contract

Sources: Credit Agreement (Cinemark Usa Inc /Tx)

Additional Collateral, etc. (a) With respect to any personal property or Intellectual Property (other than assets expressly excluded from the Collateral pursuant to the Security Documents) located in the United States acquired or created after the Closing Date by any Loan Party (other than (x) any property subject to a Lien expressly permitted by Section 7.3(g) and (y) such Instruments, Certificated Securities, Securities and Chattel Paper referred to in the last sentence of this clause (a)) as to which the Lender Collateral Agent for the benefit of the Secured Parties does not have a perfected Lien that is required Lien, promptly, but in any case within 30 days (which period may be extended by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertyAdministrative Agent in its reasonable discretion), the Borrower will, and will cause each other Loan Party to, promptly: (i) give notice of such property to the Collateral Agent and execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems Collateral Agent reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and requests to grant to the Lender Collateral Agent for the benefit of the Secured Parties a security interest in such Collateral Property and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Collateral Agent to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as (to the extent required by the Guarantee Security Documents and with the priority required by Section 4.17) in such property (with respect to property of a type owned by a Loan Party as of the Closing Date to the extent the Collateral Agreement or any other Security DocumentAgent for the benefit of the Secured Parties, including (if applicable) has a perfected security interest in such property as of the Closing Date), including, without limitation, the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderCollateral Agent. Any Instrument, Certificated Security (other than in respect of the Capital Stock of any Subsidiary), Security or Chattel Paper in excess of $1,000,000 shall be promptly delivered to the Collateral Agent indorsed in a manner reasonably satisfactory to the Collateral Agent to be held as Collateral pursuant to the relevant Security Document. (b) With respect to any fee interest in any owned real property located in the United States having a value (together with improvements thereof) of at least $20,000,000 acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event i) within sixty (60) 30 days of such acquisition, give notice of such acquisition or such longer period as approved to the Collateral Agent and, if requested by the Lender in its reasonable discretion): Collateral Agent, reasonably promptly thereafter (iA) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such subject to Liens permitted by Section 7.3 other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), than clause (cc) thereof) in favor of the Lender Collateral Agent for the benefit of the Secured Parties, covering such real propertyproperty (provided that no Mortgage, survey or title insurance shall be required or obtained if the Collateral Agent reasonably determines in consultation with the Borrower that the costs of obtaining such Mortgage or survey or title insurance are excessive in relation to the value of the security to be afforded thereby), (iiB) if a Mortgage is to be provided under subclause (i)(A) above, and if reasonably requested by the Lender, provide the Collateral Agent (other than with respect to clauses (3) and (4) below) or a Lender (solely with respect to clause (3)(ii) below) (1) provide the Lenders with a lenders’ title insurance policy with coverage and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as all required endorsements reasonably acceptable to the Lender may reasonably request) Collateral Agent covering such real property, paid for by the Borrower property and issued by a nationally recognized title insurance company, fixtures in an amount at least equal to the purchase price of such real property, property and fixtures (2or such lesser amount as shall be reasonably requested by the Collateral Agent) as well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate (except to the extent an existing survey has been provided), each in form and complying substance reasonably satisfactory to the Collateral Agent, (2) use commercially reasonable efforts to obtain any consents or estoppels reasonably deemed necessary by the Collateral Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the LenderCollateral Agent, (33)(i) confirm that the Collateral Agent has obtained a completed Flood Hazard Determination with respect to each Mortgaged Property and (ii) provide to any Lender such flood insurance determination certificatescertificates or other information or documentation reasonably requested by such Lender to enable such Lender to comply with applicable Flood Laws, and (4) if applicableany Mortgaged Property is a Special Flood Hazard Property, deliver to the Collateral Agent evidence that of Flood Insurance complying with Flood Laws, including (x) evidence as to whether the applicable Loan Party has obtained flood insurance covering community in which such property Mortgaged Property is located participates in an amount required for the Lender to be in compliance with the National Flood Insurance Act Program, (y) the applicable Loan Party’s written acknowledgment of 1968 receipt of written notification from the Collateral Agent as to the fact that such Mortgaged Property is located in a Special Flood Hazard Area and as to whether the community in which such Mortgaged Property is located participates in the National Flood Insurance Program and (z) if the community in which such Mortgaged Property is located participates in the National Flood Insurance Program, copies of the applicable Loan Party’s application for a Flood Insurance policy plus proof of premium payment, a declaration page confirming that Flood Insurance has been issued, or other evidence of Flood Insurance, such Flood Insurance to be in an amount equal to at least the amount required by the Flood Laws or such greater amount as may be required by the Collateral Agent, naming the Collateral Agent as sole loss payee and mortgagee on behalf of the Secured Parties, and otherwise including terms satisfactory to the Collateral Agent, all such matters referred to in this clause (4) such other documents to be approved by the Collateral Agent (the requirements set forth in clauses 3 and 4 hereof are referred to herein as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property“Flood Insurance Requirements”), and (iiiii) if requested by the Lender, Collateral Agent deliver to the Lender Collateral Agent legal opinions relating to such Mortgagethe Mortgage described above, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderCollateral Agent. (c) With respect to (x) any new direct or indirect Domestic Subsidiary (other than an Excluded Domestic Subsidiary) that is created or acquired after the Closing Date by any Loan PartyParty or (y) any Unrestricted Subsidiary that becomes a Restricted Subsidiary (other than an Excluded Domestic Subsidiary) after the Closing Date, promptly (and promptly, but in any event case within thirty 30 days of such creation, acquisition or designation (30) days or such longer which period as approved may be extended by the Lender Administrative Agent in its sole reasonable discretion): ), (i) give notice of such acquisition, creation or designation to the Collateral Agent and, other than in the case of an Excluded Domestic Subsidiary, execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (to the extent required by the Security Documents and with the priority required by Section 4.17) in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Collateral Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant such Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account and (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereofiii) with respect to Intellectual Property if such new Subsidiary is a wholly owned Domestic Subsidiary (other than an Excluded AssetsDomestic Subsidiary), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunderthe extent required by the Security Documents and with the priority required by Section 4.17) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiarynew Subsidiary (to the extent the Collateral Agent, including for the benefit of the Secured Parties, has a perfected security interest in the same type of Collateral as of the Closing Date), including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and Collateral Agent. (Cd) With respect to deliver any new Foreign Subsidiary or FSHCO directly owned by Holdings, a Borrower or a Domestic Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly, but in any case within 30 days of such acquisition (which period may be extended by the Administrative Agent in its sole discretion), (i) give notice of such acquisition or creation to the Lender a customary certificate of such SubsidiaryCollateral Agent and, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderCollateral Agent, execute and deliver to the Lender legal opinions relating Collateral Agent such amendments to the matters described above, which opinions shall be Guarantee and Collateral Agreement or such other documents as the Collateral Agent deems necessary or reasonably advisable in form and substance, and from counsel, reasonably satisfactory order to grant to the Lender. Notwithstanding Collateral Agent, for the foregoingbenefit of the Secured Parties, a perfected security interest (to the extent required by the Security Documents and with the priority required by Section 4.17) in the Capital Stock of such new Subsidiary that is owned by such Loan Party (provided that (A) in no event shall more than 65% of the total outstanding voting Capital Stock of (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, Foreign Subsidiary and (ii) other than the Collateral in which a Lien was previously granted or any FSHCO be required to be granted by the Loan Partiesso pledged and (B) 100% of non-voting Capital Stock of (i) any Foreign Subsidiary and (ii) any FSHCO, or the guarantees provided by the Loan Partiesif any, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which so pledged) and (or, if applicable, ii) to the extent that) the provision of such Lien or guarantee would violate permitted by applicable law, deliver to the Collateral Agent the certificates, if any, representing such Capital Stock, together with undated stock powers, in each caseblank, executed and delivered by a duly authorized officer of such Loan Party, and take such other action as may be necessary or, in the reasonable opinion of the Collateral Agent, necessary to perfect or ensure appropriate priority the Lien of the Collateral Agent thereon. (e) Notwithstanding anything to the contrary in any Loan Document, this Section shall not apply with respect to any collateral to the extent the Administrative Agent has reasonably determined by that the Lendervalue of such collateral to which this Section would otherwise apply is insufficient to justify the difficulty, time and/or expense of obtaining a perfected Lien therefrom.

Appears in 1 contract

Sources: Credit Agreement (Macquarie Infrastructure Corp)

Additional Collateral, etc. (a) With respect to any Collateral Property created, developed or acquired after the Closing Date by Holdings, the US Borrower or any Loan Party of their Subsidiaries (other than (w) Property created, developed or acquired after the Closing Date by the Cayman Borrower or any Foreign Subsidiary, (x) any Property described in paragraph (b), (d) or (f) of this Section, (y) any Property subject to a Lien expressly permitted by Section 7.3(g) and (z) Property acquired by any Foreign Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor guarantee the Obligations and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property to secure the Obligations and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and First Priority Lien in such Collateral as required by Property to secure the Guarantee and Collateral Agreement or any other Security DocumentObligations, including (if applicable) without limitation, the filing of Uniform Commercial Code UCC financing statements or making other registrations in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent and the execution of any documents or other instruments requested by the Administrative Agent for filing with the United States Patent and Trademark Office, the United States Copyright Office, and the Canadian Intellectual Property Office. (b) With respect to any fee interest in any real property Property created, developed or acquired after the Closing Date by any Loan Party with an individual fair market value in excess Foreign Subsidiary of $250,000Holdings which is a Wholly-Owned Subsidiary (including the Cayman Borrower) (other than any Property subject to a Lien expressly permitted by Section 7.3(g)) as to which the UK Security Agent, for the benefit of the UK Secured Parties, does not have a perfected Lien, promptly (i) execute and deliver to the UK Security Agent a guarantee of the UK Obligations and such amendments to the Foreign Security Agreements or such other documents as the UK Security Agent deems necessary or advisable to grant to the UK Security Agent, for the benefit of the UK Secured Parties, a security interest in such Property to secure the UK Obligations and (ii) take all actions necessary or advisable to grant to the UK Security Agent, for the benefit of the UK Secured Parties, a perfected First Priority Lien in such Property, to secure the UK Obligations including without limitation, the filing of financing statements pursuant to applicable Personal Property Security Legislation in such jurisdictions as may be required by the Foreign Security Agreements or by law or as may be requested by the UK Security Agent. (c) With respect to any fee interest in any event within sixty owned real property having a value (60together with improvements thereof) days of at least $1,500,000 acquired after the Closing Date by Holdings, the US Borrower or any of their Subsidiaries (other than (x) a Foreign Subsidiary or (y) any such acquisition or such longer period as approved real property subject to a Lien expressly permitted by the Lender in its reasonable discretion): Section 7.3(g)), promptly (i) execute and deliver a first priority First Priority Mortgage in favor of the maximum principal Administrative Agent, for the benefit of the Secured Parties, covering such real property to secure the Obligations, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance, complying with the provisions of Section 5.1(q), covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by thereof complying with the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lenderprovisions of Section 5.1(p), together with a surveyor’s certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (d) With respect to any fee interest (or leasehold interest) in any real property having a value (together with improvements thereof) of at least $1,500,000 acquired after the foregoingClosing Date by any Foreign Subsidiary of Holdings (including the Cayman Borrower) (other than any such real property subject to a Lien expressly permitted by Section 7.3(g)), promptly (i) execute and deliver a First Priority Mortgage in favor of the UK Security Agent, for the benefit of the UK Secured Parties, covering such real property to secure the UK Obligations, (ii) if requested by the UK Security Agent, provide the Lenders with (A) a satisfactory title opinion covering such real property or (B) title and extended coverage insurance, complying with the provisions of Section 5.1(q), covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the UK Security Agent) as well as a current ALTA survey thereof complying with the provisions of Section 5.1(p), together with a surveyor’s certificate and any consents or estoppels reasonably deemed necessary or advisable by the UK Security Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the UK Security Agent and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) With respect to any new Subsidiary (other than a Foreign Subsidiary) created or acquired after the Closing Date, by Holdings, the US Borrower or any of their Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Security Documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected First Priority Lien on the Capital Stock of such new Subsidiary that is owned by Holdings, the US Borrower or any of their Subsidiaries to secure the Obligations, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of Holdings, the US Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the applicable Security Documents to secure the Obligations and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected First Priority Lien on the Collateral described in which a Lien was previously granted or the Security Documents with respect to such new Subsidiary to secure the Obligations, including, without limitation, the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office, the execution and delivery by all necessary persons of control agreements, and the filing of UCC financing statements in such jurisdictions as may be required to be granted by the Loan Parties, Security Documents or the guarantees provided by law or as may be requested by the Loan PartiesAdministrative Agent, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, on and from counsel, reasonably satisfactory to the Closing Date or pursuant Administrative Agent. (f) To the extent permitted by applicable laws relating to Section 5.2financial assistance, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to new Foreign Subsidiary created or acquired after the extent perfection can be accomplished Closing Date by filing UCC financing statements) or provide any guarantee of Holdings, the ObligationsUS Borrower, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Cayman Borrower or any Loan Party as a result thereof)of their respective Subsidiaries, in each casepromptly (i) execute and deliver to the Administrative Agent, the UK Security Agent or the UAE Security Agent, as reasonably determined by applicable, such amendments to the LenderSecurity Documents or such other documents as the Administrative Agent, and (ii) other than the Collateral UK Security Agent or the UAE Security Agent, as applicable, deems necessary or advisable in which a Lien was previously granted order to grant to the Administrative Agent, the UK Security Agent or required to be granted by the Loan UAE Security Agent, as applicable, for the benefit of the Secured Parties or the UK Secured Parties, or the guarantees provided by the Loan Partiesas applicable, in each case, a perfected First Priority Lien on the Closing Date Capital Stock of such new Foreign Subsidiary that is owned by Holdings, the US Borrower, the Cayman Borrower or pursuant any of their Subsidiaries to Section 5.2secure the UK Obligations and the US Obligations, (provided that in no event shall more than 100% of the total outstanding non-voting Capital Stock and 65% of the total outstanding voting Capital Stock of any such Liens or guarantees shall Foreign Subsidiary be required to be provided so pledged, other than in favor of the UK Secured Parties, who shall have the benefit of a pledge of all such Capital Stock), (ii) deliver to the Administrative Agent, the UK Security Agent or the UAE Security Agent, as applicable, the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of Holdings, the US Borrower, the Cayman Borrower or such Subsidiary, as the case in which (may be, and take such other action as may be necessary or, if in the opinion of the Administrative Agent, the UK Security Agent or the UAE Security Agent, as applicable, desirable to perfect the Lien of the Administrative Agent, the UK Security Agent or the UAE Security Agent, as applicable, thereon, and (iii) if requested by the Administrative Agent, deliver to the extent thatAdministrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (g) Notwithstanding anything to the provision contrary in this Section 6.10, paragraphs (a), (b), (c), (d), (e), and (f) of such Lien this Section 6.10 shall not apply to (i) any Property, new Subsidiary or guarantee would violate applicable law, in each casenew Foreign Subsidiary created or acquired after the Closing Date, as reasonably applicable, as to which the Administrative Agent has determined by in its sole discretion that the Lendercollateral value thereof is insufficient to justify the difficulty, time and/or expense of obtaining a perfected security interest therein or (ii) any Property which is otherwise excluded under Section 3(a) of the Guarantee and Collateral Agreement or any corresponding section of any Foreign Security Document.

Appears in 1 contract

Sources: First Lien Credit Agreement (Edgen Murray LTD)

Additional Collateral, etc. (a) With Except during a Collateral Release Period, with respect to any Collateral acquired after the Closing Date by or with respect to any Loan Party property or asset which becomes Collateral pursuant to the definition thereof after the Closing Date, (A) with respect to any Deposit Account, Securities Account or Commodities Account, within the time period set forth in (and in all cases subject to) the second paragraph of Section 5.10 applicable to such Deposit Account, Securities Account or Commodities Account and (B) with respect to any other Collateral or any other property or asset which becomes Collateral, within 60 days following the date of such acquisition or designation, or in each case, such longer period as consented to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingAdministrative Agent in its sole discretion, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent or the Collateral Trustee, as the case may be, deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Administrative Agent to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal subject to the purchase price of such real property, (2limitations set forth in Section 3.19) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyCollateral (other than any Excluded Perfection Assets and, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement except with respect to each Deposit Account or Pledged Securities Account (other thanin the possession of the Collateral Trustee, in each case, Excluded Accounts)subject to Permitted Liens, and any Security Document in respect of Pledged Securities in the possession of the Collateral Trustee, the Permitted Liens set forth in clauses (or any amendment, supplement or modification thereofg) and (o) of the definition thereof and with respect to Intellectual Property (any other than Excluded AssetsPriority Lien Obligations), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent, the Collateral Agent or the Collateral Trustee (it being understood and agreed that no Control Agreements shall be required pursuant to this Section 5.09(a) (x) in respect of any Counterparty Accounts and (y) on and after the Sixth Amendment Effective Date). Notwithstanding anything set forth herein or in any other Loan Document to the contrary, this Section 5.09(a) shall not apply to Intellectual Property Collateral acquired after the Closing Date or with respect to any property or asset which becomes Intellectual Property Collateral pursuant to the definition of Collateral after the Closing Date (it being agreed and understood that such Intellectual Property Collateral shall be subject to the applicable provisions of the Guarantee and Collateral Agreement). (b) Except during a Collateral Release Period, with respect to any fee interest in any Collateral consisting of real property or any lease of Collateral consisting of real property acquired or leased after the Closing Date by the Borrowers or any other Loan Party or which becomes Collateral pursuant to the definition thereof (other than any Excluded Perfection Assets), subject to the last sentence of this ‎Section 5.09(b), within 90 days following the date of such acquisition or such longer period as consented to by the Administrative Agent in its sole discretion, (i) execute and deliver a first priority Mortgage in favor of the Collateral Trustee, for the benefit of the Secured Parties, covering such real property and complying with the provisions herein and in the Security Documents, (ii) provide the Secured Parties with (A) title and extended coverage insurance (or, if approved by the Administrative Agent in its sole discretion, a UCC title insurance policy) covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent, the Collateral Agent or the Collateral Trustee, which may be the value of the generation assets, if applicable, situated thereon), together with such endorsements as are reasonably required by the Administrative Agent, the Collateral Agent or the Collateral Trustee and are obtainable in the State in which such Mortgaged Property is located, as well as a current ALTA survey thereof complying with the requirements set forth in Schedule 5.09(b) and all of the other provisions herein and in the Security Documents, together with a surveyor’s certificate and (B) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent, the Collateral Agent or the Collateral Trustee in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent, the Collateral Agent and the Collateral Trustee, (iii) if any such Collateral (other than any Excluded Perfection Assets) consisting of fee-owned real property is required to be insured pursuant to the Flood Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968, and the regulations promulgated thereunder, because it is located in an area which has been identified by the Secretary of Housing and Urban Development as a “special flood hazard area,” deliver to the Administrative Agent (A) a policy of flood insurance that (1) covers such Collateral and (2) is written in an amount reasonably satisfactory to the Administrative Agent, (B) a “life of loan” standard flood hazard determination with respect to such Collateral and (C) a confirmation that the Borrowers or such other Loan Party has received the notice requested pursuant to deliver to Section 208(e)(3) of Regulation H of the Lender a customary certificate of such SubsidiaryBoard, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent, the Collateral Agent and the Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent, the Collateral Agent and the Collateral Trustee and (v) deliver to the Administrative Agent a notice identifying the consultant’s reports, environmental site assessments or other documents relied upon by the Borrowers or any other Loan Party to determine that any such real property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could, or to determine that the operations on any such real property included in such Collateral is in compliance with Environmental Law except to the extent any non-compliance could not, reasonably be expected to result in a material Environmental Liability. Notwithstanding the foregoing, the Administrative Agent shall not enter into any Mortgage in respect of any real property acquired by any Loan Party after the Fifth Amendment Effective Date unless the Administrative Agent has provided each Revolving Lender, by way of posting such materials on the Approved Electronic Platform, at least ten (i10) Business Days prior to entering into such Mortgage, (x) a completed a “life of loan” standard flood hazard determination with respect to such real property from a third-party vendor if such Mortgaged Property relates to a property not located in a “special flood hazard area” or (y) a completed a “life of loan” standard flood hazard determination with respect to such real property from a third-party vendor as well as the documentation listed in clause (iii) hereof if such Mortgaged Property relates to a property located in a “special flood hazard area” and the 90-day period (or such longer period as consented to by the Administrative Agent in its sole discretion) set forth in the first sentence of this Section 5.09(b) shall be automatically extended, as necessary, to accommodate the notice period set forth in this sentence. (c) Except during a Collateral Release Period (other than for purposes of providing Guarantees of the Collateral in which a Lien was previously granted or required to be granted by the Loan PartiesGuaranteed Obligations hereunder), or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral new Subsidiary (except to other than an Unrestricted Subsidiary or an Excluded Subsidiary) created or acquired after the extent perfection can be accomplished by filing UCC financing statements) or provide Closing Date (which, for the purposes of this Section 5.09(c), shall include any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected existing Subsidiary that ceases to be suffered an Unrestricted Subsidiary, an Excluded Foreign Subsidiary or an Excluded Project Subsidiary) by the Parent Borrower or any Loan Party of the Subsidiaries, within 60 days following such creation or the date of such acquisition or such longer period as a result thereof), in each case, as reasonably determined consented to by the LenderAdministrative Agent in its sole discretion, (i) execute and deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement as the Administrative Agent, the Collateral Agent or the Collateral Trustee deems necessary or reasonably advisable to grant to the Collateral Trustee, for the benefit of the Secured Parties, a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by the Parent Borrower or any of the Subsidiaries, (ii) deliver to the Collateral Trustee the certificates, if any, representing such Equity Interests, together with undated instruments of transfer or stock powers, in blank, executed and delivered by a duly authorized officer of the Parent Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary that is not an Excluded Subsidiary or an Unrestricted Subsidiary (A) to become a party to the Guarantee and Collateral Agreement to, among other things, provide Guarantees of the Guaranteed Obligations hereunder, the Collateral Trust Agreement and the Intellectual Property Security Agreements and (B) to take such actions necessary or reasonably requested by the Administrative Agent to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected (subject to the limitations set forth in Section 3.19) first priority security interest (except with respect to Pledged Securities, subject to Permitted Liens, and in respect of Pledged Securities, the Permitted Liens in clauses (g) and (o) of the definition thereof) in the Collateral described in the Guarantee and Collateral Agreement and the Intellectual Property Security Agreement with respect to such new Subsidiary that is not an Excluded Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office (but not in any intellectual property offices in any jurisdiction outside the United States), the execution and delivery by all necessary Persons of Control Agreements (other than (x) with respect to any Counterparty Accounts and (y) on and after the Sixth Amendment Effective Date) and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent, the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, Agent or the guarantees provided by Collateral Trustee and (iv) deliver to the Loan PartiesAdministrative Agent, the Collateral Agent and the Collateral Trustee, if reasonably requested, legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, on and from counsel, reasonably satisfactory to the Administrative Agent, the Collateral Agent and the Collateral Trustee. (d) Except during a Collateral Release Period, with respect to any new Excluded Foreign Subsidiary (other than an Unrestricted Subsidiary or an Excluded Subsidiary pursuant to clause (b) or (c) of the definition thereof) created or acquired after the Closing Date by the Parent Borrower or pursuant any of its Subsidiaries, within 60 days following such creation or the date of such acquisition or such longer period as consented to Section 5.2by the Administrative Agent in its sole discretion, (i) execute and deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement as the Administrative Agent, the Collateral Agent or the Collateral Trustee deems necessary or advisable in order to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority security interest in the Equity Interests in such new Excluded Foreign Subsidiary that is directly owned by the Parent Borrower or any of its Domestic Subsidiaries (provided that in no event shall more than 66% of the total outstanding voting first-tier Equity Interests in any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Collateral Trustee the certificates representing such Equity Interests, together with undated instruments of transfer or stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Parent Borrower or such Domestic Subsidiary, as the case in which (may be, and take such other action as may be necessary or, if applicablein the reasonable opinion of the Administrative Agent, the Collateral Agent or the Collateral Trustee, desirable to perfect the security interest of the Collateral Trustee thereon and (iii) deliver to the extent thatAdministrative Agent, the Collateral Agent and the Collateral Trustee, if reasonably requested, legal opinions (which may be delivered by in-house counsel if admitted in the relevant jurisdiction) relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent, the Collateral Agent and the Collateral Trustee.

Appears in 1 contract

Sources: Credit Agreement (NRG Energy, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral Property developed, authored, revised, updated, adapted, translated, collected, compiled, licensed, or acquired after the Closing Date by or on behalf of any Loan Party Group Member (other than (x) any Property described in paragraph (b), (c) or (d) below, (y) any Property subject to a Lien expressly permitted by Section 7.3(g) and (z) Property acquired by any Excluded Foreign Subsidiary) as to which the Lender Collateral Trustee, for the benefit of the Secured Parties, does not have a perfected first priority Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertysubject to Permitted Liens), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a security interest in such Collateral property, and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty (subject to Permitted Liens), including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent and, in the case of newly developed, authored, revised, updated, adapted, translated, collected, compiled, licensed or acquired Intellectual Property, and, to the extent in conformity with the Borrower's ordinary course business practices, the registration of such property in the U.S. Copyright Office or Patent and Trademark Office, as applicable, or foreign equivalents thereof, and recordation in the U.S. Copyright Office or Patent and Trademark Office, as applicable, or foreign equivalents thereof, of Intellectual Property Mortgages covering such property. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly Group Member (other than (y) any such real property subject to a Lien expressly permitted by Section 7.3(g) and in (z) real property acquired by any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): Excluded Foreign Subsidiary) (i) promptly execute and deliver a first priority Real Property Mortgage (subject to Permitted Liens), in favor of the maximum principal Collateral Trustee, for the benefit of the Secured Parties, covering such real property, (ii) at least 30 days prior to the purchase of the real property, provide the Administrative Agent with a copy of an environmental site assessment report conforming to the standards of the ASTM "Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process" (ASTM 1527-00) along with such other documentation, in form and substance satisfactory to the Administrative Agent, sufficient to establish that the property does not contain identifiable environmental conditions that are likely to cause a Material Adverse Effect; (iii) if requested by the Administrative Agent, promptly provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s 's certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such Real Property Mortgage, each of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be foregoing in form and substance reasonably satisfactory to the Lender. Administrative Agent and (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (iiiv) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the foregoingClosing Date by any Group Member (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement and other documents and take such other actions as the Administrative Agent deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Group Member, (ii) deliver to the Collateral Trustee the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions necessary or advisable to grant to the Collateral Trustee for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent and (C) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit C, with appropriate insertions and attachments, and (iv) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date by any Group Member (other than by any Group Member that is an Excluded Foreign Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement, Foreign Pledge Agreements and other documents and take such other actions as the Administrative Agent deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority security interest in which a Lien was previously granted or the Capital Stock of such new Subsidiary that is owned by any such Group Member (provided that in no event shall more than 66.5% of the total outstanding voting Capital Stock of any such new Subsidiary be required to be granted so pledged), (ii) deliver to the Collateral Trustee the certificates representing such Capital Stock, together with undated (and, if relevant, stamped) stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Group Member and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect or protect the Collateral Trustee's security interest therein, and (iii) if reasonably requested by the Loan PartiesAdministrative Agent, or deliver to the guarantees provided by Administrative Agent legal opinions relating to the Loan Partiesmatters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) The Borrower shall, and shall cause each caseof its Subsidiaries to, on use its commercially reasonable efforts (which shall not require the payment of any fee to obtain any Landlord Waiver) to deliver to the Administrative Agent within 30 days after the Closing Date or pursuant to Section 5.2, a Landlord Waiver executed by the Loan Parties shall not be required to deliver lessor of any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered real property that is currently leased by the Borrower or any Loan Party such Subsidiary for a term ending subsequent to the first anniversary of the Closing Date in any state which by statute grants such lessor a "landlord's" (or similar) Lien which is superior to that of the Collateral Trustee, and to the extent any such Landlord Waiver is not so executed and delivered, a written explanation of the Borrower as a result thereof), in each caseto why the Borrower or such Subsidiary, as reasonably determined the case may be, was unable to obtain such Landlord Waiver. Prior to entering into any new lease of real property or renewing any existing lease of real property following the Closing Date, the Borrower shall, and shall cause each of its Subsidiaries to, use its commercially reasonable efforts to deliver to the Administrative Agent a Landlord Waiver executed by the Lenderlessor of any real property that is to be leased by the Borrower or such Subsidiary for a term in excess of one year in any state which by statute grants such lessor a "landlord's" (or similar) Lien which is superior to that of the Collateral Trustee. (f) Within 60 days following the Closing Date, the Administrative Agent shall have received, and the title insurance company issuing the policy referred to in Section 5.1(l) (ii) (the "Title Insurance Company") shall have received, maps or plats of an as-built survey of the site of the Mortgaged Real Property set forth on Schedule 1.1(b) certified to the Administrative Agent and the Title Insurance Company in a manner satisfactory to them, dated a date satisfactory to the Administrative Agent and the Title Insurance Company by an independent professional licensed land surveyor satisfactory to the Administrative Agent and the Title Insurance Company, which maps or plats and the surveys on which they are based shall be made in accordance with the Minimum Standard Detail Requirements for Land Title Surveys jointly established and adopted by the American Land Title Association and the American Congress on Surveying and Mapping in 1992, and, without limiting the generality of the foregoing, there shall be surveyed and shown on such maps, plats or surveys the following: (A) the locations on such sites of all the buildings, structures and other than improvements and the Collateral established building setback lines; (B) the lines of streets abutting the sites and width thereof; (C) all access and other easements appurtenant to the sites; (D) all roadways, paths, driveways, easements, encroachments and overhanging projections and similar encumbrances affecting the site, whether recorded, apparent from a physical inspection of the sites or otherwise known to the surveyor; (E) any encroachments on any adjoining property by the building structures and improvements on the sites; (F) if the site is described as being on a filed map, a legend relating the survey to said map; and (G) the flood zone designations, if any, in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderMortgaged Real Properties are located.

Appears in 1 contract

Sources: Revolving Credit Agreement (Haights Cross Communications Inc)

Additional Collateral, etc. (a) With respect to any Collateral personal property or Intellectual Property acquired after the Closing Date by any Loan Party (other than any motor vehicles, or any tangible personal property evidenced by a title certificate or any other type of property expressly excluded by the Security Documents) as to which the Lender Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Security Agreement or such other documents as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Lenders, a security interest in such Collateral property, subject to Liens permitted under Section 7.3, and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be reasonably required by the Guarantee and Collateral Security Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent, other than foreign collateral documents. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $175,000 acquired after the Closing Date by any Loan Party with an individual fair market value in excess (other than any such real property subject or to be subject to a Lien permitted by Section 7.3(g), (w) or (z)), on a quarterly basis reasonably promptly after delivery of $250,000the financial statements delivered pursuant to Section 6.1(a) or (b), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver (x) other than with respect to any such real property for which the Flood Determination required pursuant to this paragraph indicates that such real property is located in a Special Flood Hazard Area, a first priority Mortgage mortgage or deed of trust in a form substantially similar to the maximum principal amount of Mortgages on the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be Initial Mortgaged Properties and reasonably specified by satisfactory to the Lender in jurisdictions that do not impose mortgage recording taxes)Administrative Agent, in favor of the Lender Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title property and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued recorded by a nationally recognized title insurance company, in an amount equal (y) a completed Federal Emergency Management Agency life-of-loan Standard Flood Hazard Determination (a “Flood Determination”) with respect to each such property and (z) a title search dated contemporaneous with the purchase price delivery of such real property, (2) Mortgage conducted by a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from which reflects that such Mortgaged Property is owned in fee by the title insurance policy relating to such real property and issue Loan Party identified as the customary survey related endorsements mortgagor, trustor or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that grantor in the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form free and substance reasonably satisfactory to the Lenderclear of all Liens other than Permitted Liens. (c) With respect to any new direct or indirect Subsidiary that is (other than an Unrestricted Subsidiary) created or acquired after the Closing Date by any Loan PartyParty (or any Subsidiary that ceases to be a Liquidating Subsidiary) or any Subsidiary of a Loan Party ceases to be an Unrestricted Subsidiary, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Guarantee and Security Documents Agreement as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest subject to Liens permitted pursuant to Section 7.3 in the Capital Stock of such new Subsidiary (other than an Unrestricted Subsidiary) that is owned directly by any Loan Party (provided, such security interest shall be limited (A) in the case of a Foreign Subsidiary or indirectly by a Domestic Subsidiary that has no material assets other than Capital Stock of one or more “controlled foreign corporations” (as defined under Section 957 of the Code), to 65% of such Loan PartyCapital Stock in such Subsidiary, (B) in the case of any Insurance Subsidiary, to the lesser of the amount of such Insurance Subsidiary’s Capital Stock which can be pledged pursuant to the applicable law governing such Insurance Subsidiary or if such Insurance Subsidiary is a Foreign Subsidiary, the amount which is required to be otherwise pledged hereunder and (C) in the case of any Non-Profit Entity formed after the Closing Date, to the amount of such entity’s Capital Stock that can be pledged pursuant to the applicable law or regulations governing such entity), (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Administrative Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any (unless such Subsidiary (A) to become is a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Foreign Subsidiary, including the filing a Domestic Subsidiary of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Foreign Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) Domestic Subsidiary that has no material assets other than Capital Stock of one or more “controlled foreign corporations” (as defined (1) Holdings and the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties Borrower shall not be required to deliver take, or cause any Collateral or perfect Subsidiary to take, the Lender’s security interest actions required by this paragraph (c) with respect to any Collateral (except such new Subsidiary prior to the extent perfection can be accomplished by filing UCC financing statementsdelivery of financial statements delivered pursuant to Section 6.1(a) or provide any guarantee (b) for the fiscal quarter of the ObligationsBorrower during which such new Subsidiary was created or acquired unless (x) the aggregate amount of Investments made by the Group Members in all such new Subsidiaries exceeds $10,000,000 prior to the end of such fiscal quarter or (y) a Default has occurred and is continuing and (2) Holdings and the Borrower shall not be required to provide the legal opinions required by this paragraph (c) if the applicable new Subsidiary (on a consolidated basis) accounts for less than 1% of the assets, revenues or Consolidated EBITDA of the Borrower, in each casecase on a pro forma basis as of the end of and for the four fiscal quarters most recently ended for which financial statements have been delivered under Section 6.1 (a) or (b), if as though such Subsidiary had become a Subsidiary at the cost beginning of delivering or perfecting such period, unless such new Subsidiary, together with all other Subsidiary Guarantors organized in the lien in such Collateral or of providing such guarantee exceeds the benefit same jurisdiction with respect to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered no opinions have been received by the Administrative Agent, account for 4% of more of the assets, revenues or Consolidated EBITDA of the Borrower or any Loan Party as a result thereof), in each case, as reasonably (determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be same basis as provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderabove).

Appears in 1 contract

Sources: Credit Agreement (National Mentor Holdings, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Restatement Effective Date or, in the case of inventory or equipment, any Property moved after the Restatement Effective Date by the Borrower or any Loan Party of its Subsidiaries (other than (x) any Property described in paragraphs (b), (c) or (d) of this Section, (y) any Property subject to a Lien expressly permitted by Section 7.3(g) and (z) Property acquired by an Excluded Foreign Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by security interest, promptly (and, in any event, within 30 days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition) (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Security Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by Administrative Agent, for the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount benefit of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Secured Parties, in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyProperty, (ii) deliver to the Lender such documents and instruments as may be required to grantincluding, perfectwithout limitation, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Security Agreement or by law or as may be reasonably requested by the Lender Administrative Agent. (b) With respect to (1) any fee interest in any Real Estate having a value (together with improvements thereof) of at least $4,000,000 or any lease of Real Estate contemplating an initial annual rent payment, including projected percentage rent, after the expiration of any free rent or "rent abatement" period of at least $400,000, acquired or leased after the Restatement Effective Date or thereafter attaining such a value or rent threshold, as the case may be, by the Borrower or any of its Subsidiaries (other than any such real property owned by an Excluded Foreign Subsidiary or subject to a Lien expressly permitted by Section 7.3(g)) and (C2) any Real Estate that at any time, in the Administrative Agent's determination, becomes legally or operationally advantageous to deliver to aggregate with adjacent or nearby Mortgaged Property, promptly (and, in any event, within 30 days following the Lender a customary certificate date of such Subsidiaryacquisition or determination) (i) execute and deliver a first priority Mortgage in favor of the Administrative Agent, in a form reasonably satisfactory to for the Lenderbenefit of the Secured Parties, covering such real property complying with appropriate insertions and attachmentsthe provisions of Section 5.1(r), and (ivii) if requested by the LenderAdministrative Agent, provide the Secured Parties with (x) title and extended coverage insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent) as well as a current ALTA survey thereof complying with the provisions of Section 5.1(q), together with a surveyor's certificate and (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and (iii) if requested by the Administrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Administrative Agent. (ic) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with With respect to any Collateral new Subsidiary (except to other than an Excluded Foreign Subsidiary) created or acquired after the extent perfection can be accomplished by filing UCC financing statements) or provide Restatement Effective Date (which, for the purposes of this paragraph, shall include any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected existing Subsidiary that ceases to be suffered an Excluded Foreign Subsidiary), by the Borrower or any Loan Party as a result thereof)of its Subsidiaries, promptly (and, in each caseany event, within 30 days following such creation or the date of such acquisition) (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Security Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as reasonably determined the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Security Agreement and an Intellectual Property Security Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Security Agreement with respect to such new Subsidiary, including, without limitation, the recording of an Intellectual Property Security Agreement and any other instruments in the United States Patent and Trademark Office and the United States Copyright Office, the execution and delivery by all necessary Persons of Control Agreements and the filing of UCC financing statements in such jurisdictions as may be required by the LenderGuarantee and Security Agreement, the Intellectual Property Security Agreement or by law or as may be requested by the Administrative Agent, and (iiiv) other than the Collateral in which a Lien was previously granted or required to be granted if requested by the Loan Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Restatement Effective Date by the Borrower or any of its Subsidiaries, promptly (and, in any event, within 30 days following such creation or the date of such acquisition) (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Security Agreement as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, or a perfected first priority security interest in the guarantees provided Capital Stock of such new Subsidiary that is owned by the Loan Parties, Borrower or any of its Domestic Subsidiaries (provided that in each case, on no event shall more than 65% of the Closing Date or pursuant to Section 5.2, no total outstanding Capital Stock of any such Liens or guarantees shall new Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Domestic Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the security interest of the Administrative Agent thereon, (iii) cause such new Subsidiary to become a party to the Subordinated Intercompany Note, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (e) Notwithstanding anything to the contrary in this Section 6.10, paragraphs (a), (b), (c) and (d) of this Section 6.10 shall not apply to any Property, new Subsidiary or new Excluded Foreign Subsidiary created or acquired after the Restatement Effective Date, as applicable, as to which the extent that) Administrative Agent has determined in its sole discretion that the provision collateral value thereof is insufficient to justify the difficulty, time and/or expense of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderobtaining a perfected security interest therein.

Appears in 1 contract

Sources: Credit Agreement (Corrections Corp of America)

Additional Collateral, etc. (a) With respect to any Collateral property (to the extent included in the definition of Collateral) acquired at any time after the Closing Date by any Loan Party (other than any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Security Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in (if and to the Capital Stock of such new Subsidiary that is owned directly or indirectly extent the assets subject to the applicable Security Document can be perfected by the actions required, and to the extent required, by such Loan Party, (iiSecurity Document) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiaryproperty, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee Security Agreement or by law or as may reasonably be requested by the Collateral Agent. (b) With respect to any Real Property having a fair market value (as determined at the time of acquisition thereof) of at least $25,000,000 acquired in fee after the Closing Date by any Loan Party, no later than 90 days after the acquisition thereof, as may be extended by the Administrative Agent in its reasonable discretion, (i) execute and deliver a Mortgage, in favor of the Collateral Agent, for the benefit of the Secured Parties, covering such interest in Real Property, along with a corresponding UCC fixture filing for filing in the applicable jurisdiction if required by the Collateral Agent, each in form and substance reasonably satisfactory to the Collateral Agent, as may be necessary to create a valid, perfected and subsisting Lien, subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted under Section 8.02, #4848-1207-1386 112 (c) With respect to any new Subsidiary Guarantor created or acquired after the Closing Date (or any Restricted Subsidiary that becomes a Subsidiary Guarantor after the Closing Date), promptly, and in any event within 30 days of such creation or acquisition (or, in the case of any Restricted Subsidiary that becomes a Subsidiary Guarantor, the date that such Restricted Subsidiary becomes a Subsidiary Guarantor) (as such date may be extended from time to time by the Administrative Agent in its sole discretion) (i) execute and deliver to the Collateral Agent such amendments to this Agreement and the Security Agreement as the Collateral Agent deems reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted hereunder) in the Capital Stock of such new Subsidiary Guarantor that is owned by any Loan Party, (ii) deliver to the Collateral Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the relevant Loan Party and (iii) cause such new Subsidiary Guarantor (a) to execute and deliver to the Collateral Agent (w) a Guarantor Joinder Agreement or such comparable documentation requested by the Collateral Agent to become a Subsidiary Guarantor, (x) a joinder agreement to the Security Agreement, substantially in the form annexed thereto, (y) to the extent requested by the Administrative Agent a customary joinder agreement to the ABL/Term Loan Intercreditor Agreement then in effect and (z) to the extent requested by the Administrative Agent a customary joinder agreement to the First Lien/Second Lien Intercreditor Agreement then in effect, (b) to take such actions reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected (if and to the extent the assets subject to the applicable Security Document can be perfected by the actions required, and to the extent required, by such Security Document) first priority security interest (subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted hereunder) in the Collateral described in the Security Agreement with respect to such new Subsidiary Guarantor, including the filing of UCC financing statements in such jurisdictions as may reasonably be required by the Security Agreement or by law or as may be reasonably requested by the Lender Collateral Agent and (Cc) to deliver to the Lender Collateral Agent (i) a customary certificate of such SubsidiarySubsidiary Guarantor, substantially in a the form reasonably satisfactory of the certificate provided by the Loan Parties on the Closing Date pursuant to the LenderSection 6.01(i), with appropriate insertions and attachments, attachments and (ivii) if reasonably requested by the LenderCollateral Agent, deliver a legal opinion from counsel to the Lender legal opinions relating to the matters described above, which opinions shall be such new Subsidiary Guarantor in form and substance, and from counsel, substance reasonably satisfactory to the LenderCollateral Agent. (d) With respect to any new Restricted Subsidiary which is an Excluded Foreign Subsidiary described in clause (i) (but not clause (ii) or (iii)) of the definition of “Excluded Foreign Subsidiary” created or acquired after the Closing Date by any Loan Party, promptly (i) execute and deliver to the Collateral Agent such amendments to the Security Agreement as the Collateral Agent reasonably deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject only to Liens permitted under Section 8.02) in no more than 65% of the total outstanding voting Capital Stock #4848-1207-1386 113 (e) With respect to any new Non-Guarantor Subsidiary created or acquired after the Closing Date by any Loan Party (but excluding any Unrestricted Subsidiary, any Excluded Foreign Subsidiary and any Subsidiary which would be a Subsidiary Guarantor but for clause (vi) in the definition thereof to the extent a pledge of the Capital Stock of such entity is prohibited by its Organizational Documents or requires the consent of any Person (other than Holdings or any of its Restricted Subsidiaries) party thereto which consent has not been obtained), promptly (i) execute and deliver to the Collateral Agent such amendments to this Agreement and the Security Agreement as the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject only to Liens permitted under Section 8.02) in the Capital Stock of such Non-Guarantor Subsidiary that is owned by any Loan Party and (ii) deliver to the Collateral Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the relevant Loan Party. Notwithstanding anything to the contrary in the foregoing clauses (c) and (d), the Borrower may notify the Administrative Agent at any time that the Borrower desires to join an Excluded Foreign Subsidiary as a Subsidiary Guarantor under this Agreement and the other Loan Documents, and, in any such case, cause such Excluded Foreign Subsidiary to (i) become a Subsidiary Guarantor by executing and delivering to the Collateral Agent a Guarantor Joinder Agreement along with such other documentation as the Collateral Agent deems reasonably appropriate for effecting such joinder, (ii) ▇▇▇▇▇ ▇ ▇▇▇▇ in favor of the Collateral Agent for the ratable benefit of the Secured Parties on the assets and other personal property of such Excluded Foreign Subsidiary of the same type that constitute Collateral for purposes of the Security Documents (other than with respect to any Excluded Assets of such Excluded Foreign Subsidiary but without giving effect to any provision of the definition of Excluded Assets that would otherwise result in such Excluded Foreign Subsidiary (and its tangible and intangible personal property) constituting an Excluded Asset) and (iii) enter into any such amendments, modifications, or other changes to this Agreement and any other Loan Document reasonably requested by the Collateral Agent in its reasonable discretion in order to address any matters in connection with, or related to, such Excluded Foreign Subsidiary becoming a Subsidiary Guarantor under the Loan Documents. Each of the Lenders hereby authorize the Collateral Agent to enter into any such amendments, modifications, or other changes to this Agreement or any of the other Loan Documents solely to implement the foregoing. (f) Notwithstanding anything herein or in any other Loan Document to the contrary, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the no event shall any Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not Party be required to deliver any Collateral or perfect the Lender’s security interest obtain control agreements with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) deposit or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, securities accounts and (ii) other than the Collateral no actions in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees any non-U.S. jurisdiction shall be required in order to create any security interests in assets located or titled outside of the U.S. or to perfect any security interests (it being understood that there shall be provided by no security agreements or pledge agreements governed under the laws of any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lendernon-U.S. jurisdiction).

Appears in 1 contract

Sources: First Lien Credit and Guarantee Agreement (Janus International Group, Inc.)

Additional Collateral, etc. Other than during any Suspension Period, (a) With respect to any Collateral property or rights acquired after the Closing Date by the Company or any of its Subsidiaries that is a Loan Party (or is required to be a Loan Party pursuant to the terms of this Agreement and the other Loan Documents) (other than (x) any property described in paragraph (b), (c) or (d) below and (y) any property subject to a Lien expressly permitted by Section 7.3(g)) as to which the Lender Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent or the Collateral Trustee deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by property having the Guarantee and Collateral Agreement or any other Security Documenthighest priority then available, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent or the Collateral Trustee. (b) With respect to (i) any fee interest in any real property having a value (together with improvements thereof) of at least $15,000,000 acquired after the Closing Date by the Company or any of its Subsidiaries that is a Loan Party with an individual fair market value in excess (or is required to be a Loan Party pursuant to the terms of $250,000, promptly this Agreement and the other Loan Documents) (and in other than (x) any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified subject to a Lien expressly permitted by the Lender in jurisdictions that do not impose mortgage recording taxesSection 7.3(g) and any Excluded Real Property), in favor of the Lender covering such real property, (ii) any real property listed in part (b) of Schedule 1.1B that becomes a Mortgaged Property pursuant to the definition thereof and (iii) any real property in which a Lien is granted to secure the Target Notes, promptly (and, with respect to the foregoing clause (iii), substantially concurrently with the granting of such Lien to secure the Target Notes) deliver the documents required for Mortgaged Properties pursuant to Section 6.11. Notwithstanding the foregoing, the Collateral Trustee shall not enter into any Mortgage in respect of any real property acquired by any Loan Party after the Closing Date until the date that is (a) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real propertyproperty is not located in a “special flood hazard area”, paid for by ten (10) Business Days or (b) if such real property is located in a “special flood hazard area”, thirty (30) days, after the Borrower and issued by a nationally recognized title insurance company, in an amount equal Administrative Agent has delivered to the purchase price Lenders the following documents in respect of such real property, : (2i) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with completed flood hazard determination from a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to third party vendor; (ii) if such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lenderis located in a “special flood hazard area”, (3A) flood insurance determination certificates, and if applicable, evidence that a notification to the applicable Loan Party has obtained Parties of that fact and (if applicable) notification to the applicable Loan Parties that flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 coverage is not available and (4B) evidence of the receipt by the applicable Loan Parties of such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, notice; and (iii) if requested required by the LenderFlood Laws, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lenderevidence of required flood insurance. (c) With respect to any new direct or indirect Subsidiary (other than any Excluded Subsidiary) (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that is created or acquired after the Closing Date by any Loan Partyceases to be an Excluded Subsidiary), promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent and the Collateral Trustee such supplements, joinders or amendments to the applicable Security Documents Collateral Agreement as the Lender Administrative Agent or the Collateral Trustee deems reasonably necessary or advisable to grant to the Lender Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly by the Company or indirectly by such any of its Subsidiaries that is a Loan PartyParty (or is required to be a Loan Party pursuant to the terms of this Agreement and the other Loan Documents), (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Collateral Trustee the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyCompany or such Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (as the case may be, and take such other thanaction as may be necessary or, in each casethe reasonable opinion of the Administrative Agent or the Collateral Trustee, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect desirable to Intellectual Property (other than Excluded Assets)perfect the Collateral Trustee’s security interest therein, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee Agreement and the Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender Administrative Agent a customary certificate of such Subsidiary, substantially in a the form reasonably satisfactory to the Lenderof Exhibit C, with appropriate insertions and attachments, attachments and (iv) if reasonably requested by the LenderAdministrative Agent or the Collateral Trustee, deliver to the Lender Administrative Agent and the Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Administrative Agent and the Collateral Trustee. (d) With respect to any new first-tier Foreign Subsidiary (other than any Excluded Foreign Subsidiary (as defined in the Collateral Agreement)) of a Loan Party created or acquired after the Closing Date by the Company or any other Loan Party, promptly (i) execute and deliver to the Administrative Agent and the Collateral Trustee such amendments to the Collateral Agreement as the Administrative Agent or the Collateral Trustee deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such new Subsidiary that is a CFC, a CFC Holding Company or a Domestic Subsidiary that is a Subsidiary of a CFC be required to be so pledged (except, for the avoidance of doubt, with respect to a pledge pursuant to Section 6.9(g)); provided, further, that no Loan Party shall be obligated to pledge the Capital Stock of a Foreign Subsidiary to the extent such pledge would violate the laws of the jurisdiction of such Foreign Subsidiary’s organization), (ii) deliver to the Collateral Trustee the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Loan Party, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent or the Collateral Trustee, desirable to perfect the Collateral Trustee’s security interest therein and (iii) if reasonably requested by the Administrative Agent or the Collateral Trustee, deliver to the Administrative Agent and the Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Trustee. (e) Notwithstanding anything to the foregoingcontrary set forth in this Agreement or in any other Loan Document: (i) with respect to any property or rights of the Company or any of its Subsidiaries that constitutes collateral securing the Target Notes and as to which the Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, does not have a perfected Lien, promptly (i) execute and deliver to the Administrative Agent and the Collateral Trustee such amendments to the Collateral Agreement or such other documents as the Administrative Agent or the Collateral Trustee deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a security interest in such property and (ii) take all actions necessary or advisable to grant to the Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a perfected security interest in such property that is pari passu with the security interest in such property securing the Target Notes, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent or the Collateral Trustee; and (ii) with respect to any Subsidiary that is a guarantor in respect of the Target Notes but is not a Loan Party, promptly cause such Subsidiary (A) to become a party to the Guarantee Agreement and the Collateral Agreement, (B) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit C, with appropriate insertions and attachments and (C) if reasonably requested by the Administrative Agent or the Collateral Trustee, deliver to the Administrative Agent and the Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Trustee. (f) In addition, within 45 days of the Closing Date (or such later date as the Administrative Agent may agree in its reasonable discretion), the Company shall deliver to the Administrative Agent and the Collateral Trustee insurance certificates and endorsements naming the Collateral Trustee as additional insured or mortgagee and loss payee under the insurance policies of the Company and its Subsidiaries in accordance with the Collateral Agreement. (g) Notwithstanding anything to the contrary set forth in this Agreement: (i) each Subsidiary Borrower (including any Foreign Subsidiary Borrower) and any other applicable Loan Party shall, on the date such Subsidiary becomes a Subsidiary Borrower under this Agreement, (A) execute and deliver to the Administrative Agent and the Collateral Trustee such amendments to such Security Documents (or such additional Security Documents) as the Administrative Agent or the Collateral Trustee deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a perfected first priority security interest in the Capital Stock of such Subsidiary Borrower, (B) deliver to the Collateral Trustee the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Company or such other Loan Party, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent or the Collateral Trustee, desirable to perfect the Collateral Trustee’s security interest therein, (C) execute and deliver to the Administrative Agent and the Collateral Trustee such amendments to such Security Documents (or such additional Security Documents and guarantee documents) as the Administrative Agent or the Collateral Trustee deems necessary or advisable for such Subsidiary Borrower to become a party to each applicable Security Document and guarantee document, (D) execute and deliver such other documents as the Administrative Agent or the Collateral Trustee deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a security interest in such property of such Subsidiary Borrower that is of the type included in the Collateral and (E) take all actions necessary or advisable to grant to the Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a perfected security interest in such property having the highest priority then available, including the filing of Uniform Commercial Code financing statements (or equivalent documents under local law) in such jurisdictions as may be required by the Security Documents or by law or as may be reasonably requested by the Administrative Agent or the Collateral Trustee; provided that any such security interest granted by a Foreign Subsidiary Borrower shall only secure the Obligations of such Foreign Subsidiary Borrower. (ii) solely with respect to the Obligations of a Foreign Subsidiary Borrower, (i) each Subsidiary of such Foreign Subsidiary Borrower (other than (x) any Immaterial Subsidiary, (y) any Excluded Foreign Subsidiary (as such term is defined in the Collateral Agreement) and (z) any such Subsidiary with respect to which the Company and the Administrative Agent reasonably determine that (A) a guarantee of the Obligations of such Foreign Subsidiary Borrower or a grant of Liens as security for the Obligations of such Foreign Subsidiary Borrower would result in which material adverse tax consequences or (B) the time and expense of implementing such guarantee or security arrangement is excessive in relation to the benefits to the Lenders of obtaining the same) and the direct parent of such Foreign Subsidiary Borrower (each such direct parent and Subsidiary of a Lien was previously granted or required to be granted by the Foreign Subsidiary Borrower, a “Foreign Guarantor”) and each other applicable Loan Parties, or the guarantees provided by the Loan Parties, in each caseParty shall, on the Closing Date date such Foreign Subsidiary becomes a Foreign Subsidiary Borrower under this Agreement, (A) execute and deliver to the Administrative Agent and the Collateral Trustee such amendments to such Security Documents (or pursuant such additional Security Documents) as the Administrative Agent or the Collateral Trustee deems necessary or advisable to Section 5.2grant to the Collateral Trustee, for the benefit of the Administrative Agent and the Lenders, a perfected first priority security interest in the Capital Stock of such Foreign Guarantor that is owned by a Loan Parties shall not Party, (B) deliver to the Collateral Trustee the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the applicable Loan Party, and take such other action as may be required necessary or, in the opinion of the Administrative Agent or the Collateral Trustee, desirable to deliver any Collateral or perfect the LenderCollateral Trustee’s security interest therein, (C) cause such Foreign Guarantor (I) to become a party to each applicable Security Document and guarantee document (which documents shall include a provision regarding appointment of an agent for service of process with respect to any Collateral such Foreign Guarantor in substantially the same form as Section 10.12(b)) and (except II) to deliver to the extent perfection can Administrative Agent a certificate of such Foreign Guarantor, substantially in the form of Exhibit C, with appropriate insertions and attachments, (D) if requested by the Administrative Agent or the Collateral Trustee, deliver to the Administrative Agent and the Collateral Trustee legal opinions relating to the matters described above, which opinions shall be accomplished by filing UCC financing statementsin form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Trustee, (E) execute and deliver such other documents as the Administrative Agent or provide any guarantee the Collateral Trustee deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the ObligationsAdministrative Agent and the Lenders, in each case, if the cost of delivering or perfecting the lien a security interest in such property of such Foreign Guarantor that is of the type included in the Collateral and (F) take all actions necessary or advisable to grant to the Collateral Trustee, for the benefit of providing the Administrative Agent and the Lenders, a perfected security interest in such property having the highest priority then available, including the filing of Uniform Commercial Code financing statements (or equivalent documents under local law) in such jurisdictions as may be required by the Security Documents or by law or as may be reasonably requested by the Administrative Agent or the Collateral Trustee; provided that any such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be security interest granted by a Foreign Guarantor shall only secure the Loan PartiesObligations of the Foreign Subsidiary Borrower of which it is a direct parent or a Subsidiary. (h) For the avoidance of doubt, references in this Section 6.9 to any asset, property, right or the guarantees provided by the Loan Parties, in each case, on Capital Stock of any Subsidiary created or acquired after the Closing Date or pursuant do not include Excluded Assets (as defined in the Collateral Agreement). (i) The Administrative Agent shall at all times be the sole Major Non-Controlling Authorized Representative under and as defined in the Intercreditor Agreement. (j) The Administrative Agent shall have the right to Section 5.2, no such Liens or guarantees shall be required to be provided by extend any Subsidiary in any case in which (or, if applicable, to of the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.time per

Appears in 1 contract

Sources: Credit Agreement (Tenneco Inc)

Additional Collateral, etc. (a) With respect to any Collateral Property (other than Excluded Collateral) located in the United States (or with respect to Property of any Non-US Guarantor, any Property (other than Excluded Collateral) located in jurisdiction of formation of such Non-US Guarantor or any other jurisdiction in which such Non-US Guarantor has previously granted a security interest to secure the Obligations, in each case to the extent required by the Security Documents to which such Non-US Guarantor is a party) having a value, individually or in the aggregate, of at least $10,000,000 acquired after the Closing Date by the Borrower or any Loan Party Subsidiary Guarantor |US-DOCS\115543490.9|| (other than (i) any interests in Real Property and any Property described in paragraph (c) or paragraph (d) of this Section 6.8, (ii) any Property subject to a Lien expressly permitted by Section 7.3(g) or 7.3(y), and (iii) Instruments, Certificated Securities, Securities and Chattel Paper, which are referred to in the last sentence of this paragraph (a)) as to which the Lender Collateral Agent for the benefit of the Secured Parties does not have a perfected Lien that is required by Lien, promptly (A) give notice of such Property to the Guarantee Collateral Agent and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems Collateral Agent reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and requests to grant to the Lender Collateral Agent for the benefit of the Secured Parties a security interest in such Collateral Property and (iiB) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Collateral Agent to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as (to the extent required by the Guarantee Loan Documents and Collateral Agreement with the priority required by Section 4.17) in such Property (with respect to Property of a type owned by the Borrower or any other Security DocumentSubsidiary Guarantor as of the Closing Date to the extent the Collateral Agent, for the benefit of the Secured Parties, has a perfected security interest in such Property as of the Closing Date), including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderCollateral Agent. If any amount in excess of $10,000,000 payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security, Security or Chattel Paper (or, if more than $10,000,000 in the aggregate payable under or in connection with the Collateral shall become evidenced by Instruments, Certificated Securities, Securities or Chattel Paper), such Instrument, Certificated Security, Security or Chattel Paper shall be promptly delivered to the Collateral Agent indorsed in a manner reasonably satisfactory to the Collateral Agent to be held as Collateral pursuant to this Agreement (or, in the case of any such Collateral that is Term Facility First Priority Collateral, delivered to the Designated Term Loan Agent). (b) With respect to any fee interest in any real property Material Real Property acquired after the Closing Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000Subsidiary Guarantor (other than Excluded Real Property), promptly promptly: (and in any event within sixty (60i) days give notice of such acquisition or such longer period as approved to the Collateral Agent and, if requested by the Lender in its reasonable discretion): (i) Collateral Agent or the Borrower, execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (subject to liens permitted by Section 7.3 or such other amount as shall be reasonably specified encumbrances or rights permitted by the Lender in jurisdictions that do not impose mortgage recording taxes), relevant Mortgage) in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real propertyReal Property (provided, that no Mortgage shall be obtained if the Administrative Agent reasonably determines in consultation with the Borrower that the costs of obtaining such Mortgage are excessive in relation to the value of the security to be afforded thereby); (ii) if a Mortgage has been requested with respect to Material Real Property pursuant to clause (i) above, then (A) if reasonably requested by the LenderCollateral Agent, provide the Lender Lenders with (1) a lenders’ title and insurance policy with extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, Real Property in an amount equal to the purchase price (if applicable) or the Fair Market Value of such real propertythe applicable Material Real Property, (2) a current ALTA/NSPS survey thereof, paid for as determined in good faith by the Borrower and in each casereasonably acceptable to the Administrative Agent, including all improvements, easements and other customary matters thereon reasonably required by the Lenderas well as |US-DOCS\115543490.9|| an ALTA survey thereof, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from unless the title insurance policy relating referred to such real property and issue the customary above shall not contain an exception for any matter shown by a survey related endorsements or otherwise reasonably acceptable (except to the Lenderextent an existing survey has been provided and specifically incorporated into such title insurance policy or if the Administrative Agent reasonably determines in consultation with the Borrower that the costs of obtaining such survey are excessive in relation to the value of the security to be afforded thereby), (3) flood insurance determination certificateseach in form and substance reasonably satisfactory to the Collateral Agent, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance (B) comply with the National Flood Insurance Act of 1968 and (4requirements set forth in Section 6.5(d) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and Material Real Property; and (iii) if reasonably requested by the LenderCollateral Agent, deliver to the Lender Collateral Agent customary legal opinions relating to regarding the enforceability, due authorization, execution and delivery of the Mortgages and such Mortgageother matters reasonably requested by the Collateral Agent, which opinions shall be in form and substance reasonably satisfactory to the LenderCollateral Agent. (c) With Except as otherwise contemplated by Section 7.7(p), with respect to (x) any new direct or indirect Domestic Subsidiary that is a Non-Excluded Subsidiary created or acquired after the Closing Date by (which, for the purposes of this paragraph, shall include any Loan Party, promptly (and in any event within thirty (30Subsidiary that was previously an Excluded Subsidiary that becomes a Non-Excluded Subsidiary) days or such longer period as approved by the Lender in its sole discretion): Borrower or any Subsidiary Guarantor or (y) any other Subsidiary that the Borrower elects to designate as not constituting an “Excluded Subsidiary” pursuant to clause (y) of the proviso to the definition thereof, promptly: (i) give notice of such acquisition or creation to the Collateral Agent and, if requested by the Collateral Agent or the Borrower, execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (to the extent required by the Security Documents and with the priority required by Section 4.17) in the Capital Stock of such new Subsidiary that is owned directly by the Borrower or indirectly by such Loan Party, Subsidiary Guarantor (as applicable); (ii) deliver to the Lender such documents and instruments as may be required to grantCollateral Agent (or, perfectin the case of Pledged Securities that are Term Facility First Priority Collateral, protect and ensure the priority of such security interest, including but not limited toDesignated Term Loan Agent), the certificates, if any, representing such Capital StockStock (other than Excluded Collateral), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account Borrower or Securities Account such Subsidiary Guarantor (other than, in each case, Excluded Accountsas applicable), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), ; and (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) (x) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Liens permitted hereunderthe extent required by the Security Documents and with the priority required by Section 4.17) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiarynew Subsidiary (to the extent the Collateral Agent, for the benefit of the Secured Parties, has a perfected security interest in the same type of Collateral as of the Closing Date), including the filing of UCC Uniform Commercial Code financing statements in such |US-DOCS\115543490.9|| jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Collateral Agent and (Cy) comply with the provisions of Section 6.8(b) with respect to deliver any Material Real Property (other than Excluded Real Property) owned by such new Subsidiary. Without limiting the foregoing, if (1) the aggregate Consolidated Total Assets or annual consolidated revenues of all Restricted Subsidiaries designated as “Immaterial Subsidiaries” hereunder shall at any time exceed 7.5% of Consolidated Total Assets or 5.0% of annual consolidated revenues, respectively, of the Borrower and its Restricted Subsidiaries (based on the most recent financial statements delivered pursuant to Section 6.1 prior to such time) or (2) if any Restricted Subsidiary shall at any time cease to constitute an Immaterial Subsidiary under the Lender a customary certificate definition of “Immaterial Subsidiary” (based on the most recent financial statements delivered pursuant to Section 6.1 prior to such time), the Borrower shall promptly, (x) in the case of clause (1) above, rescind the designation as “Immaterial Subsidiaries” of one or more of such SubsidiaryRestricted Subsidiaries so that, in a form reasonably satisfactory after giving effect thereto, the aggregate Consolidated Total Assets or annual consolidated revenues, as applicable, of all Restricted Subsidiaries so designated (and which designations have not been rescinded) shall not exceed 7.5% of Consolidated Total Assets or 5.0% of annual consolidated revenues, respectively, of the Borrower and its Restricted Subsidiaries (based on the most recent financial statements delivered pursuant to the LenderSection 6.1 prior to such time), with appropriate insertions and attachmentsas applicable, and (ivy) in the case of clauses (1) and (2) above, to the extent not already effected, (A) cause each affected Restricted Subsidiary to take such actions to become a “Subsidiary Guarantor” hereunder and under the Guarantee and Collateral Agreement and execute and deliver the documents and other instruments referred to in this paragraph (c) to the extent such affected Subsidiary is not otherwise an Excluded Subsidiary and (B) cause the owner of the Capital Stock of such affected Restricted Subsidiary to take such actions to pledge such Capital Stock to the extent required by, and otherwise in accordance with, the Guarantee and Collateral Agreement and execute and deliver the documents and other instruments required hereby and thereby unless such Capital Stock otherwise constitutes Excluded Collateral. (d) Except as otherwise contemplated by Section 7.7(p), with respect to any new first-tier Foreign Subsidiary created or acquired after the Closing Date by the Borrower or any Subsidiary Guarantor, promptly (i) give notice of such acquisition or creation to the Collateral Agent and, if requested by the LenderCollateral Agent, execute and deliver to the Lender legal opinions relating Collateral Agent such amendments to the matters described above, which opinions shall be Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably deems necessary or reasonably advisable in form and substance, and from counsel, reasonably satisfactory order to grant to the LenderCollateral Agent, for the benefit of the Secured Parties, a perfected security interest (to the extent required by the Security Documents and with the priority required by Section 4.17) in the Capital Stock of such new Subsidiary (other than any Excluded Collateral) that is owned by the Borrower or such Subsidiary Guarantor (as applicable) and (ii) deliver to the Collateral Agent (or, in the case of Pledged Securities that are Term Facility First Priority Collateral, the Designated Term Loan Agent) the certificates, if any, representing such Capital Stock (other than any Excluded Collateral), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary Guarantor (as applicable). |US-DOCS\115543490.9|| (e) Notwithstanding anything in this Section 6.8 or any Security Document to the foregoingcontrary, (i) other than neither Holdings nor the Borrower nor any of its Restricted Subsidiaries shall be required to take any actions in order to create or perfect the security interest in the Collateral granted to the Collateral Agent for the benefit of the Secured Parties under the laws of any jurisdiction outside the United States (unless, in which a Lien was the case of any Non-US Guarantor, such jurisdiction is the jurisdiction of organization for such Non-US Guarantor or such Non-US Guarantor has previously granted a security interest in such jurisdiction to secure the Obligations, in each case to the extent required by the Security Documents to which such Non-US Guarantor is a party), (ii) no control agreement shall be required with respect to (x) any Excluded Account or (y) any other Deposit Accounts for which control agreements are not required under Section 6.15 and (iii) no Liens shall be required to be granted by pledged or created with respect to any of the Loan Partiesfollowing (collectively, the “Excluded Collateral”): (A) (x) in the case of assets that would otherwise constitute Term Facility First Priority Collateral, any such asset at any time that does not constitute Term Facility First Priority Collateral at such time (other than in connection with the Discharge of the Term Priority Claims (as defined in the ABL Intercreditor Agreement)), (y) motor vehicles or other assets subject to certificates of title or (z) any “intent-to-use” application for registration of a trademark or service ▇▇▇▇ filed pursuant to Section 1(b) of the guarantees provided by ▇▇▇▇▇▇ Act, 15 U.S.C. § 1051, prior to the Loan Partiesfiling of a “Statement of Use” pursuant to Section 1(d) of the ▇▇▇▇▇▇ Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the ▇▇▇▇▇▇ Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in each casewhich, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law; (B) any property or asset to the extent that such grant of a security interest is prohibited or effectively restricted by any applicable law (only so long as such prohibition exists) or requires a consent not obtained of any Governmental Authority pursuant to such applicable laws; (C) any Excluded Accounts and any Excluded Equity Securities; (D) (w) any assets owned on or acquired after the Closing Date, to the extent that, and for so long as, taking such actions would violate applicable law or regulation (after giving effect to Section 9-406(d), 9-407(a), 9-408 or 9-409 of the Uniform Commercial Code and other applicable law), (x) any assets acquired before or after the Closing Date, to the extent that and for so long as such grant would violate an enforceable contractual obligation binding on such assets that existed at the time of the acquisition thereof and was not created or made binding on such assets in contemplation or in connection with the acquisition of such assets, (y) any assets (1) owned on the Closing Date or (2) acquired after the Closing Date, in each case in this clause (y), securing Indebtedness of the type permitted pursuant to Section 5.27.2(c) (or other Indebtedness permitted under Section 7.2(d), 7.2(j), 7.2(t) or 7.2(v) if such Indebtedness is of the Loan Parties shall type that is contemplated by Section 7.2(c)) that is secured by a Lien permitted by Section 7.3 |US-DOCS\115543490.9|| so long as the documents governing such Lien do not be required permit the pledge of such assets to deliver the Collateral Agent, or (z) any Collateral lease, license or perfect the Lender’s other agreement, any asset embodying rights, priorities or privileges granted under such leases, licenses or agreements, or any property subject to a purchase money security interest with respect to any Collateral (except or similar arrangement to the extent perfection can be accomplished by filing UCC financing statementsthat a grant of a security interest therein would violate, breach or invalidate such lease, license or agreement or purchase money arrangement or create a right of acceleration, modification, termination or cancellation in favor of any other party thereto (other than any Loan Party) or provide any guarantee after giving effect to the applicable anti-assignment provisions of the ObligationsUniform Commercial Code or applicable law, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result other than proceeds and receivables thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no only for so long such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, prohibition exists and to the extent that) the provision such prohibition was not creation in contemplation of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.grant;

Appears in 1 contract

Sources: Asset Based Revolving Credit Agreement (Revlon Inc /De/)

Additional Collateral, etc. (a) With respect to any Collateral property (to the extent included in the definition of Collateral) acquired at any time after the Closing Date by any Loan Party (other than any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Security Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected (if and to the extent the assets subject to the applicable Security Document can be perfected by the actions required, and to the extent required, by such Security Document) first priority (except as expressly permitted by Section 7.2) security interest (subject only to the ABL/Term Loan Intercreditor Agreement and Lien Liens permitted hereunder) in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Security Agreement or taking any other action by law or as may reasonably be requested by the LenderCollateral Agent. (b) With respect to any Real Property having a fair market value (together with improvements thereof) of at least $10,000,000 acquired in fee interest in any real property acquired after the Closing Date by any Loan Party with an individual Party, no later than 90 days after the acquisition or increase in the fair market value in excess of $250,000thereof, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved may be extended by the Lender Administrative Agent in its reasonable discretion): , (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Mortgage, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real propertyinterest in Real Property, (ii) along with a corresponding UCC fixture filing for filing in the applicable jurisdiction if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the LenderCollateral Agent, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the LenderCollateral Agent, as may be necessary to create a valid, perfected and subsisting Lien, subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted under Section 8.02, against such Real Property, (ii) provide the Lenders with a Title Policy and a Survey for each Mortgaged Property, together with such affidavits, certificates, instruments of indemnification, legal opinions, either (a) a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination evidencing that the Mortgaged Property is not in a flood zone or (b) evidence of flood insurance as required by the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended and in effect, and such other information, documentation (including, but not limited to, appraisals, environmental reports, and to the extent applicable, using commercially reasonable efforts, subordination agreements) and certifications, in each case, as may be reasonably requested by the Administrative Agent). (c) With respect to any new direct Subsidiary Guarantor created or indirect acquired after the Closing Date (or any Restricted Subsidiary that becomes a Subsidiary Guarantor after the Closing Date), promptly, and in any event within 30 days of such creation or acquisition (or, in the case of any Restricted Subsidiary that becomes a Subsidiary Guarantor, the date that such Restricted Subsidiary becomes a Subsidiary Guarantor) (as such date may be extended from time to time by the Administrative Agent in its sole discretion) (i) execute and deliver to the Collateral Agent such amendments to this Agreement and the Security Agreement as the Collateral Agent deems reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted hereunder) in the Capital Stock of such new Subsidiary Guarantor that is owned by any Loan Party, (ii) deliver to the Collateral Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the relevant Loan Party and (iii) cause such new Subsidiary Guarantor (a) to execute and deliver to the Collateral Agent (w) a Guarantor Joinder Agreement or such comparable documentation requested by the Collateral Agent to become a Subsidiary Guarantor, (x) a joinder agreement to the Security Agreement, substantially in the form annexed thereto, (y) to the extent requested by the Administrative Agent a customary joinder agreement to the ABL/Term Loan Intercreditor Agreement then in effect and (z) to the extent requested by the Administrative Agent a customary joinder agreement to the First Lien/Second Lien Intercreditor Agreement then in effect, (b) to take such actions reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected (if and to the extent the assets subject to the applicable Security Document can be perfected by the actions required, and to the extent required, by such Security Document) first priority security interest (subject only to the ABL/Term Loan Intercreditor Agreement and Liens permitted hereunder) in the Collateral described in the Security Agreement with respect to such new Subsidiary Guarantor, including the filing of UCC financing statements in such jurisdictions as may reasonably be required by the Security Agreement or by law or as may be requested by the Collateral Agent and (c) to deliver to the Collateral Agent (i) a certificate of such Subsidiary Guarantor, substantially in the form of the certificate provided by the Loan Parties on the Closing Date pursuant to Section 6.01(i), with appropriate insertions and attachments and (ii) if reasonably requested by the Collateral Agent, a legal opinion from counsel to such new Subsidiary Guarantor in form and substance reasonably satisfactory to the Collateral Agent. (d) With respect to any new Restricted Subsidiary which is an Excluded Foreign Subsidiary described in clause (i) (but not clause (ii) or (iii)) of the definition of “Excluded Foreign Subsidiary” created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to the applicable Security Documents Agreement as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject only to Liens permitted under Section 8.02) in no more than 65% of the total outstanding voting Capital Stock of any such new Excluded Foreign Subsidiary that is owned directly or indirectly by and 100% of the total outstanding non-voting Capital Stock of any such Loan Party, Excluded Foreign Subsidiary and (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Collateral Agent the priority of such security interest, including but not limited to, the certificates, certificates (if any, ) representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer Authorized Officer of the relevant Loan Party. (e) With respect to any new Non-Guarantor Subsidiary created or acquired after the Closing Date by any Loan Party (but excluding any Unrestricted Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), Foreign Subsidiary and any Security Document Subsidiary which would be a Subsidiary Guarantor but for clause (vi) in the definition thereof to the extent a pledge of the Capital Stock of such entity is prohibited by its Organizational Documents or requires the consent of any amendment, supplement or modification thereof) with respect to Intellectual Property Person (other than Excluded AssetsHoldings or any of its Restricted Subsidiaries) party thereto which consent has not been obtained), promptly (iiii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party execute and deliver to the Guarantee and Collateral Agent such amendments to this Agreement and other applicable the Security Documents, (B) to take such actions Agreement as are reasonably the Collateral Agent deems necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject only to Liens permitted hereunderunder Section 8.02) in the Capital Stock of such Non-Guarantor Subsidiary that is owned by any Loan Party and (ii) deliver to the Collateral described Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the relevant Loan Party. Notwithstanding anything to the contrary in the Guarantee foregoing clauses (c) and (d), the Borrower may notify the Administrative Agent at any time that the Borrower desires to join an Excluded Foreign Subsidiary as a Subsidiary Guarantor under this Agreement and the other Loan Documents, and, in any such case, cause such Excluded Foreign Subsidiary to (i) become a Subsidiary Guarantor by executing and delivering to the Collateral Agent a Guarantor Joinder Agreement or along with such other documentation as the Collateral Agent deems reasonably appropriate for effecting such joinder, (ii) ▇▇▇▇▇ ▇ ▇▇▇▇ in favor of the Collateral Agent for the ratable benefit of the Secured Parties on the assets and other personal property of such Excluded Foreign Subsidiary of the same type that constitute Collateral for purposes of the Security Documents, Documents (other than with respect to any Excluded Assets of such Subsidiary, including Excluded Foreign Subsidiary but without giving effect to any provision of the filing definition of UCC financing statements Excluded Assets that would otherwise result in such jurisdictions as may be required by the Guarantee Excluded Foreign Subsidiary (and Collateral its tangible and intangible personal property) constituting an Excluded Asset) and (iii) enter into any such amendments, modifications, or other changes to this Agreement or as may be and any other Loan Document reasonably requested by the Lender and Collateral Agent in its reasonable discretion in order to address any matters in connection with, or related to, such Excluded Foreign Subsidiary becoming a Subsidiary Guarantor under the Loan Documents. Each of the Lenders hereby authorize the Collateral Agent to enter into any such amendments, modifications, or other changes to this Agreement or any of the other Loan Documents solely to implement the foregoing. (Cf) to deliver Notwithstanding anything herein or in any other Loan Document to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoingcontrary, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the no event shall any Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not Party be required to deliver any Collateral or perfect the Lender’s security interest obtain control agreements with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) deposit or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, securities accounts and (ii) other than the Collateral no actions in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees any non-U.S. jurisdiction shall be required in order to create any security interests in assets located or titled outside of the U.S. or to perfect any security interests (it being understood that there shall be provided by no security agreements or pledge agreements governed under the laws of any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lendernon-U.S. jurisdiction).

Appears in 1 contract

Sources: First Lien Credit and Guarantee Agreement (Janus International Group, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral personal property or Intellectual Property acquired after the Closing Date by any Loan Party (other than any motor vehicles, or any tangible personal property evidenced by a title certificate or any other type of property expressly excluded by the Security Documents) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee Guaranty and Collateral Agreement or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest under U.S. law in such property pursuant to the terms, conditions and limitations set forth in the Guaranty and Collateral Agreement, subject to Liens permitted under Section 7.3, and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Collateral Agent to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien under U.S. law in such Collateral as required by property pursuant to the Guarantee terms, conditions and limitations set forth in the Guaranty and Collateral Agreement or any other Security DocumentAgreement, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be reasonably required by the Guarantee Guaranty and Collateral Agreement or taking any other action under U.S. law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the date that is 180 days after the Closing Date by any Loan Party with an individual fair market value (other than any such property subject, or to be subject to, a Lien permitted by clause (7) of the definition of Permitted Liens or a mortgage permitted by clause (13) of the definition of Permitted Liens (but only for so long as such mortgage remains in excess place)), on a quarterly basis reasonably promptly within 30 days after delivery of $250,000, promptly the financial statements delivered pursuant to Section 6.1(a) or (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (ib) execute and deliver a first priority Mortgage mortgage or deed of trust subject to the Liens permitted by such mortgage or deed of trust in a form substantially similar to the maximum principal amount of Mortgages on the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be Mortgaged Properties and otherwise reasonably specified by satisfactory to the Lender in jurisdictions that do not impose mortgage recording taxes)Administrative Agent, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title property and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued recorded by a nationally recognized title insurance companycompany in such manner and in such place as is required by law to establish, perfect, preserve and protect the Lien in an amount equal favor of the Collateral Agent required to be granted pursuant to the purchase price of such real propertyMortgage and all taxes, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements fees and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate charges payable in connection therewith shall be paid in full. Such Loan Party shall otherwise take such actions and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable execute and/or deliver to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering Collateral Agent such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may Administrative Agent shall reasonably request that are in require to confirm the Borrower’s possession with respect to validity, perfection and priority of the Lien of any existing Mortgage or new Mortgage against such real propertyafter-acquired Real Property (including a Title Policy, a Survey and local counsel opinion (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender.Administrative Agent) and other documents of the type described in Section 6.14 in respect of such Mortgage) (c) With respect to any new direct or indirect Restricted Subsidiary that is created or acquired after the Closing Date by any Loan PartyParty or any Unrestricted Subsidiary that becomes a Restricted Subsidiary or any Restricted Subsidiary that newly meets the requirements of the definition of Subsidiary Guarantor, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guaranty and Collateral Agreement as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest subject to Liens permitted pursuant to Section 7.3 in the Capital Stock of such new Subsidiary that is owned by any Loan Party (provided such security interest shall be limited (A) in the case of a Foreign Subsidiary directly owned by a Domestic Subsidiary, to 65% of such Capital Stock in such Foreign Subsidiary and (B) in the case of any other Foreign Subsidiary or indirectly by any Insurance Subsidiary or Immaterial Subsidiary, to 0% of such Loan PartyCapital Stock in such Foreign Subsidiary, Insurance Subsidiary or Immaterial Subsidiary), (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Administrative Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary (unless such Subsidiary is a Foreign Subsidiary, an Insurance Subsidiary, an Immaterial Subsidiary, a Regulated Entity or a Non-Wholly-Owned Subsidiary or any otherwise excluded pursuant to the definition of a Subsidiary formed for the purpose of acquiring any such Subsidiary Guarantor) (A) to become a party to the Guarantee Guaranty and Collateral Agreement and other applicable Security DocumentsAgreement, (B) to take such actions as are necessary and reasonably necessary or advisable in requested by the opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent for the benefit of the Lenders a perfected first priority security interest (subject to the Liens permitted hereunder) under Section 7.3 in the Collateral described in the Guarantee Guaranty and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee Guaranty and Collateral Agreement or by U.S. law or as may be reasonably requested by the Lender Administrative Agent and (C) to deliver to the Lender Administrative Agent a customary certificate of such Subsidiary, substantially in a the form reasonably satisfactory of Exhibit I to the LenderGuaranty and Collateral Agreement or in such other form as may be reasonably acceptable to the Administrative Agent, with appropriate insertions and attachments, and (iv) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent; provided that (1) the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties Borrower shall not be required to deliver take, or cause any Collateral or perfect Subsidiary to take, the Lender’s security interest actions required by this paragraph (c) with respect to any Collateral (except such Subsidiary prior to the extent perfection can be accomplished by filing UCC financing statementsdelivery of financial statements delivered pursuant to Section 6.1(a) or provide any guarantee (b) for the fiscal quarter of the ObligationsBorrower during which such Subsidiary was created or acquired unless (x) the aggregate amount of Investments made by Borrower and the Subsidiaries in all such Subsidiaries exceeds $10,000,000 prior to the end of such fiscal quarter or (y) an Event of Default has occurred and is continuing and (2) the Borrower shall not be required to provide the legal opinions required by this paragraph (c) if the applicable Subsidiary (on a consolidated basis) accounts for less than 1% of the assets, revenues or Consolidated EBITDA of the Borrower, in each case, if case on a pro forma basis as of the cost end of delivering and for the four fiscal quarters most recently ended for which financial statements have been delivered under Section 6.1(a) or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (iib) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, prior to the extent that) first delivery date for such financial statements, for which financial statements of the provision Borrower are available, as though such Subsidiary had become a Subsidiary at the beginning of such Lien or guarantee would violate applicable lawperiod, unless such Subsidiary, together with all other Subsidiary Guarantors organized in each case, as reasonably determined the same jurisdiction with respect to which no opinions have been received by the LenderAdministrative Agent, account for 4% of more of the assets, revenues or Consolidated EBITDA of the Borrower (determined on the same basis as provided above).

Appears in 1 contract

Sources: Credit Agreement (Radiation Therapy Services Holdings, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Effective Date or, in the case of inventory or equipment, any material Collateral moved after the Effective Date by any Loan Tensar Party (other than any Collateral described in clauses (b), (c) or (d) of this Section) as to which the Lender TCO does not have a first priority perfected Lien that is required by security interest, promptly (and, in any event, within 10 days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition) (i) execute and deliver to TCO and the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as TCO or the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender TCO a security interest in such Collateral and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such surveyto, or an existing surveycontinue on behalf of, in each caseTCO, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interestCollateral, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed entering into landlord waivers and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by TCO or the Lender Administrative Agent. (b) With respect to any fee interest in any Collateral consisting of Real Property or any lease interest in Collateral consisting of Real Property with an annual rent in excess of $1,000,000 acquired or leased after the Effective Date by any Tensar Party, promptly (and, in any event, within 20 days following the date of such acquisition) (i) execute and deliver a first priority Mortgage in favor of TCO covering such real property and complying with the provisions herein and in the Security Documents, (Cii) provide the Secured Parties with title and extended coverage insurance in an amount at least equal to the purchase price of such Real Property (or such other amount as TCO or the Administrative Agent shall reasonably specify), Surveys, and if applicable, flood insurance, lease estoppel certificates, memoranda or amendments, all in accordance with the standards for deliveries contemplated on the Effective Date, as described in Annex 9 to this Schedule 3, (iii) deliver to TCO and the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to TCO and the Lender. Notwithstanding Administrative Agent and (iv) deliver to TCO and the foregoingAdministrative Agent a notice identifying, and upon TCO’s or the Administrative Agent request, provide a copy of, the consultant’s reports, environmental site assessments or other documents relied upon by any Tensar Party to determine that any Real Property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in a material Environmental Liability or otherwise cause any of the representatives or warranties contained in Section 1.17 of Schedule 2 to be untrue. (c) With respect to any Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the Effective Date (which, for the purposes of this clause (c), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary at any time after the Effective Date) by Tensar Holdings, Tensar or any of the Subsidiaries, promptly (and, in any event, within 10 days following such creation or the date of such acquisition) (i) other than execute and deliver to TCO such amendments to the Guarantee and Collateral Agreement as TCO or the Administrative Agent deem necessary or advisable to grant to TCO a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by any Tensar Party, (ii) deliver to TCO the certificates, if any, representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Tensar Party, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement (and provide Guarantees of the Obligations) and an Intellectual Property Security Agreement and (B) to take such actions necessary or, in the reasonable opinion of TCO or the Administrative Agent, advisable to grant to TCO a perfected first priority security interest in the Collateral described in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Guarantee and Collateral or perfect the Lender’s security interest Agreement and such Intellectual Property Security Agreement with respect to any such new Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, such Intellectual Property Security Agreement or by law or as may be reasonably requested by TCO, (except iv) deliver to TCO and the Administrative Agent legal opinions relating to the extent perfection can matters described above, which opinions shall be accomplished by filing UCC financing statements) or provide any guarantee of in form and substance, and from counsel, reasonably satisfactory to TCO and the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the LenderAdministrative Agent, and (iiv) deliver to TCO and the Administrative Agent a notice identifying, and upon TCO’s or the Administrative Agent’s request, provide a copy of, the consultant’s reports, environmental site assessments or other than documents relied upon by any Tensar Party to determine that any such real property owned by such Tensar Party does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in a material Environmental Liability or that acquisition of such Subsidiary will not cause any of the Collateral representations and warranties contained in which a Lien was previously granted or required Section 1.17 of Schedule 2 to be granted untrue. (d) With respect to any Excluded Foreign Subsidiary created or acquired after the Effective Date by the Loan PartiesTensar Holdings or any of its Domestic Subsidiaries, promptly (and, in any event, within 10 days following such creation or the guarantees date of such acquisition) (i) execute and deliver to TCO and the Administrative Agent such amendments to the Guarantee and Collateral Agreement as TCO or the Administrative Agent deems necessary or advisable in order to grant to TCO a perfected first priority security interest in the Equity Interests in such new Excluded Foreign Subsidiary that is owned by any Tensar Party (provided by that in no event shall 66-2/3% or more of the Loan Parties, total outstanding voting Equity Interests in each case, on the Closing Date or pursuant to Section 5.2, no any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to TCO the certificates representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any case in which (a duly authorized officer of such Tensar Party and take such other action as may be necessary or, if applicablein the reasonable opinion of TCO or the Administrative Agent, desirable to perfect the security interest of TCO thereon, (iii) deliver to TCO and the Administrative Agent legal opinions relating to the extent thatmatters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to TCO and the Administrative Agent, and (iv) deliver to TCO and the provision Administrative Agent a notice identifying, and upon TCO’s or the Administrative Agent’s request, provide a copy of, the consultant’s reports, environmental site assessments or other documents relied upon by the Tensar or any other Tensar Party to determine that any real property owned by such Subsidiary does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in a material Environmental Liability or that acquisition of such Lien or guarantee would violate applicable law, Subsidiary will not cause any of the representations and warranties contained in each case, as reasonably determined by the LenderSection 1.17 of Schedule 2 to be untrue.

Appears in 1 contract

Sources: Lease Financing and Purchase Option Agreement (Tensar Corp)

Additional Collateral, etc. (a) With respect to any Collateral personal Property acquired after the Closing Initial Amendment Date by the Parent or any Loan Party of its Subsidiaries (other than (w) any leasehold, easement or fee interest in real property, (x) any Property subject to a Lien expressly permitted by Section 7.3(g), (y) Property acquired by an Excluded Subsidiary and (z) Property acquired directly by the Parent, Holdings or SBA Senior Finance other than the Capital Stock of a Person of which any of Holdings, SBA Senior Finance or the Borrower is a Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (ca) With respect to any new direct or indirect Subsidiary that is (other than an Excluded Subsidiary) created or acquired after the Closing Initial Amendment Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Subsidiary or Securitization Subsidiary) by the Borrower or any Loan Partyof its Subsidiaries, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly by the Borrower or indirectly by such Loan Partyany of its Subsidiaries, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Administrative Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyBorrower or such Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such new Subsidiary, including including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachmentsAdministrative Agent, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Administrative Agent. (ib) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with With respect to any Collateral (except to new Excluded Subsidiary created or acquired after the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered Initial Amendment Date by the Borrower or any Loan Party of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a result thereof), perfected first priority security interest in each case, as reasonably determined the Capital Stock of such new Excluded Subsidiary that is owned by the Lender, and Borrower or any of its Subsidiaries (ii) other provided that in no event shall more than 65% of the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no total outstanding Capital Stock of any such Liens or guarantees shall new Excluded Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary a duly authorized officer of the Borrower or such Excluded Subsidiary, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent ▇▇▇▇▇▇▇, and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. For the avoidance of doubt, no local perfection measures shall be taken in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderforeign jurisdiction.

Appears in 1 contract

Sources: Credit Agreement (Sba Communications Corp)

Additional Collateral, etc. (a) With respect to the shares of stock held by Borrower in the U.K. Subsidiary, promptly but in no event later than September 13, 1999 execute and deliver to Lender a Security Document in form and substance satisfactory to Lender providing for the pledge of all of the issued share capital held by Borrower in the U.K. Subsidiary (provided that no more than 66% of the total combined voting power of all classes of stock entitled to vote of the U.K. Subsidiary shall be required to be pledged) and the certificates evidencing such shares, together with blank stock transfer forms in respect thereof duly executed and delivered by a duly authorized officer of the Borrower, and to take such other actions necessary or advisable to grant to Lender a perfected first priority fixed charge security interest in such shares. (b) With respect to the shares of stock held by Borrower in the Brazilian Subsidiary, promptly but in no event later than February 27, 2000 execute and deliver to Lender a Security Document in form and substance satisfactory to Lender providing for the pledge of all of the shares of stock held by Borrower in the Brazilian Subsidiary (provided that no more than 66% of the total combined voting power of all classes of stock entitled to vote of the Brazilian Subsidiary shall be required to be pledged) and the certificates representing such shares, together with undated stock powers in blank, executed and delivered by a duly authorized officer of the Borrower, and to take such other actions necessary or advisable to grant to Lender a perfected first priority security interest in such shares. (c) With respect to any Collateral property acquired after the Closing Date by the Borrower or any Loan Party of its Domestic Restricted Subsidiaries (other than (x) any property described in paragraphs (d), (e) or (f) below, or (y) any property subject to a Lien permitted by clause (g) of the definition of Permitted Liens) as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingsecurity interest, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender such amendments to the Guarantee Guaranty and Collateral Security Agreement or such other documents as the Lender deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority security interest in such property (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentfor Permitted Liens), including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee Guaranty and Collateral Security Agreement or taking any other action by law or as may be reasonably requested by the Lender. (bd) With respect to any fee interest shares of stock held by the Borrower in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000Home▇▇▇▇▇▇.▇▇▇, ▇▇c., a Delaware corporation, Stan ▇▇▇ ▇▇▇ia, Inc., a Delaware corporation, and Worldly Information Network, Inc., a Delaware corporation, promptly (and but in any no event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): later than October 1, 1999 (i) execute and deliver to Lender such amendments to the Guaranty and Security Agreement as the Lender deems necessary or advisable to grant to the Lender a perfected first priority Mortgage security interest in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, shares and (ii) if requested deliver to Lender the certificates representing such shares, together with undated stock powers, in blank, executed and delivered by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by a duly authorized officer of the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) take such other documents as the actions necessary or advisable to grant to Lender may reasonably request that are a perfected first priority security interest in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lendershares. (ce) With respect to any new direct or indirect Domestic Restricted Subsidiary that is created or acquired after the Closing Date by any Loan PartyDate, promptly (and in any event within thirty (30A) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Guaranty and Security Documents Agreement as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly by the Borrower or indirectly by such Loan Party, any of its Restricted Subsidiaries and (ii) deliver to Lender the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyBorrower or such Restricted Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iiiB) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (Ai) to become a party to the Guarantee Guaranty and Collateral Security Agreement and other applicable Security Documents, (Bii) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiarynew Subsidiary (except for Permitted Liens), including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee Guaranty and Collateral Security Agreement or by law or as may be reasonably requested by the Lender Lender, and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender resolutions, incumbency certificates, and legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.,

Appears in 1 contract

Sources: Loan Agreement (Organic Inc)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Borrower or any Loan Party of its Subsidiaries (other than (v) any leasehold interests in real property, (w) any Intellectual Property to the extent creation of a security interest therein would be contractually prohibited, (x) any Property described in paragraph (b) or paragraph (c) of this Section, (y) any Property subject to a Lien expressly permitted by Section 6.3(g) and (z) Property acquired by an Excluded Foreign Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Lenders, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in such Property (except as expressly subject to Liens permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document6.3), including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $250,000 acquired after the Closing Date by the Borrower or any Loan Party with of its Subsidiaries (other than any such real property owned by an individual fair market value in excess of $250,000Excluded Foreign Subsidiary subject to a Lien expressly permitted by Section 6.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the LenderAdministrative Agent, provide the Lender Lenders with (1x) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, property in an amount at least equal to the purchase price of such real property, (2) estate as well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s 's certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such mortgage or deed of trust, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (c) With respect to any new Subsidiary of the foregoing, Borrower (i) other than the Collateral in which a Lien was previously granted an Excluded Foreign Subsidiary) created or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or pursuant to Section 5.2(which, for the Loan Parties purposes of this paragraph, shall not be required to deliver include any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected existing Subsidiary that ceases to be suffered an Excluded Foreign Subsidiary), by the Borrower or any Loan Party of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a result thereofperfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions reasonably necessary or advisable to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary (subject to Liens and other matters permitted by Section 6.3 and excluding leasehold interests in real property, and Intellectual Property to the extent creation of a security interest therein would be contractually prohibited), including, without limitation, the filing of Uniform Commercial Code financing statements in each case, such jurisdictions as reasonably determined may be required by the LenderGuarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iiiv) other than the Collateral in which a Lien was previously granted or required to be granted if requested by the Loan PartiesAdministrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date by the Borrower or pursuant any of its Subsidiaries, promptly (i) execute and deliver to Section 5.2the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such Liens or guarantees shall new Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Term Loan Agreement (B&g Foods Inc)

Additional Collateral, etc. (aA) With respect to any Collateral property acquired after the Closing Date by any Loan Party Grantor or its Subsidiary (other than any property described in clause (B), (C) or (D) below as to which the Lender IBM Credit does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and or its Subsidiary) will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender IBM Credit such amendments to the Guarantee and Collateral Agreement or such other documents Restructuring Documents as the Lender IBM Credit reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender IBM Credit a security interest in such property, including but not limited to any amendment to any Guaranty executed and delivered by such Grantor or Subsidiary, (ii) in the case of Investment Property, Deposit Accounts and any other relevant Collateral, take any actions requested by IBM Credit to enable IBM Credit to obtain "control" (within the meaning of Revised Article 9 of the UCC) with respect thereto, (iii) comply with any Requirement of Law as to any Collateral if such compliance is deemed necessary or advisable by IBM Credit for the attachment, perfection or priority of, or the ability of IBM Credit to enforce, IBM Credit's security interest in such Collateral, (iv) use commercially reasonable efforts to obtain consents and approvals from any Governmental Authority or other Person, including without limitation any consent of licensor, lessor or other Person obligated on Collateral, (v) execute and deliver such documents, agreements, and instruments as reasonably may be required by IBM Credit to further evidence and perfect its security interests in all Intellectual Property, (vi) use commercially reasonable efforts to obtain waivers from mortgagees and landlords in form and substance satisfactory to IBM Credit, and (iivii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender IBM Credit a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement Guaranty or taking any other action by law or as reasonably may be requested by the LenderIBM Credit. (bB) With respect If a Grantor will at any time hold or acquire a material Commercial Tort Claim, then such Grantor will immediately notify IBM Credit in a writing signed by such Grantor of the details thereof and grant to any fee IBM in such writing a security interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (therein and in any event within sixty (60) days the proceeds thereof, all upon the terms of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)this Agreement, in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal writing to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the LenderIBM Credit. (cC) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any a Loan Party, such Loan Party will promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender IBM Credit such supplements, joinders or amendments to the applicable Security Documents this Agreement and any Guaranty as the Lender IBM Credit reasonably deems reasonably necessary or advisable to grant to the Lender IBM Credit a perfected first priority security interest in all of the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyGrantor, (ii) deliver to IBM Credit the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, 50 together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant such Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (Aa) to become a party to the Guarantee and Collateral Agreement and other applicable Security DocumentsRestructuring Documents that are security documents, (Bb) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender IBM Credit a perfected perfected, first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, Restructuring Documents that are security documents with respect to such new Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement Restructuring Documents that are security documents or by applicable law or as may be reasonably requested by the Lender IBM Credit and (Cc) to deliver to the Lender a customary IBM Credit an assumption certificate of such Subsidiary, substantially in a the form reasonably satisfactory to the Lenderof Attachment Q, with appropriate insertions and attachments, and (iv) if reasonably requested by the LenderIBM Credit, deliver to the Lender IBM Credit legal opinions relating to the matters described above, which opinions shall will be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderIBM Credit.

Appears in 1 contract

Sources: Term Credit Agreement (Digital Angel Share Trust)

Additional Collateral, etc. (a) With Subject to applicable Gaming Regulations and the terms herein, with respect to any personal property (including, without limitation any Capital Stock) or Intellectual Property (in each case, other than assets expressly excluded from the Collateral pursuant to the Security Documents) acquired or created after the Closing Date by any Loan Party (other than Instruments, Certificated Securities, Securities and Chattel Paper, which are referred to in the last sentence of this paragraph (a)) as to which the Lender Collateral Agent for the benefit of the Secured Parties does not have a perfected Lien that is required Lien, promptly, but in any case within the later of (i) the receipt of all requisite approvals under the applicable Gaming Regulations and (ii) sixty days (in each case, which period may be extended by the Guarantee and Collateral Agreement (excludingAdministrative Agent in its reasonable discretion) or, for in the avoidance case of doubtany Intellectual Property, real property)if later, concurrently with the Borrower willdelivery of the first Compliance Certificate after such acquisition or creation, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems Collateral Agent reasonably requests, if any, as are necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent for the benefit of the Secured Parties a security interest in such Collateral Property and (ii) take all actions necessary reasonably requested by the Collateral Agent or advisable in required by the reasonable opinion of the Lender Security Documents to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (to the extent required by the Security Documents) in such Collateral property, including, without limitation, the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Collateral Agent. Any Instrument, Certificated Security (other than in respect of the Capital Stock of any other Subsidiary which is addressed in clause (c) below), Security or Chattel Paper in excess of $2,500,000 shall be promptly, in any event, within the later of (i) the receipt of all requisite approvals under the applicable Gaming Regulations and (ii) sixty days of the receipt thereof, delivered to the Collateral Agent indorsed in a manner reasonably satisfactory to the Collateral Agent to be held as Collateral pursuant to the relevant Security Document; provided that if the pledge of the Capital Stock of any Subsidiary acquired or created after the Closing Date requires approval under applicable Gaming Regulations, the Borrower shall be required to pledge such Capital Stock only if the requisite approvals from the applicable Gaming Authorities are obtained after the exercise of its commercially reasonable efforts to obtain such approvals (and the Borrower agrees to use its commercially reasonable efforts to obtain such approvals). (b) With respect to any Material Real Estate acquired or leased after the Closing Date by any Loan Party (i) within ten Business Days (which period may be extended by the Collateral Agent in its reasonable discretion) of such acquisition, give notice of such acquisition to the Collateral Agent and, if requested by the Collateral Agent and subject to the Borrower’s use of commercially reasonable efforts to obtain consent of the lessor to grant a mortgage in any Leasehold that constitutes Material Real Estate, within ninety days (which period may be extended by the Collateral Agent in its reasonable discretion) thereafter, execute and deliver a Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties, covering such real property, (ii) if reasonably requested by the Collateral Agent provide the Lenders with a lenders’ title insurance policy with extended coverage covering such Mortgaged real property in an amount reasonably specified by the Collateral Agent (but not to exceed the market value thereof) as well as a current ALTA survey thereof, together with a surveyor’s certificate unless the title insurance policy referred to above shall not contain an exception for any matter shown by a survey (except to the extent an existing survey has been provided and specifically incorporated into such title insurance policy) and such customary flood certificates and insurance and environmental reports as shall be reasonably required by the Collateral Agent in form and substance reasonably satisfactory to the Collateral Agent and (iii) if requested by the Collateral Agent, deliver to the Collateral Agent a customary legal opinion with respect to the enforceability of such Mortgage, which opinion shall be in form and substance reasonably satisfactory to the Collateral Agent. Notwithstanding the foregoing, the Loan Parties shall only be required to use commercially reasonable efforts to obtain any necessary third party consents to the granting of any Mortgage in respect of a Leasehold (including any Leasehold subject to a Mortgage under the Existing Credit Agreement), and any failure to obtain such consent after use of such efforts (and thus otherwise comply with the requirements of clauses (i) through (iv) of this Section 6.8(b) in such Leasehold) shall not constitute a Default or Event of Default. (c) With respect to (i) any new Domestic Subsidiary (other than an Excluded Subsidiary) that is created or acquired after the Closing Date by any Loan Party, (ii) any Unrestricted Subsidiary that is designated as a Restricted Subsidiary (other than an Excluded Subsidiary) and (iii) any formerly Excluded Subsidiary which ceases to be an Excluded Subsidiary, promptly, but in any case within the later of (x) the receipt of all requisite approvals under the applicable Gaming Regulations and (y) sixty days of such creation, acquisition or change (which period may be extended by the Administrative Agent in its reasonable discretion), (A) give notice of such acquisition, creation or change to the Collateral Agent and, if applicablerequested by the Collateral Agent, execute and deliver to the Collateral Agent such amendments or joinders to the Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably deems necessary to grant to the Collateral Agent for the benefit of the Secured Parties a perfected security interest (to the extent required by the Security Documents) in the Capital Stock of such new Subsidiary that is owned by such Loan Party, (B) deliver to the Collateral Agent the certificates, if any, representing such Capital Stock (and any Capital Stock of its Subsidiaries required to be delivered by the Security Documents), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Loan Party, (C) cause such Subsidiary (1) to become a party to the Guarantee and Collateral Agreement and (2) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Secured Parties a perfected security interest (to the extent required by the Security Documents) in the Collateral described in the Guarantee and Collateral Agreement with respect to such Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any and (iv) deliver such Lien searches, customary legal opinions, authorizing resolutions and other action corporate documents relating to such Subsidiary as reasonably requested by the LenderCollateral Agent. (bd) With Notwithstanding anything to the contrary herein or in any other Loan Document, it is understood and agreed that: (i) any Lien required to be granted from time to time pursuant to this Section 6.8 shall be subject to the exceptions and limitations set forth in the Intercreditor Agreement and the applicable Security Documents, (ii) (A) perfection by control shall not be required with respect to assets requiring perfection through control agreements or other control arrangements, including deposit accounts, securities accounts and commodities accounts (other than control of Pledged Securities) and (B) no blocked account agreement, deposit account control agreement or similar agreement shall be required for any fee deposit account or securities account, (iii) no Loan Party shall be required to seek any landlord lien waiver, bailee letter, estoppel, warehouseman waiver or other collateral access or similar letter or agreement (other than use of commercially reasonable efforts to obtain any consents referenced in Section 6.8(b) above), (iv) no action outside of the US shall be required in order to create or perfect any security interest in any real property acquired after the Closing Date by asset of any Loan Party with an individual fair market value in excess of $250,000Party, promptly (and in any event within sixty (60) days of such acquisition no non-US law security agreement, non-US law pledge agreement or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (non-US law Intellectual Property filing, search or such other amount as schedule shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyasset of any Loan Party, (v) in no event will the Collateral include any Excluded Asset, (vi) no action shall be required to perfect any Lien with respect to (A) any vehicle or other asset subject to a certificate of title, (B) letter-of-credit rights, and/or (C) fixtures, unless, in the case of clauses (A) and (iii) if requested by the LenderB), deliver to the Lender legal opinions relating extent that a security interest therein can be perfected by filing a UCC-1 financing statement and, in the case of clause (C), unless otherwise covered by a Mortgage required to such Mortgage, which opinions shall be in form and substance reasonably satisfactory delivered hereunder, (vii) any joinder or supplement to the Lender. (c) With respect to Collateral and Guarantee Agreement and/or any new direct or indirect other Loan Document executed by any Restricted Subsidiary that is created required to become a Loan Party pursuant to Section 6.8(c) may, with the consent of the Administrative Agent (not to be unreasonably withheld, delayed or acquired after the Closing Date by any Loan Partyconditioned), promptly include such schedules (and in any event within thirty (30or updates to schedules) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be necessary to qualify any representation or warranty set forth in any Loan Document to the extent necessary to ensure that such representation or warranty is true and correct to the extent required thereby or by the terms of any other Loan Document, (viii) if there is a conflict between any Security Document and this Agreement, then, to grantthe extent permitted by law, perfect, protect and ensure the provisions of this Agreement will take priority over the provisions of such Security Document, and (ix) the Administrative Agent shall not require the granting of a security interest, or require the perfection of a security interest granted in, those assets as to which the cost, burden, difficulty or consequence (including but not limited to, any effect on the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer ability of the relevant Loan Party, any Control Agreement with respect Party to each Deposit Account conduct its operations and business in the ordinary course of business) of obtaining or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for perfecting a security interest therein outweighs the purpose benefit of acquiring any such Subsidiary (A) to become a party security interest to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan relevant Secured Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each caseafforded thereby, as reasonably determined by the Lender, Borrower and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Affinity Gaming)

Additional Collateral, etc. (a) With Except during a Collateral Release Period, with respect to any Collateral acquired after the Closing Date by or with respect to any Loan Party property or asset which becomes Collateral pursuant to the definition thereof after the Closing Date, (A) with respect to any Deposit Account, Securities Account or Commodities Account, within the time period set forth in (and in all cases subject to) the second paragraph of Section 5.10 applicable to such Deposit Account, Securities Account or Commodities Account and (B) with respect to any other Collateral or any other property or asset which becomes Collateral, within 60 days following the date of such acquisition or designation, or in each case, such longer period as consented to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingAdministrative Agent in its sole discretion, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent or the Collateral Trustee, as the case may be, deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Administrative Agent to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal subject to the purchase price of such real property, (2limitations set forth in Section 3.19) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyCollateral (other than any Excluded Perfection Assets and, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement except with respect to each Deposit Account or Pledged Securities Account (other thanin the possession of the Collateral Trustee, in each case, Excluded Accounts)subject to Permitted Liens, and any Security Document in respect of Pledged Securities in the possession of the Collateral Trustee, the Permitted Liens set forth in clauses (or any amendment, supplement or modification thereofg) and (o) of the definition thereof and with respect to Intellectual Property (any other than Excluded AssetsPriority Lien Obligations), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent, the Collateral Agent or the Collateral Trustee (it being understood and agreed that no Control Agreements shall be required pursuant to this Section 5.09(a) (x) in respect of any Counterparty Accounts and (Cy) to deliver on and after the Sixth Amendment Effective Date). Notwithstanding anything set forth herein or in any other Loan Document to the Lender contrary, this Section 5.09(a) shall not apply to Intellectual Property Collateral acquired after the Closing Date or with respect to any property or asset which becomes Intellectual Property Collateral pursuant to the definition of Collateral after the Closing Date (it being agreed and understood that such Intellectual Property Collateral shall be subject to the applicable provisions of the Guarantee and Collateral Agreement). (a) Except during a customary certificate Collateral Release Period, with respect to any fee interest in any Collateral consisting of real property or any lease of Collateral consisting of real property acquired or leased after the Closing Date by the Borrowers or any other Loan Party or which becomes Collateral pursuant to the definition thereof (other than any Excluded Perfection Assets), subject to the last sentence of this Section 5.09(b), within 90 days following the date of such Subsidiary, in a form reasonably satisfactory acquisition or such longer period as consented to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be Administrative Agent in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoingits sole discretion, (i) other than execute and deliver a first priority Mortgage in favor of the Collateral in which a Lien was previously granted or required to be granted by Trustee, for the Loan benefit of the Secured Parties, or covering such real property and complying with the guarantees provided by provisions herein and in the Loan PartiesSecurity Documents, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than provide the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which Secured Parties with (A) title and extended coverage insurance (or, if approved by the Administrative Agent in its sole discretion, a UCC title insurance policy) covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent, the Collateral Agent or the Collateral Trustee, which may be the value of the generation assets, if applicable, to situated thereon), together with such endorsements as are reasonably required by the extent that) Administrative Agent, the provision of Collateral Agent or the Collateral Trustee and are obtainable in the State in which such Lien or guarantee would violate applicable law, in each caseMortgaged Property is located, as reasonably determined by well as a current ALTA survey thereof complying with the Lender.requirements set forth in Schedule 5.09(b) and all of the other provisions herein and in the Security Documents, together with a surveyor’s certificate and 125 US-DOCS\159452469.6

Appears in 1 contract

Sources: Credit Agreement (NRG Energy, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by any Loan Party as to which the Lender does Collateral Agent and Purchaser do not have a perfected Lien that is security interest with the priority required by under the Guarantee Transaction Documents, promptly (and Collateral Agreement in any event, within five (excluding, for 5) days following the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition) (i) execute and deliver to the Lender Collateral Agent and Purchaser such amendments to the Guarantee and Collateral this Agreement or such other documents and modifications thereof as the Lender deems reasonably Collateral Agent or Purchaser deem necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent and Purchaser a security interest in such Collateral and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent and Purchaser a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentCollateral, subject only to Permitted Liens, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions jurisdiction as may be required by the Guarantee and Collateral this Agreement or taking any other action by law or as reasonably may be requested by the LenderCollateral Agent and Purchaser. (b) With respect Subject to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000Section 9.11, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Credit Party, the Credit Parties shall cause such Subsidiary to promptly (and and, in any event event, within thirty five (305) days following such creation or the date of such longer period as approved by the Lender in its sole discretion): acquisition) (i) execute and deliver to the Lender Collateral Agent and Purchaser a Joinder Agreement and such supplements, joinders or amendments to the applicable Security Documents this Agreement as the Lender Collateral Agent or Purchaser deems reasonably necessary or advisable to grant to the Lender Collateral Agent and Purchaser a perfected first priority security interest interest, subject only to Permitted Liens, in the Capital Stock Equity of such new Subsidiary that is owned directly or indirectly by such Loan Credit Party; provided that, Foreign Subsidiaries shall not be required to execute and deliver a Joinder Agreement, (ii) deliver to the Lender Collateral Agent a Stock Pledge Agreement, the certificates representing such documents and instruments Equity (provided that, with respect to any Foreign Subsidiary, so long as may its jurisdiction of organization is outside the United States, in no event shall more than 66% of the Equity of any such Foreign Subsidiary be subject to any Lien or be required to grant, perfect, protect and ensure be pledged under any Transaction Document to the priority extent that a pledge of more than 66% of such security interest, including but not limited to, Equity would result in a material adverse Tax consequence for the certificates, if any, representing such Capital StockCompany), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan such Credit Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (other than Foreign Subsidiaries) (A) to become a party to this Agreement, the Guarantee and Collateral Security Agreement, the Intellectual Property Security Agreement and any other applicable Security DocumentsTransaction Document as Purchaser may request, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent and Purchaser a perfected first priority security interest (interest, subject only to Liens permitted hereunder) Permitted Liens, in the Collateral all Property described in this Agreement, the Guarantee Security Agreement and Collateral the Intellectual Property Security Agreement or such other Security Documents, with respect to such new Subsidiary, including including, without limitation, the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office, the execution and delivery by all necessary Persons of Control Agreements and the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by this Agreement, the Guarantee and Collateral Intellectual Property Security Agreement or by law or as may be reasonably requested by the Lender Collateral Agent or Purchaser and (C) to deliver to the Lender a customary certificate evidence of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions proper corporate or other organizational authorization and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating with respect to each of the matters described aboveset forth in this Section 8.21(b), which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoingCollateral Agent and Purchaser, and (iiv) other than deliver to the Collateral Agent and Purchaser such other documentation as the Collateral Agent and Purchaser may require, in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Partiestheir sole discretion, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except in form and substance satisfactory to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, Agent and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderPurchaser.

Appears in 1 contract

Sources: Securities Purchase Agreement (Impco Technologies Inc)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Date by any Loan Party as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender a security interest in such Collateral and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender▇▇▇▇▇▇’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.

Appears in 1 contract

Sources: Credit Agreement (Qt Imaging Holdings, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral property acquired on or after the Closing Funds Availability Date by any Loan Party (other than Excluded Assets, Excluded Perfection Assets and any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Senior Secured Parties, does not have a perfected Lien that is required by Lien, promptly (and, in any event within 20 Business Days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition) (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Collateral Agent deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Senior Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or reasonably advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Senior Secured Parties, a perfected first priority security interest in such property (except as expressly subject, in the case of property not constituting Pledged Securities, to Permitted Liens afforded priority ahead of the Lien of the Collateral Agent by operation of law, and in the case of Pledged Securities, to Liens permitted by clause (e) of Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document6.02), including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderCollateral Agent. (b) With respect to any fee interest in any real property or any lease consisting of real property acquired or leased on or after the Closing Funds Availability Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (other than any Excluded Assets and in any event Excluded Perfection Assets) within sixty ninety (6090) days of such after the acquisition or such longer period as approved by the Lender in its reasonable discretion): leasing thereof (i) execute and deliver a first priority Mortgage (subject only to Liens permitted by clauses (c), (f), (g) and (m) of Section 6.02 and pari passu Liens permitted by clause (bb) of Section 6.02) or where appropriate under the circumstances, an amendment to an existing Mortgage, in each case in favor of the maximum principal Collateral Agent, for the benefit of the Senior Secured Parties, covering such real property, (ii) if requested by the Administrative Agent, provide the Senior Secured Parties with (x) either (1) (A) title insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. Administrative Agent; and (cB) With a current ALTA survey thereof, complying with the requirements set forth in Schedule 5.10(b) together with a surveyor’s certificate (only with respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Partyany power plant, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts)improved real property, and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) any other real property for which an ALTA survey was obtained when such property was acquired. Notwithstanding the foregoing, such Loan Party shall obtain or cause such new Subsidiary or to be obtained an ALTA survey complying with the requirements set forth in Schedule 5.10(b) together with a surveyor’s certificate for any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) real property that becomes Collateral pursuant to become a party this section to the Guarantee extent that the title company will not remove the survey exception (or endorse over such exception) without an ALTA survey) or (2) where an amendment to an existing Mortgage has been delivered pursuant to clause (i) instead of a Mortgage, an endorsement to the existing title policy adding such property as an insured parcel, or a new title policy if the requirements in the state in which the real property is located do not allow for such an endorsement, and Collateral Agreement and other applicable Security Documents, (By) to take such actions as are any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent or the Collateral Agent in connection with such Mortgage or Mortgage amendment (to the opinion extent obtainable using commercially reasonable efforts), each of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) foregoing in the Collateral described in the Guarantee form and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form substance reasonably satisfactory to the LenderCollateral Agent, with appropriate insertions and attachments, and (iviii) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent and the foregoingCollateral Agent, (iv) if requested by the Administrative Agent or the Collateral Agent, deliver to the Administrative Agent and the Collateral Agent a current appraisal of such real property or other valuation of such Loan Party’s interest therein in a form and by an appraiser reasonably acceptable to the Administrative Agent, (v) deliver to the Administrative Agent and the Collateral Agent a SFHDF with respect to such real property and, to the extent that the SFHDF indicates that such real property is in a Special Flood Hazard Area as designated by the Federal Emergency Management Agency, proof that adequate flood insurance, as required under the National Flood Insurance Program, has been obtained with respect to such real property and (vi) deliver evidence of zoning compliance satisfactory to the Collateral Agent or Administrative Agent. (c) With respect to (i) any new Subsidiary (other than the Collateral in which a Lien was previously granted an Excluded Subsidiary) created or required to be granted acquired by the Loan Parties, Borrower or any of the guarantees provided by the Loan PartiesRestricted Subsidiaries or (ii) any domestic Immaterial Subsidiary or domestic Unrestricted Subsidiary that is designated as a Restricted Subsidiary in accordance with Section 6.11, in each case, on or after the Closing Date Funds Availability Date, within twenty (20) days of such creation, acquisition or pursuant designation the Borrower or the applicable Restricted Subsidiary shall (i) execute and deliver to Section 5.2the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent and the Collateral Agent deem necessary or reasonably advisable to grant to the Collateral Agent, for the Loan Parties shall not be required to deliver any Collateral or perfect benefit of the Lender’s Senior Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Loan Party (subject only to the Liens permitted by clause (e) of Section 6.02), (ii) deliver to the Collateral Agent any certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Restricted Subsidiary, (iii) cause such Subsidiary that is a wholly-owned Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, and (B) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Senior Secured Parties a perfected first priority security interest (subject, in the case of property not constituting Pledged Securities, to Permitted Liens afforded priority ahead of the Lien of the Collateral Agent by operation of law, and in the case of Pledged Securities, to Liens permitted by clause (e) of Section 6.02) in the Collateral described in the Guarantee and Collateral Agreement with respect to any such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by Applicable Law or as may be reasonably requested by the Administrative Agent and (except iv) if requested by the Administrative Agent, deliver to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of Administrative Agent and the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit Agent legal opinions relating to the Lender matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. (which shall take into account d) With respect to (i) any adverse tax consequences suffered Foreign Subsidiary created or expected to be suffered acquired on or after the Funds Availability Date and directly owned by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and or (ii) other than the Collateral any foreign Immaterial Subsidiary or foreign Unrestricted Subsidiary that is designated as a Restricted Subsidiary in which a Lien was previously granted or required to be granted accordance with Section 6.11 and directly owned by the any Loan Parties, or the guarantees provided by the Loan PartiesParty, in each case, on or after the Closing Funds Availability Date , promptly (and, in any event, within 30 days of the creation or pursuant acquisition thereof) (A) execute and deliver to the Administrative Agent and the Collateral Agent (x) such amendments to the Guarantee and Collateral Agreement as the Collateral Agent deems necessary or reasonably advisable and/or (y) a Foreign Pledge Agreement, in each case to grant to the Collateral Agent, for the benefit of the Senior Secured Parties, a perfected first priority security interest in the Capital Stock of such Foreign Subsidiary that is owned by any such Loan Party (subject only to the Liens permitted by clause (e) of Section 5.2, 6.02 and provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such Liens or guarantees shall Foreign Subsidiary be required to be provided so pledged), (B) if commercially reasonable, deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock power, in blank, executed and delivered by any Subsidiary in any case in which (a duly authorized officer of the relevant Loan Party, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Collateral Agent’s security interest therein, and (C) if applicablerequested by the Administrative Agent, deliver to the extent thatAdministrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. (9) Section 5.11(b) of the provision Credit Agreement is hereby amended to replace the words “after the Funds Availability Date” with the words “on or after the Funds Availability Date”. (10) Clause (i) of such Lien or guarantee would violate applicable law, Section 5.13 of the Credit Agreement is hereby amended by replacing the words “each other Loan Party and its Subsidiaries” with “(A) each other Loan Party and its Subsidiaries and (B) Entergy and its subsidiaries”. (11) Clause (vi) of Section 5.13 of the Credit Agreement is hereby amended and restated in each case, its entirety to read as reasonably determined by the Lender.follows:

Appears in 1 contract

Sources: Credit Agreement (Enexus Energy CORP)

Additional Collateral, etc. (a) With Except during a Collateral Release Period, with respect to any Collateral acquired after the Closing Date by or with respect to any Loan Party property or asset which becomes Collateral pursuant to the definition thereof after the Closing Date, promptly (and, in any event, (A) with respect to any Deposit Account, Securities Account or Commodities Account, within the time period set forth in the second paragraph of Section 5.10 applicable to such Deposit Account, Securities Account or Commodities Account and (B) with respect to any other Collateral or any other property or asset which becomes Collateral, within 20 Business Days following the date of such acquisition or designation, or in each case, such longer period as consented to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: Administrative Agent in its sole discretion) (i) execute and deliver to the Lender Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent or the Collateral Trustee, as the case may be, deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Administrative Agent to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal subject to the purchase price of such real property, (2limitations set forth in Section 3.19) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyCollateral (other than any Excluded Perfection Assets and, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement except with respect to each Deposit Account or Pledged Securities Account (other thanin the possession of the Collateral Trustee, in each case, Excluded Accounts)subject to Permitted Liens, and any Security Document in respect of Pledged Securities in the possession of the Collateral Trustee, the Permitted Liens set forth in clause (or any amendment, supplement or modification thereofg) of the definition thereof and with respect to Intellectual Property (any other than Excluded AssetsPriority Lien Obligations), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent, the Collateral Agent or the Collateral Trustee (it being understood and (Cagreed that no Control Agreements shall be required pursuant to this Section 5.09(a) to deliver in respect of any Counterparty Accounts). Notwithstanding anything set forth herein or in any other Loan Document to the Lender a customary certificate of such Subsidiarycontrary, in a form reasonably satisfactory this Section 5.09(a) shall not apply to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Intellectual Property Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any property or asset which becomes Intellectual Property Collateral (except pursuant to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee definition of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on after the Closing Date or pursuant to Section 5.2, no (it being agreed and understood that such Liens or guarantees Intellectual Property Collateral shall be required to be provided by any Subsidiary in any case in which (or, if applicable, subject to the extent that) applicable provisions of the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderGuarantee and Collateral Agreement).

Appears in 1 contract

Sources: Credit Agreement (NRG Energy, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Second Lien Closing Date by the Borrower or any other Loan Party (other than any Collateral described in paragraphs (b), (c) or (d) of this Section and other than the PJM Receivables) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a first priority perfected Lien that is required security interest (subject to any Permitted Liens), promptly (and, in any event, within 10 days following the date of such acquisition or such latter date approved by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertyAdministrative Agent), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in to grant to, or continue on behalf of, the reasonable opinion Collateral Agent, for the benefit of the Lender to grant to the Lender Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document(subject to Permitted Liens), including (if applicable) the filing execution and delivery of Uniform Commercial Code financing statements in such jurisdictions as may be required a Control Agreement with respect to each deposit account or securities account that is established by a Loan Party after the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the LenderSecond Lien Closing Date. (b) With respect to any fee interest in any real property Collateral consisting of material Real Property (as reasonably determined by the Administrative Agent) acquired after the Second Lien Closing Date by the Borrower or any other Loan Party with an individual fair market value in excess of $250,000Party, promptly (and and, in any event event, within sixty (60) 30 days following the date of such acquisition or such longer period as latter date approved by the Lender in its reasonable discretion): Administrative Agent) (i) if and to the extent reasonably requested by the Administrative Agent, execute and deliver a first priority Mortgage or amendments or modifications to Mortgages (in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)each case, subject to Permitted Liens) in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real propertyproperty and complying with the provisions herein and in the Security Documents along with any related financing statements so requested, (ii) if and to the extent reasonably requested by the LenderAdministrative Agent, provide the Lender Secured Parties with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance companyor comparable endorsements or supplements to the Title Policy, in an amount at least equal to the purchase price of such real property, Real Property (2) a current ALTA/NSPS survey thereof, paid for or such lesser amount as reasonably agreed to by the Borrower and in each caseAdministrative Agent), including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing surveywhich may be subject, in each case, sufficient for such title insurance company to remove all standard survey exceptions from Permitted Liens (which, in the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise case of Permitted Liens described in clause (c) of Section 6.02, shall be reasonably acceptable to the LenderAdministrative Agent), (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form Administrative Agent and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Administrative Agent and the Collateral in which Agent and (iv) deliver to the Administrative Agent a Lien was previously granted notice identifying, and upon the Administrative Agent’s request, provide a copy of, the consultant’s reports, environmental site assessments or required to be granted by the Loan Parties, or the guarantees provided by the Loan Partiesother documents, in each case, on to the Closing Date or pursuant to Section 5.2extent available to, and relied upon by, the Borrower or any other Loan Parties shall Party to determine that any such real property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be required expected to deliver any Collateral or perfect the Lender’s security interest with result in a material Environmental Liability. (c) With respect to any Collateral (except to Subsidiary created or acquired after the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered Second Lien Closing Date by the Borrower or any Loan Party as a result thereof)of the Subsidiaries in accordance with Section 6.12, promptly (and, in each caseany event, as reasonably determined within 20 days following such creation or the date of such acquisition or such latter date approved by the LenderAdministrative Agent) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, and for the benefit of the Secured Parties, a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by the Borrower or any of the Subsidiaries, (ii) other than deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with undated stock powers, in which blank, executed and delivered by a Lien was previously granted duly authorized officer of the Borrower or such Subsidiary, as the case may be and (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement (and provide Guarantees of the Obligations) and (B) to take such actions necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Permitted Liens) in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office and the filing of UCC financing statements in such jurisdictions as may be required to be granted by the Loan Parties, Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderCollateral Agent.

Appears in 1 contract

Sources: Second Lien Credit Agreement (Dynegy Inc /Il/)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Effective Date by any Loan Party Group Member (other than (x) any property described in paragraph (b), (c) or (d) below, (y) any property subject to a Lien expressly permitted by Section 8.3(g) and (z) property acquired by any Excluded Foreign Subsidiary) as to which the Lender Senior Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Senior Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Senior Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Senior Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Senior Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentCollateral, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderSenior Collateral Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Effective Date by any Loan Party with an individual fair market value in excess of $250,000Group Member (other than (x) any such real property subject to a Lien expressly permitted by Section 8.3(g) and (y) real property acquired by any Excluded Foreign Subsidiary), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage Mortgage, in favor of the maximum principal Senior Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the Senior Collateral Agent, provide the Secured Parties with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiSenior Collateral Agent ) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, (y) any consents or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements estoppels reasonably deemed necessary or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested advisable by the Lender, deliver to the Lender legal opinions relating to Senior Collateral Agent in connection with such Mortgage, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (Senior Collateral Agent and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be if reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderSenior Collateral Agent, deliver to the Lender Senior Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Senior Collateral Agent. (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the foregoingEffective Date by any Group Member (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), promptly (i) other than execute and deliver to the Senior Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Senior Collateral Agent deems necessary or advisable to grant to the Senior Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Group Member, (ii) deliver to the Senior Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions necessary or advisable to grant to the Senior Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Senior Collateral Agent and (except C) to deliver to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee Senior Collateral Agent a certificate of such Subsidiary, substantially in the Obligationsform of Exhibit C, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lenderwith appropriate insertions and attachments, and (iiiv) if reasonably requested by the Senior Collateral Agent, deliver to the Senior Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Senior Collateral Agent. (d) With respect to any new Excluded Foreign Subsidiary that is not an Immaterial Subsidiary created or acquired after the Effective Date by any Group Member (other than by any Group Member that is an Excluded Foreign Subsidiary), promptly (i) execute and deliver to the Senior Collateral in which a Lien was previously granted Agent such amendments to the Guarantee and Collateral Agreement as the Senior Collateral Agent deems necessary or required advisable to be granted by grant to the Loan Senior Collateral Agent, for the benefit of the Secured Parties, or a perfected first priority security interest in the guarantees Capital Stock of such new Subsidiary that is owned by any such Group Member (provided by that in no event shall more than 65% of the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no total outstanding Capital Stock of any such Liens or guarantees shall new Subsidiary be required to be provided so pledged), (ii) deliver to the Senior Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the relevant Group Member, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Senior Collateral Agent, desirable to perfect the Senior Collateral Agent’s security interest therein, and (iii) if applicablereasonably requested by the Senior Collateral Agent, deliver to the extent that) Senior Collateral Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderSenior Collateral Agent.

Appears in 1 contract

Sources: Senior Credit Agreement (Websense Inc)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Effective Date by any Loan Party Group Member (other than (x) any property described in paragraph (b) or (c) below, (y) any property subject to a Lien expressly permitted by Section 6.3(g) and (z) any property included as collateral under the Senior Current Asset Security Agreement) as to which the Lender Collateral Agent, for the benefit of the Administrative Agent and the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Security Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Administrative Agent and the Lenders, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Administrative Agent and the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be reasonably required by the Guarantee and Collateral Agreement Security Documents or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any (i) of the leasehold interests in real property set forth on Schedule 5.12(b) (the “Leasehold Mortgaged Properties”) hereto where the landlord under the applicable lease consents to the imposition of a mortgage Lien on such leasehold interests, or (ii) fee interest in any real property having a value (together with improvements thereof) of at least $250,000 acquired after the Closing Effective Date by any Loan Party with an individual fair market value in excess of $250,000Group Member (other than any such real property subject to a Lien expressly permitted by Section 6.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage (with such changes thereto as shall be advisable under the law of the jurisdiction in which such mortgage or deed of trust is to be recorded), in favor of the maximum principal Collateral Agent, for the benefit of the Administrative Agent and the Lenders, covering such real property in form and substance reasonably satisfactory to the Administrative Agent, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (c) With respect to any new Subsidiary created or acquired after the foregoingEffective Date by any Group Member and each of Consumers Mining, Monessen Southwestern Railway or WP Coal which after the Effective Date ceases to be an Inactive Subsidiary, promptly (i) other than execute and deliver to the Collateral Agent such amendments to the Security Agreement as the Administrative Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, a perfected first priority security interest in which a Lien was previously granted or required the Capital Stock of such Subsidiary that is owned by any Group Member, (ii) deliver to be granted by the Loan PartiesCollateral Agent the certificates representing such Capital Stock, or the guarantees provided by the Loan Partiestogether with undated stock powers, in each caseblank, on executed and delivered by a duly authorized officer of the Closing Date or pursuant relevant Group Member, (iii) cause such Subsidiary (A) to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest execute a guarantee agreement with respect to any Collateral the Obligations substantially in the form of the Affiliate Guarantee Agreement, (except B) to become a party to the extent perfection can be accomplished by filing UCC financing statementsSecurity Agreement and Junior Current Asset Security Agreement, (C) to take such actions necessary or provide any guarantee advisable to grant to the Collateral Agent for the benefit of the ObligationsAdministrative Agent and the Lenders a perfected first priority security interest in the Collateral described in the Security Agreement and a perfected second priority security interest in the Collateral described in the Junior Current Asset Security Agreement with respect to such Subsidiary, in each case, if including the cost filing of delivering or perfecting the lien Uniform Commercial Code financing statements in such jurisdictions as may be required by the Security Agreement and Junior Current Asset Security Agreement or by law or as may be reasonably requested by the Administrative Agent and (D) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit B, with appropriate insertions and attachments, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any joint venture (including, without limitation, the Coke Plant Joint Venture) any Group Member, promptly execute and deliver to the Collateral Agent such Security Documents as the Administrative Agent deems necessary or of providing such guarantee exceeds advisable to grant to the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, a perfected first priority security interest (or to affirm the Lender attachment and perfection of any such security interest) in (which i) the Capital Stock of such joint venture that is owned by any Group Member, provided, that any pledge agreement executed and delivered by any Group Member with respect to its Capital Stock in such joint venture, shall take into account any adverse tax consequences suffered or expected be on terms substantially similar to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lenderthose JV Pledge Agreements previously delivered hereunder, and (ii) any other than form of Collateral (as defined in the Collateral Security Agreement) associated with such joint venture and in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderGrantor has an interest.

Appears in 1 contract

Sources: Term Loan Agreement (Esmark INC)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by the Borrower or any Loan Party Subsidiary Guarantor as to which the Lender Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by (except as expressly set forth in the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertyapplicable Security Document), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Lenders, a security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2set forth in the applicable Security Document) a perfected security interest and Lien with the Required Priority in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value of at least $3,000,000 acquired after the Closing Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000, Subsidiary Guarantor promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute execute, acknowledge and deliver a first priority Mortgage in favor of the maximum principal Administrative Agent, for the benefit of the Lenders with the Required Priority, in an amount no greater than 125% of the purchase price of such real if the property is located in jurisdictions that impose a state with mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender tax covering such real property, (ii) if requested by the LenderAdministrative Agent, provide the Lender Lenders with (1x) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, property in an amount at least equal to the purchase price of such real property, (2) property as well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s 's certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, (y) any consents or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements estoppels reasonably deemed necessary or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested advisable by the Lender, deliver to the Lender legal opinions relating to Administrative Agent in connection with such Mortgage, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (Administrative Agent and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be if reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (c) With respect to any new Subsidiary (other than a Foreign Subsidiary) created or acquired after the foregoingClosing Date by any Group Member (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be a Foreign Subsidiary or an Immaterial Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected security interest with the Required Priority in all Capital Stock of such new Subsidiary owned by any Group Member, (ii) deliver to the Administrative Agent the certificates, if any, representing such Capital Stock, together with undated stock powers or equivalents, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions reasonably necessary or reasonably advisable to grant to the Administrative Agent for the benefit of the Lenders a (to the extent provided in the Guarantee and Collateral Agreement) perfected security interest with the Required Priority in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent and (C) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit C, with appropriate insertions and attachments, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) The Borrower will not issue or sell any of its Capital Stock (i) to any Person other than Holdings, (ii) unless such Capital Stock is issued subject to the Collateral in which a Lien was previously granted or required to be security interest granted by the Loan Parties, Guarantee and Collateral Agreement or (iii) in any form except as a certificated security delivered at or substantially concurrent with issuance to the guarantees provided by Administrative Agent and pledged pursuant to the Loan Parties, in each case, on Guarantee and Collateral Agreement. (e) With respect to any new Foreign Subsidiary created or acquired after the Closing Date by any Group Member (other than by any Group Member that is a Foreign Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments or pursuant supplements to Section 5.2the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the Loan Parties shall not be required to deliver any benefit of the Lenders, a (except as expressly set forth in the Guarantee and Collateral or perfect the Lender’s Agreement) perfected security interest with respect to the Required Priority in the Capital Stock of such new Subsidiary owned by any Collateral such Group Member (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee provided that in no event shall more than 65% of the Obligations, in each case, if the cost total outstanding voting Capital Stock of delivering or perfecting the lien in any such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall new Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates, if any, representing such Capital Stock, together with undated stock powers or equivalents, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the relevant Group Member, as the case in which (may be, and take such other action as may be reasonably necessary or, in the reasonable opinion of the Administrative Agent, desirable to perfect the Administrative Agent's security interest therein, and (iii) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Del Laboratories Inc)

Additional Collateral, etc. (a) With respect to any Collateral property --------------------------- acquired after the Closing Date by Holdings or any Loan Party of its Subsidiaries (other than (w) any property described in paragraph (b), (c) or (d) below, (x) any property subject to a Lien expressly permitted by subsection 7.3(g) (y) property acquired by any Excluded Foreign Subsidiary and (z) any property with respect to which the Administrative Agent determines, in its sole discretion, that the value of the perfection of a security interest in such property would not justify the cost of perfecting a security interest therein) as to which the Lender Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Lenders, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Date by Holdings or any Loan Party with an individual fair market value in excess of $250,000its Subsidiaries (other than (x) any such real property subject to a Lien expressly permitted by subsection 7.3(g) and (z) real property acquired by any Excluded Foreign Subsidiary), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage Mortgage, in favor of the maximum principal Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s 's certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such mortgage or deed of trust, each of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be foregoing in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (Administrative Agent and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be if reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the foregoingClosing Date by Holdings (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), or any of its Subsidiaries, promptly (i) other than execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by Holdings or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock (to the extent such Capital Stock is in certificated form), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of Holdings or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in which a Lien was previously granted or the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required to be granted by the Loan Parties, Guarantee and Collateral Agreement or the guarantees provided by law or as may be requested by the Loan PartiesAdministrative Agent and (C) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in each casethe form of Exhibit G, on with appropriate insertions and attachments, and (iv) if --------- reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date by Holdings or pursuant any of its Subsidiaries, promptly (i) execute and deliver to Section 5.2the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the Loan Parties shall not be required to deliver any Collateral or perfect benefit of the Lender’s Lenders, a perfected first priority security interest with respect to in the Capital Stock of such new Subsidiary that is owned by Holdings or any Collateral of its Subsidiaries (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee provided that in no event shall more than 65% of the Obligations, in each case, if the cost total outstanding Capital Stock of delivering or perfecting the lien in any such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall new Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of Holdings or such Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent's security interest therein, and (iii) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Ifco Systems Nv)

Additional Collateral, etc. (a) With Subject to and consistent with the Security and Guarantee Principles, with respect to any Collateral property (to the extent included in the definition of Collateral) acquired at any time after the Closing Date by any Loan Party (other than any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien Lien, within thirty (30) days of such acquisition (or ninety (90) days in the case of an acquisition by a Foreign Subsidiary that is required a Loan Party), or such longer period as agreed to by the Guarantee and Collateral Agreement (excludingAgent in its sole discretion, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Collateral Agent such amendments or supplements to the Guarantee and Collateral Agreement applicable Security Documents or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a valid and enforceable first priority security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (subject to Liens permitted hereunder) in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Security Agreement or taking any by other action applicable law or as may reasonably be requested by the LenderCollateral Agent. (b) With Subject to and consistent with the Security and Guarantee Principles, with respect to any fee interest in any real property Real Property (excluding any Leaseholds) having aacquired by a Loan Party after the Closing Date, if the aggregate fair market value (together with improvements thereof) of at least $5,000,000 acquired after the Closing Date by any Loan Party with an individual fair market value Party,all interests in excess of Non-Mortgaged Real Property exceeds $250,00030,000,000, promptly within ninety (and in any event within sixty (6090) days of such acquisition (or such longer period as approved agreed to by the Lender Collateral Agent in its reasonable sole discretion): ) of the acquisition of such interest, (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)MortgageMortgages, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real property, interest in Real Property,the Loan Parties’ interests in Real Property such that the fair market value (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with improvements thereof) of all Non-Mortgaged Real Property does not exceed $30,000,000, along with a surveyor’s certificate and complying corresponding UCC fixture filing for filing in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyjurisdiction, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be each in form and substance reasonably satisfactory to the LenderCollateral Agent, as may be necessary to create a valid, perfected first and subsisting Lien, subject to liens permitted under Section 9.3, against such Real Property, (ii) provide the Lenders with title and extended coverage insurance covering such interest in Real Property subject to an applicable Mortgage pursuant to clause (i) above in an amount at least equal to the fair market value of such Real Property (or such lesser amount as shall be specified by the Collateral Agent) together with title endorsements reasonably requested by the Collateral Agent, (iii) provide the Lenders with an ALTA survey thereofin respect of such interest in Real Property subject to an applicable Mortgage pursuant to clause (i) above (or an existing survey accompanied, if necessary, by a “no-change” affidavit and/or other documents if same is/are sufficient for the title insurer to issue survey coverage in the applicable title policy, remove therefrom the standard survey exceptions, and issue the endorsements required pursuant to subsection (ii) above), together with a surveyor’s certification, (iv) such affidavits, certificates, instruments of indemnification and other items (including a so-called “gap” indemnification) as shall be reasonably required to induce the title insurer to issue the applicable title policy and endorsements referenced in clause (ii) above in respect of such interest in Real Property subject to an applicable Mortgage pursuant to clause (i) above, (v) deliver to the Collateral Agent legal opinions in form and substance reasonably satisfactory to the Collateral Agent and covering such matters as the Collateral Agent may reasonably request, including, without limitation, the enforceability, due authorization, execution and delivery of the applicable Mortgage, (vi) deliver to the Collateral Agent a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each parcel of Real Property (together with notice about special flood hazard area status and flood disaster assistance, duly executed by the applicable Loan Party entering into the applicable Mortgage) subject to an applicable Mortgage pursuant to clause (i) above, and in the event any such Real Property or a portion thereof is located within an area designated by the Director of the Federal Emergency Management Agency to be a “special flood hazard area” and as required by applicable law, evidence of a flood insurance policy for such Real Property or the applicable portion thereof; and (vii) such other information, documentation (including, but not limited to, appraisals, environmental reports, and to the extent applicable, using commercially reasonable efforts, subordination agreements), certifications, in each case, as may be reasonably required by the Collateral Agent or necessary in order to create a valid, perfected first and subsisting Lien subject to liens permitted under Section 9.3 against the Real Property covered by the applicable Mortgage pursuant to clause (i) above. (c) With Subject to and consistent with the Security and Guarantee Principles, with respect to any new direct or indirect Subsidiary that is Guarantor created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days of such creation or acquisition (or ninety (90) days in the case of a Subsidiary Guarantor that is a Foreign Subsidiary), or such longer period as approved agreed to by the Lender Collateral Agent in its sole discretion): , (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to this Agreement and the applicable Security Documents and such comparable documentation or other Security Documents as the Lender Collateral Agent deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary Guarantor that is owned directly or indirectly by such any Loan Party, (ii) deliver to the Lender Collateral Agent the certificates representing such documents Capital Stock (if any), together with undated stock powers, in blank, executed and instruments delivered by a duly Authorized Officer of the relevant Loan Party (iii) cause such new Subsidiary Guarantor (a) to execute and deliver to the Collateral Agent (x) a Guarantor Joinder Agreement or such comparable documentation requested by the Collateral Agent to become a Subsidiary Guarantor and guarantee the Obligations, (y) a joinder agreement to the Security Agreement, substantially in the form annexed thereto, or such comparable documentation or other Security Documents requested by the Collateral Agent, as applicable, (b) to take such actions reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the assets (other than Excluded Assets) of such new Subsidiary Guarantor, including the filing of UCC financing statements in such jurisdictions as may be required by the Security Agreement or comparable documentation or by other applicable law or as may be requested by the Collateral Agent and (c) to grant, perfect, protect and ensure deliver to the priority Collateral Agent (i) a certificate of such Subsidiary Guarantor, substantially in the form of Exhibit M, with appropriate insertions and attachments and (ii) if reasonably requested by the Collateral Agent, a legal opinion from counsel to such new Subsidiary Guarantor in form and substance satisfactory to the Collateral Agent and (iv) if such new Subsidiary Guarantor owns real property with a fair market value of at least $5,000,000, within ninety (90) days of such party becoming a Subsidiary Guarantor (or such longer period as agreed to by the Collateral Agent in its sole discretion), deliver the documents required pursuant to Section 8.8(b) hereof. (d) Subject to and consistent with the Security and Guarantee Principles, with respect to any new Restricted Subsidiary which is an Excluded Foreign Subsidiary described in clause (i) of the definition of Excluded Foreign Subsidiary (other than an Immaterial Subsidiary) created or acquired after the Closing Date by any Loan Party, within ninety (90) days of such creation or acquisition, (i) execute and deliver to the Collateral Agent such Security Documents or amendments thereto as the Collateral Agent reasonably deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interestinterest (subject to Liens permitted hereunder) in the Capital Stock of such entity; provided that not more than 65% of the total outstanding Capital Stock of any such Excluded Foreign Subsidiary shall be pledged, including but not limited to, (ii) deliver to the certificates, Collateral Agent the certificates (if any, ) representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer Authorized Officer of the relevant Loan PartyParty and (iii) if reasonably requested by the Collateral Agent, any Control Agreement with deliver to the Collateral Agent legal opinions in form and substance reasonably satisfactory to the Collateral Agent and covering such matters as the Collateral Agent may request. (e) With respect to each Deposit Account any new Non-Guarantor Subsidiary created or Securities Account acquired after the Closing Date by any Loan Party (other than, in each case, but excluding any Excluded AccountsForeign Subsidiary and any Non-Guarantor Subsidiary to the extent a pledge of the Capital Stock of such entity is prohibited by its Organizational Documents or requires the consent of any Person party thereto), and any Security Document within thirty (30) days of such creation or acquisition (or any amendment, supplement or modification thereof) with respect such longer period as agreed to Intellectual Property (other than Excluded Assetsby the Collateral Agent in its sole discretion), (iiii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party execute and deliver to the Guarantee and Collateral Agreement and other applicable Agent such Security Documents, (B) to take such actions Documents or amendments thereto as are reasonably the Collateral Agent deems necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Liens permitted hereunder) in the Capital Stock of such Non-Guarantor Subsidiary that is owned by any Loan Party, (ii) deliver to the Collateral described Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the Guarantee and Collateral Agreement or relevant Loan Party, (iii) cause such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) new Subsidiary Guarantor to deliver to the Lender Collateral Agent a customary certificate of such SubsidiarySubsidiary Guarantor, substantially in a the form reasonably satisfactory to the Lenderof Exhibit M, with appropriate insertions and attachmentsattachments (including modifications based on the Security and Guarantee Principles), and (iv) if reasonably requested by the LenderCollateral Agent, deliver to the Lender Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, substance reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Collateral Agent and covering such matters as the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAgent may request.

Appears in 1 contract

Sources: Credit and Guaranty Agreement (Ancestry.com LLC)

Additional Collateral, etc. (a) With Except during a Collateral Release Period, with respect to any Collateral acquired after the Closing Date by or with respect to any Loan Party property or asset which becomes Collateral pursuant to the definition thereof after the Closing Date, (A) with respect to any Deposit Account, Securities Account or Commodities Account, within the time period set forth in (and in all cases subject to) the second paragraph of Section 5.10 applicable to such Deposit Account, Securities Account or Commodities Account and (B) with respect to any other Collateral or any other property or asset which becomes Collateral, within 60 days following the date of such acquisition or designation, or in each case, such longer period as consented to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingAdministrative Agent in its sole discretion, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent or the Collateral Trustee, as the case may be, deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion of the Lender Administrative Agent to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal subject to the purchase price of such real property, (2limitations set forth in Section 3.19) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan PartyCollateral (other than any Excluded Perfection Assets and, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement except with respect to each Deposit Account or Pledged Securities Account (other thanin the possession of the Collateral Trustee, in each case, Excluded Accounts)subject to Permitted Liens, and any Security Document in respect of Pledged Securities in the possession of the Collateral Trustee, the Permitted Liens set forth in clauses (or any amendment, supplement or modification thereofg) and (o) of the definition thereof and with respect to Intellectual Property (any other than Excluded AssetsPriority Lien Obligations), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent, the Collateral Agent or the Collateral Trustee (it being understood and agreed that no Control Agreements shall be required pursuant to this Section 5.09(a) (x) in respect of any US-DOCS\155682452.9 Counterparty Accounts and (Cy) on and after the Sixth Amendment Effective Date). Notwithstanding anything set forth herein or in any other Loan Document to deliver US-DOCS\155682452.9 the contrary, this Section 5.09(a) shall not apply to Intellectual Property Collateral acquired after the Closing Date or with respect to any property or asset which becomes Intellectual Property Collateral pursuant to the Lender definition of Collateral after the Closing Date (it being agreed and understood that such Intellectual Property Collateral shall be subject to the applicable provisions of the Guarantee and Collateral Agreement). (b) Except during a customary certificate Collateral Release Period, with respect to any fee interest in any Collateral consisting of real property or any lease of Collateral consisting of real property acquired or leased after the Closing Date by the Borrowers or any other Loan Party or which becomes Collateral pursuant to the definition thereof (other than any Excluded Perfection Assets), subject to the last sentence of this Section 5.09(b), within 90 days following the date of such Subsidiaryacquisition or such longer period as consented to by the Administrative Agent in its sole discretion, (i) execute and deliver a first priority Mortgage in favor of the Collateral Trustee, for the benefit of the Secured Parties, covering such real property and complying with the provisions herein and in the Security Documents, (ii) provide the Secured Parties with (A) title and extended coverage insurance (or, if approved by the Administrative Agent in its sole discretion, a UCC title insurance policy) covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent, the Collateral Agent or the Collateral Trustee, which may be the value of the generation assets, if applicable, situated thereon), together with such endorsements as are reasonably required by the Administrative Agent, the Collateral Agent or the Collateral Trustee and are obtainable in the State in which such Mortgaged Property is located, as well as a current ALTA survey thereof complying with the requirements set forth in Schedule 5.09(b) and all of the other provisions herein and in the Security Documents, together with a surveyor’s certificate and (B) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent, the Collateral Agent or the Collateral Trustee in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the LenderAdministrative Agent, with appropriate insertions the Collateral Agent and attachmentsthe Collateral Trustee, (iii) if any such Collateral (other than any Excluded Perfection Assets) consisting of fee-owned real property is required to be insured pursuant to the Flood Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968, and (iv) if requested the regulations promulgated thereunder, because it is located in an area which has been identified by the Lender, Secretary of Housing and Urban Development as a “special flood hazard area,” deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Administrative Agent (iA) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral policy of flood insurance that (except to the extent perfection can be accomplished by filing UCC financing statements1) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in covers such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.and

Appears in 1 contract

Sources: Thirteenth Amendment to Second Amended and Restated Credit Agreement (NRG Energy, Inc.)

Additional Collateral, etc. (aA) With respect to any Collateral property acquired after the Closing Date by Customer or its Subsidiary (other than any Loan Party property described in paragraphs (B) and (C) below), or any Collateral as to which the Lender IBM Credit does not have a perfected Lien that is required by the Guarantee Lien, Customer or its Subsidiary shall promptly notify IBM Credit of such acquisition and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: agrees to (i) execute and deliver to the Lender IBM Credit such amendments to the Guarantee and Collateral this Agreement or such other documents as the Lender IBM Credit deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender IBM Credit, a security interest in such Collateral and property, (ii) in the case of Deposit Accounts, Letter of Credit Rights, and any other Collateral for which perfection must require "control" (within the meaning of the U.C.C.) or take any actions requested by IBM Credit to enable IBM Credit to obtain "control" (within the meaning of the U.C.C.) with respect thereto provided that Foothill has given prior written consent in its sole discretion permitting Customer to take any such actions, (iii) cause IBM Credit's name to be noted as secured party on any certificate of title for a titled good if such notation is deemed necessary or advisable by IBM Credit for the attachment, perfection or priority of, or the ability of IBM Credit to enforce or realize on, IBM Credit's security interest in such Collateral (iv) comply with any Requirement of Law as to any Collateral if such compliance is deemed necessary or advisable by IBM Credit for the attachment, perfection or priority of, or the ability of IBM Credit to enforce or realize on, IBM Credit's security interest in such Collateral, (v) obtain consents and approvals from any Governmental Authority or other Person, including without limitation any consent of licensor, lessor or other Person obligated on Collateral, (vi) execute and deliver such documents, agreements, and instruments as may be required by IBM Credit to further evidence and perfect its security interests in all Intellectual Property, (vii) obtain waivers from mortgagees and landlords in form and substance satisfactory to IBM Credit, and (viii) except in the case of the Collateral described in clause (ii) above or in the case of property described in paragraphs (B) and (C) below or any other Collateral as to which IBM Credit does not have a perfected Lien, take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender IBM Credit a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code U.C.C. financing statements in such jurisdictions as may be required by the Guarantee and Collateral this Agreement or taking any other action the Other Documents, or by law or as reasonably may be requested by the LenderIBM Credit. (bB) With respect If Customer shall at any time hold or acquire a Commercial Tort Claim, then Customer shall immediately notify IBM Credit in writing signed by Customer of the details thereof and grant to any fee IBM Credit in such writing a security interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (therein and in any event within sixty (60) days the proceeds thereof, all upon the terms of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)this Agreement, in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal writing to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the LenderIBM Credit. (cC) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan PartyCustomer or its Subsidiary, promptly (and in any event within thirty (30) days to the extent not inconsistent with the terms of the Foothill Credit Agreement, Customer or such longer period as approved by the Lender in its sole discretion): Subsidiary shall, upon IBM Credit's request: (i) execute and deliver to the Lender IBM Credit such supplements, joinders or amendments to the applicable Security Documents as the Lender this Agreement or any other documents that IBM Credit deems reasonably necessary or advisable to grant to the Lender IBM Credit a perfected first priority security interest in the Capital Stock capital stock of such new Subsidiary that is owned directly by Customer or indirectly by such Loan Partyits Subsidiary, (ii) deliver to IBM Credit the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stockcapital stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of Customer or the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)Subsidiary, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documentsthis Agreement, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender IBM Credit a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral this Agreement or such other Security Documents, with respect to such new Subsidiary, including the filing of UCC U.C.C financing statements in such jurisdictions as may be required by the Guarantee and Collateral this Agreement or by law or as may be reasonably requested by the Lender IBM Credit and (C) to deliver to the Lender IBM Credit a customary certificate of such Subsidiary, in a form reasonably and substance satisfactory to the LenderIBM Credit in its sole discretion, with appropriate insertions and attachments, evidencing that Subsidiary has obtained requisite corporate authorization to become a party to this Agreement, is in compliance with all of Customer's representations and warranties in this Agreement and is in compliance with all applicable laws, rules, regulations, orders and judgments, noncompliance with which could result in a Material Adverse Effect, and (iv) if requested by the LenderIBM Credit, deliver to the Lender IBM Credit legal opinions relating to the matters described above, which opinions shall be in form and substance, substance and from counsel, reasonably satisfactory to the LenderIBM Credit. Notwithstanding the foregoingCustomer will comply, (i) other than the Collateral in which a Lien was previously granted or required and cause all Subsidiaries of Customer to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to comply with Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee 7 and Section 8 of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each casethis Agreement, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required if such sections applied directly to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderSubsidiaries.

Appears in 1 contract

Sources: Inventory Financing Agreement (En Pointe Technologies Inc)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Borrower or any Loan Party of its Subsidiaries (other than (w) subject to paragraph (b) of this Section, real property (including fixtures to the extent such fixtures are included within the definition of Permitted Perfection Exception), (x) any Property described paragraph (c) of this Section, (y) any Property subject to a Lien expressly permitted by Section 7.3(g) or (l) and (z) Property acquired by a Foreign Subsidiary or an Immaterial Subsidiary) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems reasonably Administrative Agent and the Collateral Agent deem necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by Agent, for the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount benefit of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Secured Parties, in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interestProperty, including but not limited towithout limitation, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and Collateral Agent, except in each case as permitted in the definition of Permitted Perfection Exceptions. (Cb) With respect to deliver any fee interest (or leasehold interest, to the Lender extent such leasehold is created under a customary certificate triple net ground lease or similar transaction) in any real property having a value (together with improvements thereof) of at least $2,500,000 in excess of any applicable Permitted Lien acquired on or after the Closing Date by the Borrower or any of its Subsidiaries (other than any such Subsidiaryreal property owned by a Foreign Subsidiary or subject to a Lien expressly permitted by Section 7.3(g)) promptly (i) execute and deliver a first priority Mortgage subject only to Permitted Liens in favor of the Collateral Agent, in a form reasonably satisfactory to for the Lenderbenefit of the Secured Parties, with appropriate insertions and attachmentscovering such acquired real property, and (ivii) if requested by the LenderCollateral Agent, provide the Lenders with (x) title and extended coverage insurance (including flood insurance required by Requirement of Law), reasonably acceptable to the Collateral Agent, covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Collateral Agent) as well as a current ALTA or comparable survey thereof reasonably acceptable to the Collateral Agent, together with a surveyor’s certificate and (y) any consents or estoppels reasonably deemed necessary or advisable by the Collateral Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Collateral Agent and (iii) if requested by the Collateral Agent, deliver to the Lender Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Collateral Agent. (ic) With respect to any new Subsidiary (other than the Collateral in which a Lien was previously granted Foreign Subsidiary or required to be granted by the Loan Parties, Immaterial Subsidiary) created or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or pursuant to Section 5.2(which, for the Loan Parties purposes of this paragraph, shall not be required to deliver include any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected existing Subsidiary that ceases to be suffered a Foreign Subsidiary or that ceases to be an Immaterial Subsidiary), by the Borrower or any Loan Party of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent and the Collateral Agent deem necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a result thereof)perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries, (ii) deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in each caseblank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as reasonably determined the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary except with respect to Permitted Perfection Exceptions, including, without limitation, the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Offices, the execution and delivery by all necessary persons of control agreements, and the filing of UCC financing statements in such jurisdictions as may be required by the LenderGuarantee and Collateral Agreement or by law or as may be requested by the Collateral Agent, and (iiiv) other than if requested by the Administrative Agent or the Collateral Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in which a Lien was previously granted form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. (d) With respect to any new Foreign Subsidiary created or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date by the Borrower or pursuant any of its Subsidiaries (other than any Foreign Subsidiaries), promptly (i) execute and deliver to Section 5.2the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent and Collateral Agent deem necessary or advisable in order to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries (other than any Foreign Subsidiaries), (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such Liens or guarantees shall new Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent and the Collateral Agent, desirable to perfect the Lien of the Collateral Agent thereon, and (iii) if requested by the Administrative Agent or the Collateral Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. (e) Notwithstanding anything to the contrary in this Section 6.10, paragraphs (a), (b), (c) and (d) of this Section 6.10 shall not apply to any Property, any new Subsidiary or any new Foreign Subsidiary created or acquired after the Closing Date, as applicable, as to which the extent that) Administrative Agent has determined in its sole discretion that the provision collateral value thereof is insufficient to justify the difficulty, time and/or expense of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderobtaining a perfected security interest therein.

Appears in 1 contract

Sources: Credit Agreement (Key Energy Services Inc)

Additional Collateral, etc. (a) With Subject to and consistent with the Security and Guarantee Principles, with respect to any Collateral property (to the extent included in the definition of Collateral) acquired at any time after the Closing Date by any Loan Party (other than any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien Lien, within thirty (30) days of such acquisition (or ninety (90) days in the case of an acquisition by a Foreign Subsidiary that is required a Loan Party), or such longer period as agreed to by the Guarantee and Collateral Agreement (excludingAgent in its sole discretion, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Collateral Agent such amendments or supplements to the Guarantee and Collateral Agreement applicable Security Documents or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a valid and enforceable first priority security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (subject to Liens permitted hereunder) in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Security Agreement or taking any by other action applicable law or as may reasonably be requested by the LenderCollateral Agent. (b) With Subject to and consistent with the Security and Guarantee Principles, with respect to any fee interest in any real property Real Property (excluding any Leaseholds) having aacquired by a Loan Party after the Closing Date, if the aggregate fair market value (together with improvements thereof) of at least $5,000,000 acquired after the Closing Date by any Loan Party with an individual fair market value Party,all interests in excess of Non-Mortgaged Real Property exceeds $250,00030,000,000, promptly within ninety (and in any event within sixty (6090) days of such acquisition (or such longer period as approved agreed to by the Lender Collateral Agent in its reasonable sole discretion): ) of the acquisition of such interest, (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)MortgageMortgages, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real property, interest in Real Property,the Loan Parties’ interests in Real Property such that the fair market value (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with improvements thereof) of all Non-Mortgaged Real Property does not exceed $30,000,000, along with a surveyor’s certificate and complying corresponding UCC fixture filing for filing in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyjurisdiction, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be each in form and substance reasonably satisfactory to the LenderCollateral Agent, as may be necessary to create a valid, perfected first and subsisting Lien, subject to liens permitted under Section 9.3, against such Real Property, (ii) provide the Lenders with title and extended coverage insurance covering such interest in Real Property subject to an applicable Mortgage pursuant to clause (i) above in an amount at least equal to the fair market value of such Real Property (or such lesser amount as shall be specified by the Collateral Agent) together with title endorsements reasonably requested by the Collateral Agent, (iii) provide the Lenders with an ALTA survey thereofin respect of such interest in Real Property subject to an applicable Mortgage pursuant to clause (i) above (or an existing survey accompanied, if necessary, by a “no-change” affidavit and/or other documents if same is/are sufficient for the title insurer to issue survey coverage in the applicable title policy, remove therefrom the standard survey exceptions, and issue the endorsements required pursuant to subsection (ii) above), together with a surveyor’s certification, (iv) such affidavits, certificates, instruments of indemnification and other items (including a so-called “gap” indemnification) as shall be reasonably required to induce the title insurer to issue the applicable title policy and endorsements referenced in clause (ii) above in respect of such interest in Real Property subject to an applicable Mortgage pursuant to clause (i) above, (v) deliver to the Collateral Agent legal opinions in form and substance reasonably satisfactory to the Collateral Agent and covering such matters as the Collateral Agent may reasonably request, including, without limitation, the enforceability, due authorization, execution and delivery of the applicable Mortgage, (vi) deliver to the Collateral Agent a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each parcel of Real Property (together with notice about special flood hazard area status and flood disaster assistance, duly executed by the applicable Loan Party entering into the applicable Mortgage) subject to an applicable Mortgage pursuant to clause (i) above, and in the event any such Real Property or a portion thereof is located within an area designated by the Director of the Federal Emergency Management Agency to be a “special flood hazard area” and as required by applicable law, evidence of a flood insurance policy for such Real Property or the applicable portion thereof; and (vii) such other information, documentation (including, but not limited to, appraisals, environmental reports, Table of Contents and to the extent applicable, using commercially reasonable efforts, subordination agreements), certifications, in each case, as may be reasonably required by the Collateral Agent or necessary in order to create a valid, perfected first and subsisting Lien subject to liens permitted under Section 9.3 against the Real Property covered by the applicable Mortgage pursuant to clause (i) above. (c) With Subject to and consistent with the Security and Guarantee Principles, with respect to any new direct or indirect Subsidiary that is Guarantor created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days of such creation or acquisition (or ninety (90) days in the case of a Subsidiary Guarantor that is a Foreign Subsidiary), or such longer period as approved agreed to by the Lender Collateral Agent in its sole discretion): , (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to this Agreement and the applicable Security Documents and such comparable documentation or other Security Documents as the Lender Collateral Agent deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary Guarantor that is owned directly or indirectly by such any Loan Party, (ii) deliver to the Lender Collateral Agent the certificates representing such documents Capital Stock (if any), together with undated stock powers, in blank, executed and instruments delivered by a duly Authorized Officer of the relevant Loan Party (iii) cause such new Subsidiary Guarantor (a) to execute and deliver to the Collateral Agent (x) a Guarantor Joinder Agreement or such comparable documentation requested by the Collateral Agent to become a Subsidiary Guarantor and guarantee the Obligations, (y) a joinder agreement to the Security Agreement, substantially in the form annexed thereto, or such comparable documentation or other Security Documents requested by the Collateral Agent, as applicable, (b) to take such actions reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the assets (other than Excluded Assets) of such new Subsidiary Guarantor, including the filing of UCC financing statements in such jurisdictions as may be required by the Security Agreement or comparable documentation or by other applicable law or as may be requested by the Collateral Agent and (c) to grant, perfect, protect and ensure deliver to the priority Collateral Agent (i) a certificate of such Subsidiary Guarantor, substantially in the form of Exhibit M, with appropriate insertions and attachments and (ii) if reasonably requested by the Collateral Agent, a legal opinion from counsel to such new Subsidiary Guarantor in form and substance satisfactory to the Collateral Agent and (iv) if such new Subsidiary Guarantor owns real property with a fair market value of at least $5,000,000, within ninety (90) days of such party becoming a Subsidiary Guarantor (or such longer period as agreed to by the Collateral Agent in its sole discretion), deliver the documents required pursuant to Section 8.8(b) hereof. (d) Subject to and consistent with the Security and Guarantee Principles, with respect to any new Restricted Subsidiary which is an Excluded Foreign Subsidiary described in clause (i) of the definition of Excluded Foreign Subsidiary (other than an Immaterial Subsidiary) created or acquired after the Closing Date by any Loan Party, within ninety (90) days of such creation or acquisition, (i) execute and deliver to the Collateral Agent such Security Documents or amendments thereto as the Collateral Agent reasonably deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interestinterest (subject to Liens permitted hereunder) in the Capital Stock of such entity; provided that not more than 65% of the total outstanding Capital Stock of any such Excluded Foreign Subsidiary shall be pledged, including but not limited to, (ii) deliver to the certificates, Collateral Agent the certificates (if any, ) representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer Authorized Officer of the relevant Loan PartyParty and (iii) if reasonably requested by the Collateral Agent, any Control Agreement with deliver to the Collateral Agent legal opinions in form and substance reasonably satisfactory to the Collateral Agent and covering such matters as the Collateral Agent may request. (e) With respect to each Deposit Account any new Non-Guarantor Subsidiary created or Securities Account acquired after the Closing Date by any Loan Party (other than, in each case, but excluding any Excluded AccountsForeign Subsidiary and any Non-Guarantor Subsidiary to the extent a pledge of the Capital Stock of such entity is prohibited by its Organizational Documents or requires the consent of any Person party thereto), and any Security Document within thirty (30) days of such creation or Table of Contents acquisition (or any amendment, supplement or modification thereof) with respect such longer period as agreed to Intellectual Property (other than Excluded Assetsby the Collateral Agent in its sole discretion), (iiii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party execute and deliver to the Guarantee and Collateral Agreement and other applicable Agent such Security Documents, (B) to take such actions Documents or amendments thereto as are reasonably the Collateral Agent deems necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Liens permitted hereunder) in the Capital Stock of such Non-Guarantor Subsidiary that is owned by any Loan Party, (ii) deliver to the Collateral described Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the Guarantee and Collateral Agreement or relevant Loan Party, (iii) cause such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) new Subsidiary Guarantor to deliver to the Lender Collateral Agent a customary certificate of such SubsidiarySubsidiary Guarantor, substantially in a the form reasonably satisfactory to the Lenderof Exhibit M, with appropriate insertions and attachmentsattachments (including modifications based on the Security and Guarantee Principles), and (iv) if reasonably requested by the LenderCollateral Agent, deliver to the Lender Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, substance reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Collateral Agent and covering such matters as the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAgent may request.

Appears in 1 contract

Sources: Credit and Guaranty Agreement (Ancestry.com LLC)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Date or, in the case of inventory or equipment, any material Collateral moved after the Closing Date by the Borrower or any other Loan Party (other than any Collateral described in paragraphs (b), (c) or (d) of this Section) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a first priority perfected Lien that is required by security interest, promptly (and, in any event, within 10 days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition) (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in to grant to, or continue on behalf of, the reasonable opinion Collateral Agent, for the benefit of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentSecured Parties, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such SubsidiaryCollateral, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and Administrative Agent or the Collateral Agent. (Cb) With respect to deliver to any fee interest in any Collateral consisting of real property which is an active prep plant site or active mine site or any lease of Collateral consisting of real property which has an annual minimum royalty in excess of $100,000, had an annual production royalty in excess of $500,000 in the Lender a customary certificate immediately preceding fiscal year or is an active prep plant site or active portal site acquired or leased after the Closing Date by the Borrower or any other Loan Party, promptly (and, in any event, within 10 days following the date of such Subsidiaryacquisition) (i) execute and deliver a first priority Mortgage in favor of the Collateral Agent, for the benefit of the Secured Parties, covering such real property and complying with the provisions herein and in a the Security Documents, (ii) if requested by the Administrative Agent, use commercially reasonable efforts to provide the Secured Parties with any consents, waivers or estoppels reasonably deemed necessary or advisable by the Administrative Agent or the Collateral Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the LenderAdministrative Agent and the Collateral Agent, (iii) if requested by the Administrative Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions relating to the due authorization, execution, delivery and enforceability of such Mortgage, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent and (iv) deliver to the Administrative Agent a notice identifying the consultant's reports, environmental site assessments or other documents relied upon by the Borrower or any other Loan Party to determine that any such real property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in a material Environmental and Mining Liability. (c) With respect to any Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary at any time after the Closing Date) by the Borrower or any of the Subsidiaries, promptly (and, in any event, within 10 days following such creation or the date of such acquisition) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by the Borrower or any of the Subsidiaries, (ii) deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with appropriate insertions undated stock powers, in blank, executed and attachmentsdelivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement (and provide Guarantees of the Obligations) and the Intellectual Property Security Agreements and (B) to take such actions necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement and the Intellectual Property Security Agreement with respect to such new Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Intellectual Property Security Agreement or by law or as may be requested by the Administrative Agent or the Collateral Agent and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Administrative Agent and the Collateral in which a Lien was previously granted Agent. (d) With respect to any Excluded Foreign Subsidiary created or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof)of its Domestic Subsidiaries, promptly (and, in each caseany event, within 10 days following such creation or the date of such acquisition) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as reasonably determined the Administrative Agent or the Collateral Agent deems necessary or advisable in order to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Equity Interests in such new Excluded Foreign Subsidiary that is owned by the Lender, and Borrower or any of its Domestic Subsidiaries (ii) other provided that in no event shall more than 66% of the Collateral total outstanding voting Equity Interests in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Collateral Agent the certificates representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Domestic Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent or the Collateral Agent, desirable to perfect the security interest of the Collateral Agent thereon and (iii) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent and the provision of such Lien or guarantee would violate applicable lawCollateral Agent legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent and the Collateral Agent.

Appears in 1 contract

Sources: Credit Agreement (Alpha Natural Resources, Inc.)

Additional Collateral, etc. (a) With respect Subject to clause (d) below, upon the formation or the acquisition of any Collateral acquired after the Closing Date by new direct or indirect Subsidiary (excluding any Loan Party as to which the Lender does not have a perfected Lien Excluded Domestic Subsidiary, Excluded Foreign Subsidiary, any Subsidiary that is held directly or indirectly by an Excluded Foreign Subsidiary, or, subject to the provisions of Section 6.8(e) below, any Broker-Dealer Subsidiary), or upon the occurrence of any Excluded Domestic Subsidiary acquired as an Investment under Section 7.7(k) becoming or required by to be included in the Guarantee and Collateral Agreement (excluding, definition of “Material Subsidiary” in order for the avoidance of doubt, real property)Borrower to comply with such definition, the Borrower willshall, and will cause each other Loan Party to, promptly: at the Borrower’s expense: (i) on or before the date on which the Compliance Certificate in the immediately succeeding fiscal quarter is due (the “Compliance Certificate Delivery Date”) (but within 15 days after such formation or acquisition if an Event of Default exists), cause such Subsidiary to duly execute and deliver to the Lender such amendments Administrative Agent (with a copy to counsel to the Administrative Agent) a supplement to the Guarantee and Collateral Agreement or, with respect to any Broker-Dealer Subsidiary, a Limited Guarantee Agreement or supplement thereto, as applicable, in form and substance reasonably satisfactory to the Administrative Agent, guaranteeing the other Loan Parties’ obligations under the Loan Documents, (ii) on or before the Compliance Certificate Delivery Date (but within 15 days after such other documents as formation or acquisition if an Event of Default exists), furnish to the Lender deems Administrative Agent a description of the real and personal properties of such Subsidiary, in detail reasonably satisfactory to the Administrative Agent, (iii) on or before the Compliance Certificate Delivery Date (but within 15 days after such formation or acquisition if an Event of Default exists), cause such Subsidiary to duly execute and deliver to the Administrative Agent (with a copy to counsel to the Administrative Agent) deeds of trust, trust deeds, deeds to secure debt, mortgages, supplements to the Pledge and Security Agreement and, to the extent necessary or advisable to evidence that such Loan Party is a Guarantor in the Administrative Agent’s reasonable opinion, other Security Documents, as reasonably requested by and to grant in form and substance reasonably satisfactory to the Lender Administrative Agent, securing payment of all the obligations of the other Loan Parties and of such Subsidiary or such parent, as the case may be, under the Loan Documents and constituting Liens on all such real and personal properties; provided however that (1) the execution, delivery and recordation of deeds of trust, mortgages and similar documents granting a security interest in such Collateral lien on real property interests and (ii2) the execution and delivery of landlord waivers and access agreements shall, in each case, be required only after the occurrence and during the continuance of an Event of Default; (iv) on or before the Compliance Certificate Delivery Date (but within 15 days after such formation or acquisition if an Event of Default exists), cause such Subsidiary (A) to deliver to the Administrative Agent its organizational documents and, if requested by the Administrative Agent, an officer’s certificate in form and substance reasonably satisfactory to the Administrative Agent, and (B) (if it has not already done so) to take whatever action (including, the filing of Uniform Commercial Code financing statements, the giving of notices, the endorsement of notices on title documents, the delivery of all actions certificates evidencing Pledged Stock (excluding Capital Stock which is Excluded Property) and Pledged Notes (as defined in the Pledge and Security Agreement), and after the occurrence and during of an Event of Default, the recording of mortgages) may be necessary or advisable in the reasonable opinion of the Lender Administrative Agent to grant vest in the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on the properties purported to be subject to the Lender deeds of trust, trust deeds, deeds to secure debt, mortgages, supplements to Pledge and Security Agreement and Security Documents delivered pursuant to this Section 6.8, enforceable against all third parties in accordance with their terms, (v) within 60 days after the reasonable request of the Administrative Agent, deliver to the Administrative Agent a perfected first priority signed copy of a favorable opinion, addressed to the Administrative Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent as to the matters contained in clauses (except i), (iii) and (iv) above, and as expressly permitted by Section 7.2to such other matters as the Administrative Agent may reasonably request, and (vi) security interest as promptly as practicable after such formation or acquisition, deliver, upon the reasonable request of the Administrative Agent after the occurrence and Lien in such Collateral as required continuance of an Event of Default, to the Administrative Agent with respect to each parcel of real property owned or held by the Guarantee entity that is the subject of such formation or acquisition title reports, surveys and Collateral Agreement engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance reasonably satisfactory to the Administrative Agent, provided, however, that to the extent that any Loan Party or any other Security Documentof its Subsidiaries shall have otherwise received any of the foregoing items with respect to such real property, including (if applicable) such items shall, promptly after the filing of Uniform Commercial Code financing statements in such jurisdictions as may receipt thereof, be required by delivered to the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the LenderAdministrative Agent. (b) With respect Subject to clause (d) below, upon the acquisition of any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value Party, if such property, in excess the reasonable judgment of $250,000the Administrative Agent, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver shall not already be subject to a perfected first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), security interest in favor of the Lender covering Administrative Agent for the benefit of the Secured Parties, then the Borrower shall, at the Borrower’s expense and upon the Administrative Agent’s request: (i) on or before the Compliance Certificate Delivery Date (but within 15 days after such real propertyacquisition if an Event of Default exists), furnish to the Administrative Agent a description of the property so acquired in detail reasonably satisfactory to the Administrative Agent, (ii) on or before the Compliance Certificate Delivery Date (but within 15 days after such acquisition if requested by the Lenderan Event of Default exists), provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that cause the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 duly execute and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating Administrative Agent deeds of trust, trust deeds, deeds to such Mortgagesecure debt, which opinions shall be mortgages, supplements to the Pledge and Security Agreement and, to the extent necessary or advisable in the Administrative Agent’s reasonable opinion, other Security Documents, as reasonably requested by and in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after Administrative Agent, securing payment of all the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to Obligations of the applicable Security Loan Party under the Loan Documents as and constituting Liens on all such properties; provided however that (1) the Lender deems reasonably necessary or advisable to grant to execution, delivery and recordation of deeds of trust, mortgages and similar documents granting a lien on real property interests and (2) the Lender a perfected first priority security interest in the Capital Stock execution and delivery of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents landlord waivers and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other thanaccess agreements shall, in each case, Excluded Accounts), be required only upon the request of the Administrative Agent after the occurrence and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), during the continuance of an Event of Default, (iii) on or before the Compliance Certificate Delivery Date (but within 15 days after such acquisition if an Event of Default exists), cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) Loan Party to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest whatever action (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as statements, the giving of notices, the endorsement of notices on title documents, the delivery of all certificates evidencing Pledged Stock (excluding Capital Stock which is Excluded Property) and Pledged Notes, and after the occurrence and during of an Event of Default, the recording of mortgages) may be required necessary or advisable in the reasonable opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on such property, enforceable against all third parties, (iv) within 60 days after the Guarantee and Collateral Agreement or as may be reasonably requested by reasonable request of the Lender and (C) to Administrative Agent, deliver to the Lender Administrative Agent a customary certificate signed copy of a favorable opinion, addressed to the Administrative Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent as to the matters contained in clauses (ii) and (iii) above and as to such Subsidiaryother matters as the Administrative Agent may reasonably request, and (v) as promptly as practicable after any acquisition of any material interest in a real property, deliver, upon the reasonable request of the Administrative Agent after the occurrence and continuance of an Event of Default, to the Administrative Agent with respect to such real property title reports, surveys and engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance reasonably satisfactory to the LenderAdministrative Agent, with appropriate insertions and attachmentsprovided, and (iv) if requested by the Lenderhowever, deliver that to the Lender legal opinions relating extent that any Loan Party or any of its Subsidiaries shall have otherwise received any of the foregoing items with respect to such real property, such items shall, promptly after the receipt thereof, be delivered to the matters described aboveAdministrative Agent, (c) At any time upon reasonable request of the Administrative Agent, which opinions shall be promptly execute and deliver any and all further instruments and documents and take all such other action as the Administrative Agent may reasonably deem necessary or desirable in form obtaining the full benefits of, or (as applicable) in perfecting and substancepreserving the Liens of, and from counselsuch guaranties, reasonably satisfactory deeds of trust, trust deeds, deeds to secure debt, mortgages, supplements to the Lender. Pledge and Security Agreement and other security and pledge agreements. (d) Notwithstanding anything herein or in any other Loan Document to the foregoingcontrary, neither the Borrower nor any of its Subsidiaries (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral grant or perfect the Lender’s a security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee in favor of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds Administrative Agent for the benefit to of the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), Secured Parties in each case, as reasonably determined by the LenderExcluded Property, and (ii) other than at any time prior to the Collateral in which a Lien was previously granted or required to be granted by occurrence and the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees continuance of an Event of Default shall be required to be provided by any Subsidiary grant or perfect a security interest in favor of the Administrative Agent for the benefit of the Secured Parties in (A) fee interests in any case real property with a fair market value not in which excess of $2,500,000, and (orB) any leasehold interests in real property with a fair market value not in excess of $5,000,000 individually. (e) If, if applicableat any time, the Borrower’s Advisor Services Group (“ASG”) business segment accounts for more than 20% of EBITDA of the Borrower and its Subsidiaries, on a consolidated basis, for the period of four consecutive fiscal quarters then most recently ended (as reported and described in the Borrower’s form 10-Q and 10-K filings with the SEC, including as to calculation of EBITDA), then the Borrower shall so notify the Administrative Agent as part of the Compliance Certificate delivered pursuant to Section 6.2(b) hereof, and shall, within 15 days of the date such Compliance Certificate was required to have been delivered, cause NFP Securities, Inc. and any other then-existing Broker-Dealer Subsidiary to execute and deliver to the extent thatAdministrative Agent (i) a Limited Guarantee Agreement, and (ii) such other customary certificates, documents, consents, evidence of corporate authority, and opinions in connection with such Limited Guarantee Agreement as the provision of such Lien or guarantee would violate applicable lawAdministrative Agent may reasonably request, all in each caseform, as content and scope reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (National Financial Partners Corp)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Company or any Loan Party of its Subsidiaries (other than (x) any Property described in paragraph (b) or paragraph (c) of this Section, (y) any Property subject to a Lien expressly permitted by Section 6.1(c)) and (z) Property acquired by an Excluded Foreign Subsidiary) as to which the Lender Administrative Agent, for the ratable benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property)Lien, the Borrower will, and will cause each other Loan Party to, promptly: Company or the applicable Subsidiary shall promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents Loan Documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the ratable benefit of the Lenders, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the ratable benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral this Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property, or any leasehold estate in any real property with a term (including all renewal options) of more than 20 years, in each case having a value (together with improvements thereof) of at least $1,000,000, acquired after the Closing Date by the Company or any Loan Party with of its Subsidiaries (other than any such real property owned by an individual fair market value in excess of $250,000Excluded Foreign Subsidiary subject to a Lien expressly permitted by Section 6.1(c)), the Company or the applicable Subsidiary shall promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in favor of the maximum principal Administrative Agent, for the ratable benefit of the Lenders, covering such real property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes estate (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such mortgage or deed of trust, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the foregoingClosing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), by the Company or any of its Subsidiaries, the Company or the applicable Subsidiary shall promptly (i) other than execute and deliver to the Collateral Administrative Agent such amendments to the Loan Documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the ratable benefit of the Lenders, a perfected first priority security interest in which a Lien was previously granted or required to be granted the Capital Stock of such new Subsidiary that is owned by the Loan PartiesCompany or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Company or such Subsidiary, as the guarantees provided case may be, and (iii) if requested by the Loan PartiesAdministrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, on and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date by the Company or pursuant to Section 5.2any of its Subsidiaries, the Company or the applicable Subsidiary shall promptly (i) execute and deliver to the Administrative Agent such amendments to the Loan Parties shall not be required Documents as the Administrative Agent deems necessary or advisable in order to deliver any Collateral or perfect grant to the Lender’s Administrative Agent, for the ratable benefit of the Lenders, a perfected first priority security interest with respect to in the Capital Stock of such new Subsidiary that is owned by the Company or any Collateral of its Subsidiaries (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee provided that in no event shall more than 65% of the Obligations, in each case, if the cost total outstanding Capital Stock of delivering or perfecting the lien in any such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall new Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Company or such Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Loan and Security Agreement (NCI, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Date or, in the case of inventory or equipment, any material Collateral moved after the Closing Date by the Borrower or any other Loan Party (other than any Collateral described in paragraphs (b), (c) or (d) of this Section) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a first priority perfected Lien that is required by security interest, promptly (and, in any event, within 10 days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition) (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents Security Documents as the Lender Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to to, or continue on behalf of, the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such SubsidiaryCollateral, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent or the Collateral Agent. (b) With respect to any fee interest in any Collateral consisting of Real Property acquired after the Closing Date by the Borrower or any other Loan Party, promptly (and, in any event, within 60 days following the date of such acquisition) (i) execute and deliver a first priority Mortgage (Csubject to Liens permitted by Section 6.02) to deliver in favor of the Collateral Agent, for the benefit of the Secured Parties, covering such real property and complying with the provisions herein and in the Security Documents, (ii) provide the Secured Parties with title and extended coverage insurance in an amount at least equal to the Lender a customary certificate purchase price of such SubsidiaryReal Property (or such other amount as the Administrative Agent shall reasonably specify), together with such endorsements as are reasonably required by the Administrative Agent and the Collateral Agent and are obtainable in the state in which such Real Property is located, as well as a current ALTA survey thereof in form and substance reasonably satisfactory to the LenderAdministrative Agent and the Collateral Agent, with appropriate insertions and attachments, and (iviii) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Administrative Agent and the Collateral in which Agent and (iv) deliver to the Administrative Agent a Lien was previously granted or required to be granted by notice identifying, and upon the Loan PartiesAdministrative Agent’s request, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2provide a copy of, the Loan Parties shall not be required to deliver any Collateral consultant’s reports, environmental site assessments or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered other documents relied upon by the Borrower or any other Loan Party as Party, if any, to determine that any such real property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result thereof)in a material Environmental Liability. (c) With respect to any Subsidiary (other than an Excluded Foreign Subsidiary and the China Joint Venture) created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary at any time after the Closing Date) by the Borrower or any of the Subsidiaries, promptly (and, in each caseany event, within 10 days following such creation or the date of such acquisition) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent or the Collateral Agent deems reasonably determined necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by the LenderBorrower or any of the Subsidiaries, and (ii) other than deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with undated stock powers, in which blank, executed and delivered by a Lien was previously granted duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement (and provide Guarantees of the Obligations) and the Intellectual Property Security Agreements and (B) to take such actions necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement and the Intellectual Property Security Agreement with respect to such new Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office and the filing of UCC financing statements in such jurisdictions as may be required to be granted by the Loan PartiesGuarantee and Collateral Agreement, the Intellectual Property Security Agreement or by law or as may be requested by the Administrative Agent or the guarantees provided Collateral Agent and (iv) if requested by the Loan PartiesAdministrative Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, on and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. (d) With respect to any Excluded Foreign Subsidiary created or acquired after the Closing Date by the Borrower or pursuant any of its Domestic Subsidiaries, promptly (and, in any event, within 10 days following such creation or the date of such acquisition) (i) execute and deliver to Section 5.2the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary or advisable in order to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Equity Interests in such new Excluded Foreign Subsidiary that is owned by the Borrower or any of its Domestic Subsidiaries (provided that in no event shall more than 65% of the total outstanding voting Equity Interests in any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Collateral Agent the certificates representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Domestic Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the reasonable opinion of the Administrative Agent or the Collateral Agent, desirable to perfect the security interest of the Collateral Agent thereon and (iii) if applicablereasonably requested by the Administrative Agent, deliver to the extent that) Administrative Agent and the provision of such Lien or guarantee would violate applicable lawCollateral Agent legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent and the Collateral Agent.

Appears in 1 contract

Sources: Credit Agreement (Blackboard Inc)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Parent, Holdings, the Borrower or any Loan Party Subsidiary Guarantor (other than (w) the Capital Stock of any Unrestricted Subsidiary organized under the laws of any jurisdiction outside the United States, (x) any Property described in paragraph (c) or (d) of this Section, (y) any interest in real property and (z) any Property subject to a Lien expressly permitted by Section 7.3(g), (k) or (m)) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly subject to liens permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentAgreement) security interest in such Property, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to (i) any fee interest in any real property having a value (together with improvements thereof) of at least $2,000,000 (valued in accordance with Schedule 6.9; such valuation to be reasonably satisfactory to the Administrative Agent) acquired after the Closing Date by the Parent, Holdings, the Borrower or any Loan Party with Subsidiary Guarantor (which, for purposes of this paragraph, shall include any such property owned or leased by an individual fair market value in excess of $250,000, promptly entity at the time such entity becomes a Subsidiary) or (and ii) any leasehold interest in any event within sixty real property contemplating an initial annual rent payment, including projected percentage rent during such initial year, after the expiration of any free rent or "rent abatement" period, of at least $500,000 acquired or leased after the Closing Date by the Parent, Holdings, the Borrower or any Subsidiary Guarantor (60in each case other than any such real property subject to a Lien expressly permitted by Section 7.3(g), (k) days or (m)), if, at the time of such acquisition or lease commencement, the aggregate value of all leasehold and fee-owned real property of the Borrower and the Subsidiary Guarantors subject to a Mortgage (valued in accordance with Schedule 6.9; such longer period as approved by value to be demonstrated to the Lender in its reasonable discretion): satisfaction of the Administrative Agent) is not equal to or greater than 370% of the Assumed Loan Amount, then no later than 45 days after the date of such acquisition or lease commencement: (iA) execute and deliver a first priority Mortgage in favor of the maximum principal Administrative Agent, for the benefit of the Secured Parties, covering such real property, subject to any Liens permitted by such Mortgage, (B) if requested by the Administrative Agent, provide the Lenders with (w) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in well as an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender's certificate, (3x) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may any consents or estoppels reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested deemed necessary or advisable by the Lender, deliver to the Lender legal opinions relating to Administrative Agent in connection with such Mortgage, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the Lender. Administrative Agent, (cy) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly appraisals of such real property complying with Section 5.1(l) and (z) Phase I environmental reports (and in any event within thirty (30) days or where appropriate based upon such longer period as approved by Phase I environmental reports and at the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer reasonable request of the relevant Loan PartyAdministrative Agent, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereofPhase II environmental reports) with respect to Intellectual Property (other than Excluded Assets)such real property, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee all in form and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form substance reasonably satisfactory to the Lender, with appropriate insertions and attachments, Administrative Agent and (ivC) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Administrative Agent. (c) With respect to any new Subsidiary (other than (i) other than a Class II Restricted Subsidiary or (ii) an Unrestricted Subsidiary organized under the Collateral in which a Lien was previously granted laws of any jurisdiction outside the United States) created or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or pursuant to Section 5.2(which, for the Loan Parties purposes of this paragraph, shall not be required to deliver include any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected existing Subsidiary that becomes a Class I Restricted Subsidiary because it ceases to be suffered an Unrestricted Subsidiary), by the Parent, Holdings, the Borrower or any Loan Party Subsidiary Guarantor, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a result thereofperfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, Holdings, the Borrower or any Subsidiary Guarantor (other than any such Capital Stock subject to a Lien expressly permitted by Section 7.3(m)), subject to the Liens permitted by the Guarantee and Collateral Agreement, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in each caseblank, executed and delivered by a duly authorized officer of the Parent, Holdings, the Borrower or such Subsidiary Guarantor, as reasonably determined the case may be, (iii) if such new Subsidiary is a Wholly Owned Subsidiary, cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, subject to the Liens permitted by the LenderGuarantee and Collateral Agreement, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iiiv) other than the Collateral in which a Lien was previously granted or required to be granted if requested by the Loan PartiesAdministrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Class II Restricted Subsidiary created or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date by the Parent, Holdings, the Borrower or pursuant any Subsidiary Guarantor (which, for purposes of this paragraph (d), shall include any Unrestricted Subsidiary that becomes a Class II Restricted Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (subject to the Liens permitted by the Guarantee and Collateral Agreement) security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, Holdings, the Borrower or any Subsidiary Guarantor (other than any such Capital Stock subject to a Lien expressly permitted by Section 5.2, 7.3(m)) (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such Liens or guarantees shall new Class II Restricted Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any a duly authorized officer of the Parent, Holdings, the Borrower or such Subsidiary in any Guarantor, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Cinemark Usa Inc /Tx)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by any Loan Party Group Member (other than (x) any real property or any Property described in paragraph (c) of this Section 6.10, (y) any Property subject to a Lien expressly permitted by Section 7.3 and (z) Property acquired by an Excluded Foreign Subsidiary) as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingSecond Priority Lien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender or the ASOT Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender a Second Priority security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) Second Priority security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderLender or the ASOT Administrative Agent. (b) With respect to (i) any fee interest in any real property having an appraised value (together with improvements thereof) of at least $5,000,000 acquired after the Closing Date by any Group Member (other than any such real property owned by an Excluded Foreign Subsidiary or subject to a Lien expressly permitted by Section 7.3), or (ii) subject to the related Loan Party with obtaining the required landlord consent (provided that each Loan Party shall use commercially reasonable efforts to obtain such consent), any leasehold interest in real property having an individual fair market aggregate appraised value in excess of $250,0005,000,000 acquired or leased (including any leasehold property interest owned by any new Subsidiary acquired after the Closing Date) in one or a series of transactions after the Closing Date by any Group Member, promptly (and in any event within sixty no later than 60 days after the acquisition thereof) (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (iA) execute and deliver a first priority Second Priority Mortgage in favor of the maximum principal Lender, covering such real property, (B) if requested by the Lender or the ASOT Administrative Agent, provide the ASOT Administrative Agent with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of or the Lender covering such real property, (iiASOT Administrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, (y) any consents or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise estoppels reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for deemed necessary by the Lender to be or the ASOT Administrative Agent in compliance connection with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the Lender. ASOT Administrative Agent and (cC) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to or the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderASOT Administrative Agent, deliver to the Lender ASOT Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding ASOT Administrative Agent. (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the foregoingClosing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary) by any Group Member, promptly (i) other than execute and deliver to the Lender such amendments to the Guarantee and Collateral in which Agreement as the ASOT Administrative Agent deems necessary to grant to the Lender a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s perfected Second Priority security interest with respect to in the Capital Stock of such new Subsidiary that is owned by any Collateral Group Member, (except to the extent perfection can be accomplished by filing UCC financing statementsii) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit deliver to the Lender (which shall or the First Lien Lender in accordance with the Intercreditor Agreement) the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Group Member, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take into account any adverse tax consequences suffered or expected such actions necessary to grant to the Lender a perfected Second Priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be suffered required by the Borrower Guarantee and Collateral Agreement or any Loan Party by law or as a result thereof), in each case, as reasonably determined may be requested by the LenderLender or the ASOT Administrative Agent, and (iiiv) other than the Collateral in which a Lien was previously granted or required to be granted if reasonably requested by the Loan PartiesASOT Administrative Agent, deliver to the ASOT Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the ASOT Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date by any Group Member (other than any Excluded Foreign Subsidiaries), promptly (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement or pursuant such other documents as the Lender or the ASOT Administrative Agent deems necessary in order to Section 5.2grant to the Lender a perfected Second Priority security interest in the Capital Stock of such new Subsidiary that is owned by any Group Member (other than any Excluded Foreign Subsidiaries), (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Lender (or the First Lien Lender in accordance with the Intercreditor Agreement) the certificates (if any) representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of such Group Member, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Lender or the ASOT Administrative Agent, desirable to perfect the Second Priority Lien of the Lender thereon, and (iii) if applicablereasonably requested by the Lender or the ASOT Administrative Agent, deliver to the extent that) ASOT Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderASOT Administrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Archstone)

Additional Collateral, etc. (a) With respect to any property (to the extent included in the definition of Collateral and not constituting Excluded Assets) acquired after the Closing Date by any Loan Party (other than (x) any property described in paragraph (b), (c) or (d) below, and (y) any property subject to a Lien expressly permitted by Section 7.3(g)) as to which the Lender Administrative Agent, for the ratable benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender Administrative Agent to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.27.3) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,500,000 acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000(other than any such real property subject to a Lien expressly permitted by Section 7.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved promptly, to the extent requested by the Lender in its reasonable discretion): Administrative Agent, (i) execute and deliver a first priority Mortgage Mortgage, in favor of the maximum principal Administrative Agent, for the ratable benefit of the Secured Parties, covering such real property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate certificate, and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to such Mortgagethe matters described above, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent. (c) With respect to any new direct or indirect Subsidiary that is (other than an Excluded Subsidiary) created or acquired after the Closing Date (which, for the purposes of this Section 6.12(c) shall include any existing Subsidiary that ceases to be an Excluded Subsidiary or any new Subsidiary formed by Division) by any Loan PartyParty (including pursuant to a Permitted Acquisition), promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest and Lien in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender Administrative Agent such documents and instruments as may be reasonably required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereofiii) with respect to Intellectual Property (other than Excluded Assets)upon the request of the Administrative Agent, (iiiA) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (Ax) to become a party to this Agreement and/or the Guarantee and Collateral Agreement and other applicable Security DocumentsAgreement, (By) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the ratable benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) and Lien in the Collateral described in the Guarantee and Collateral Agreement or such other Security DocumentsAgreement, with respect to such Subsidiary, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender Administrative Agent and (C) to deliver to the Lender Administrative Agent a customary certificate of such Subsidiary, in a form reasonably satisfactory to the LenderAdministrative Agent, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent customary legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the foregoingClosing Date by any Loan Party, promptly (i) other than execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral in which a Lien was previously granted Agreement, as the Administrative Agent deems reasonably necessary or required advisable to be granted by grant to the Loan Administrative Agent, for the ratable benefit of the Secured Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s a perfected first priority security interest with respect to and Lien in the Capital Stock of such new Excluded Foreign Subsidiary that is owned by any Collateral such Loan Party (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee provided, that in no event shall more than 65% of the Obligations, in each case, if total outstanding voting Capital Stock and 100% of the cost total outstanding non-voting Capital Stock of delivering or perfecting the lien in any such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, and take such other action (including, as applicable, the delivery of any Subsidiary in any case in which (security documents governed by foreign law reasonably requested by the Administrative Agent) as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein, and (iii) if applicablereasonably requested by the Administrative Agent, deliver to the extent that) Administrative Agent customary legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Gerson Lehrman Group, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral personal property or intellectual property acquired after the Closing Date by any Loan Party (other than any motor vehicles, or any tangible personal property evidenced by a title certificate or any other type of property expressly excluded by the Security Documents) as to which the Lender Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Security Agreement or such other documents as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Lenders, a security interest in such Collateral property, subject to Liens permitted under Section 7.3, and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be reasonably required by the Guarantee and Collateral Security Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $125,000 acquired after the Closing Date by any Loan Party with an individual fair market value in excess (other than any such real property subject or to be subject to a Lien permitted by Section 7.3(g)), on a quarterly basis reasonably promptly after delivery of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): financial statements delivered pursuant to Section 6.1 (i) execute and deliver a first priority Mortgage mortgage or deed of trust in a form substantially similar to the maximum principal amount of existing Mortgages and satisfactory to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Administrative Agent, in favor of the Lender Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the LenderAdministrative Agent, provide the Lender Administrative Agent with (1) a recent title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering search relating to such real property, paid for by each of the Borrower foregoing in form and issued by a nationally recognized title insurance company, in an amount equal substance reasonably satisfactory to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyAdministrative Agent, and (iii) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to such Mortgagethe matters described above, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders or amendments to the applicable Borrower Security Documents Agreement and the Guarantee and Security Agreement as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest subject to Liens permitted pursuant to Section 7.3 in the Capital Stock of such new Subsidiary that is owned directly by any Loan Party (provided, such security interest shall be limited (a) in the case of a Permitted Foreign Subsidiary, to 66% of such Capital Stock in such Permitted Foreign Subsidiary, (b) in the case of any Insurance Subsidiary, to the lesser of the amount of such Insurance Subsidiary’s Capital Stock which can be pledged pursuant to the applicable law governing such Insurance Subsidiary or indirectly by if such Loan PartyInsurance Subsidiary is a Permitted Foreign Subsidiary, the amount which is required to be otherwise pledged hereunder and (c) in the case of any Non-Profit Entity formed after the Closing Date, to the amount of such entity’s Capital Stock that can be pledged pursuant to the applicable law or regulations governing such entity), (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Administrative Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary (if not a Permitted Foreign Subsidiary, an Insurance Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary a Non-Profit Entity) (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security DocumentsAgreement, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Administrative Agent for the benefit of the Lenders a perfected first priority security interest (subject to the Liens permitted hereunder) under Section 7.3 in the Collateral described in the Guarantee and Collateral Security Agreement or such other Security Documents, with respect to such new Subsidiary, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Security Agreement or by law or as may be reasonably requested by the Lender Administrative Agent and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.Administrative Agent

Appears in 1 contract

Sources: Credit Agreement (Rem Arrowhead, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Borrower or any Loan Party Subsidiary (other than (x) any real property or any Property described in paragraph (c) of this Section, (y) any Property subject to a Lien expressly permitted by Section 7.3(g) and (z) Property acquired by an Excluded Foreign Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by Administrative Agent, for the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount benefit of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Secured Parties, in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interestProperty, including but not limited towithout limitation, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by law. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Date by the Lender Borrower or any Subsidiary (other than any such real property owned by an Excluded Foreign Subsidiary or subject to a Lien expressly permitted by Section 7.3(g)), promptly (i) execute and deliver a first priority Mortgage in favor of the Administrative Agent, for the benefit of the Secured Parties, covering such real property, (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (ivii) if requested by the LenderAdministrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent) as well as a current ALTA survey thereof, together with a surveyor’s certificate and (y) any consents or estoppels reasonably deemed necessary by the Administrative Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and (iii) if requested by the Administrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Administrative Agent. (ic) With respect to any new Subsidiary (other than the Collateral in which a Lien was previously granted an Excluded Foreign Subsidiary) created or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or pursuant to Section 5.2(which, for the Loan Parties purposes of this paragraph, shall not be required to deliver include any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected existing Subsidiary that ceases to be suffered an Excluded Foreign Subsidiary), by the Borrower or any Loan Party of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a result thereof)perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in each caseblank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as reasonably determined the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including, without limitation, the filing of UCC financing statements in such jurisdictions as may be required by the LenderGuarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iiiv) other than the Collateral in which a Lien was previously granted or required to be granted if requested by the Loan PartiesAdministrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date by the Borrower or pursuant any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), promptly (i) execute and deliver to Section 5.2the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Revolving Credit Agreement (Iconix Brand Group, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Date or, in the case of inventory or equipment, any material Collateral moved after the Closing Date by the Borrowers or any Loan other Transaction Party (other than any Collateral described in paragraphs (b) or (c) of this Section) as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingAgent, for the avoidance benefit of doubtthe Secured Parties, real propertydoes not as a result of such acquisition or move have a first priority perfected security interest (subject to Liens expressly permitted by Section 6.02), promptly (and, in any event, within thirty days following the Borrower will, and will cause each other Loan Party to, promptly: date of such acquisition or move) (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement Security Agreements or such other documents Security Documents as the Lender Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) promptly following the Administrative Agent’s or the Collateral Agent’s written request, take all actions necessary or advisable in to grant to, or continue on behalf of, the reasonable opinion Collateral Agent, for the benefit of the Lender to grant to the Lender Secured Parties, a perfected first priority security interest (except as subject to Liens expressly permitted by Section 7.26.02) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentCollateral, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement Security Agreements or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent or the Collateral Agent. (b) With respect to any (x) fee interest in any real property Collateral consisting of Real Property with a book value in excess of $500,000 and, (y) lease of Collateral consisting of Real Property with an annual base rent in excess of $2,000,000 after the expiration of any rent abatement or free rent period, acquired or leased after the Closing Date by the Borrowers or any Loan Party with an individual fair market value in excess of $250,000other Transaction Party, promptly (and and, in any event event, within sixty (60) ten days following the date of such acquisition or such longer period as approved by acquisition, in the Lender in its reasonable discretion): case of clause (x)) (i) execute and deliver or, in the case of clause (y), use commercially reasonable efforts to execute and deliver, a first priority (subject to Liens expressly permitted by Section 6.02) Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real propertyReal Property and complying with the provisions herein and in the Security Documents, (ii) if requested by provide or, in the Lendercase of clause (y), provide use commercially reasonable efforts to provide, the Lender Secured Parties with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount at least equal to the purchase price of such real property, Real Property (2) a current ALTA/NSPS survey thereof, paid for by or such lesser amount as the Borrower and in each case, including all improvements, easements and other customary matters thereon Administrative Agent shall reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificatesspecify), and if applicable, evidence flood insurance, lease estoppel certificates or, in the event that the applicable Loan Party Administrative Agent has obtained flood insurance covering determined that a recorded memorandum of lease or an amendment of lease is necessary or appropriate in order to make any such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act leased Real Property mortgageable, evidence of 1968 such recordation or a copy of such fully executed and (4) such other documents binding lease amendment, all as the Lender may reasonably request that are in requested by the Borrower’s possession with respect to any such real propertyAdministrative Agent, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating Administrative Agent a notice identifying, and upon the Administrative Agent’s request and subject to any contractual restrictions contained therein, provide a copy of, the consultant’s reports, environmental site assessments or other documents relied upon by the Borrowers or any other Transaction Party to determine that any such Real Property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in a material Environmental Liability. The Borrowers shall use commercially reasonable efforts to deliver to the Administrative Agent estoppel certificates from the landlord with respect to each leased Mortgaged Property, confirming the nonexistence of any default thereunder and certain other information with respect to such Mortgagelease, which opinions shall be each of the foregoing in form and substance reasonably satisfactory to the LenderAdministrative Agent and the Collateral Agent. (c) With respect to any new direct or indirect Subsidiary that is created or acquired by a Transaction Party after the Closing Date Date, or with respect to any Equity Interests acquired by any Loan Party, a Borrower or a Subsidiary Guarantor promptly (and and, in any event event, within thirty (30ten days following such creation or the date of such acquisition or date of issuance) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such supplements, joinders amendments or amendments supplements to the applicable Security Documents Agreements as the Lender Administrative Agent or the Collateral Agent deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a valid, perfected first priority security interest (subject to Liens expressly permitted by Section 6.02) in the Capital Stock of Equity Interests in such new Subsidiary or the Equity Interests so acquired that is are owned directly or indirectly by such Transaction Party to secure such Transaction Party’s obligations under the Loan Documents, provided that in no event shall more than 65% of the Equity Interests in any first-tier Foreign Subsidiary of the Revolving Borrower or more than 0% of the Equity Interests in any lower-tier Foreign Subsidiary of the Revolving Borrower secure any such Transaction Party’s direct or indirect guaranty of any obligations of the Revolving Borrower, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Collateral Agent the certificates, if any, representing such Capital StockEquity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), such Transaction Party (iii) cause such new Subsidiary or any to become a party to the Subordinated Intercompany Note, (iv) cause such new Subsidiary formed for the purpose of acquiring any such (if it is to become a Subsidiary Guarantor pursuant to Section 5.10) (A) to become a party to the Guarantee and Collateral relevant Security Agreement and other applicable the Intellectual Property Security DocumentsAgreements, (B) to become a Guarantor under this Agreement, and (C) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Liens expressly permitted hereunderby Section 6.02) in the Collateral described in the Guarantee relevant Security Agreement and Collateral the Intellectual Property Security Agreement or such other Security Documents, with respect to such new Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral relevant Security Agreement, the Intellectual Property Security Agreement or by law or as may be reasonably requested by the Lender Administrative Agent or the Collateral Agent and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (ivv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Administrative Agent and the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAgent.

Appears in 1 contract

Sources: Credit Agreement (Angiotech Pharmaceuticals Inc)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Borrower or any Loan Party of its Subsidiaries (other than any Property described in paragraph (b), (c) or (d) below) as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and in order to grant to the Lender Lender, a security interest in such Collateral Property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentProperty, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the Lender. (b) With respect to any fee interest in any real property estate acquired after the Closing Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000its Subsidiaries, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in mortgage or deed of trust, as the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)case may be, in favor of the Lender covering such real propertyestate, in form and substance reasonably satisfactory to the Lender, (ii) if requested by the Lender, provide the Lender with (1x) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, estate in an amount at least equal to the purchase price of such real property, estate (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and or such other customary matters thereon amount as shall be reasonably required specified by the Lender) as well as a current ALTA survey thereof, together with a surveyor’s 's certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Lender in all material respects connection with the minimum detail requirements such mortgage or deed of trust, each of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be foregoing in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iviii) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, . (ic) With respect to any new Subsidiary (other than the Collateral in which a Lien was previously granted an Excluded Foreign Subsidiary) created or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party of its Subsidiaries, promptly (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement as a result thereof), the Lender deems necessary or advisable in each case, as reasonably determined by order to grant to the Lender, and a perfected first priority security interest in the Capital Stock of such new Subsidiary which is owned by the Borrower or any of its Subsidiaries, (ii) other than deliver to the Lender the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Lender a perfected first priority security interest in the Collateral described in which a Lien was previously granted or required the Guarantee and Collateral Agreement with respect to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.such

Appears in 1 contract

Sources: Credit Agreement (Commodore Media Inc)

Additional Collateral, etc. (a) With respect to any Collateral acquired Within 30 days after the Closing Date formation or acquisition of any Additional Guarantor (or the making of a single investment or a series of related investments having a value (determined by any Loan Party as reference to which Net Book Value, in the Lender does not have case of an investment of assets) of $500,000,000 or more in the aggregate by the Borrower or a perfected Lien Guarantor, directly or indirectly, in a Domestic Subsidiary (other than an Excluded Subsidiary) that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertynot a Guarantor that results in such Domestic Subsidiary becoming an Additional Guarantor), the Borrower will, and will shall (or shall cause each other Loan Party the relevant Subsidiary to, promptly: ) (i) execute and deliver to the Lender Existing Collateral Trustee such amendments or supplements to the Guarantee and Existing Collateral Security Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Existing Collateral Trustee, for the benefit of the Existing Collateral Secured Parties, a perfected security interest in the Capital Stock of such Collateral and Additional Guarantor (or Domestic Subsidiary receiving such investment(s)), (ii) take all actions necessary or advisable deliver to the Existing Collateral Trustee the certificates, if any, representing such Capital Stock (to the extent constituting “certificated securities” under the Uniform Commercial Code), together with undated stock powers, in the reasonable opinion blank, executed and delivered by a duly authorized officer of the Lender relevant Existing Loan Party, and (iii) cause such Additional Guarantor (or Domestic Subsidiary receiving such investment(s)) (A) to become a party to the Existing Collateral Security Agreement, the Existing Collateral Trust Agreement and the Guarantee, (B) to take such actions as necessary to grant to the Lender Existing Collateral Trustee for the benefit of the Existing Collateral Secured Parties a valid, perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in the Existing Collateral described in the Existing Collateral Security Agreement with respect to such Collateral as required by the Guarantee and Collateral Agreement Additional Guarantor (or any other Security DocumentDomestic Subsidiary receiving such investment(s)), including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lenderlaw. (b) With respect to any fee interest in any real property acquired Within 30 days after the Closing Date by formation or acquisition any Loan Party with an individual fair market value in excess new Foreign Subsidiary the Capital Stock of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for which is owned directly by the Borrower and issued by a nationally recognized title insurance company, in an amount equal or any Guarantor (other than the Capital Stock of any Excluded Subsidiary or any other Subsidiary to the purchase price extent the ownership interest in such Subsidiary has a Net Book Value of such real property$500,000,000 or less), (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by shall (or shall cause the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3relevant Subsidiary to) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Administrative Agent such supplements, joinders amendments or amendments supplements to the applicable Existing Collateral Security Documents Agreement as the Lender Existing Collateral Trustee or the Administrative Agent deems reasonably necessary or advisable to grant to the Lender Existing Collateral Trustee, for the benefit of the Existing Collateral Secured Parties, a perfected first priority security interest in a portion of the Capital Stock of such new Foreign Subsidiary that is owned directly by the Borrower or indirectly by such Loan Party, Guarantor (provided that in no event shall more than 66% of the total outstanding Voting Stock of any such new Foreign Subsidiary be required to be so pledged unless the Borrower in its sole discretion otherwise agrees) and (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Existing Collateral Trustee the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts)Guarantor, and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or action as may be reasonably requested by the Lender and Existing Collateral Trustee or the Administrative Agent in order to perfect the Existing Collateral Trustee’s security interest therein (Cprovided that in no event shall such actions require the execution or delivery of a pledge agreement or similar instrument governed by any law other than the laws of the State of New York). (c) The Borrower shall use its commercially reasonable efforts to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than grant to the Existing Collateral Trustee a security interest in the Capital Stock of any newly formed or after acquired joint venture (or a holding company parent thereof) owned directly by the Borrower or a Guarantor if the amount recorded by the Borrower or such Guarantor as its investment in such joint venture exceeds $250,000,000 and (ii) in the case of any domestic joint venture in which the Borrower directly or indirectly owns at least 80% of the voting or economic interest, to cause such joint venture to become a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, Guarantor (in each case, on it being understood that such efforts shall not require any economic or other significant concession with respect the Closing Date or pursuant to Section 5.2terms of such joint venture arrangements). (d) Within 60 days of the occurrence thereof, the Loan Parties shall not be required to deliver Borrower will notify the ATVM Collateral Trustee and DOE of any Collateral or perfect the Lender’s security interest with respect to any Collateral (except changes to the extent perfection can be accomplished by filing UCC financing statements) name, jurisdiction of incorporation or provide any guarantee legal form of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as Guarantor. (e) If Ford Motor Vehicle Assurance Company, LLC is not liquidated within six months of the Financial Closing Date, the Borrower shall cause Ford Motor Vehicle Assurance Company, LLC to execute the Guarantee and become a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderGuarantor thereunder.

Appears in 1 contract

Sources: Loan Arrangement and Reimbursement Agreement (Ford Motor Co)

Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by Holdings or any Loan Party of its Subsidiaries (other than (w) any property described in paragraph (b), (c) or (d) below, (x) any property subject to a Lien expressly permitted by subsection 7.3(g) (y) property acquired by any Excluded Foreign Subsidiary and (z) any property with respect to which the Administrative Agent determines, in its sole discretion, that the value of the perfection of a security interest in such property would not justify the cost of perfecting a security interest therein) as to which the Lender Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Lenders, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Lenders, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the LenderAdministrative Agent. (b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Date by Holdings or any Loan Party with an individual fair market value in excess of $250,000its Subsidiaries (other than (x) any such real property subject to a Lien expressly permitted by subsection 7.3(g) and (z) real property acquired by any Excluded Foreign Subsidiary), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage Mortgage, in favor of the maximum principal Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s 's certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such mortgage or deed of trust, each of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be foregoing in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (Administrative Agent and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be if reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent. (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the foregoingClosing Date by Holdings (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), or any of its Subsidiaries, promptly (i) other than execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by Holdings or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock (to the extent such Capital Stock is in certificated form), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of Holdings or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in which a Lien was previously granted or the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required to be granted by the Loan Parties, Guarantee and Collateral Agreement or the guarantees provided by law or as may be requested by the Loan PartiesAdministrative Agent and (C) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in each casethe form of Exhibit G, on with appropriate insertions and attachments, and (iv) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date by Holdings or pursuant any of its Subsidiaries, promptly (i) execute and deliver to Section 5.2the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the Loan Parties shall not be required to deliver any Collateral or perfect benefit of the Lender’s Lenders, a perfected first priority security interest with respect to in the Capital Stock of such new Subsidiary that is owned by Holdings or any Collateral of its Subsidiaries (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee provided that in no event shall more than 65% of the Obligations, in each case, if the cost total outstanding Capital Stock of delivering or perfecting the lien in any such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall new Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of Holdings or such Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent's security interest therein, and (iii) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Ifco Systems Nv)

Additional Collateral, etc. (a) With respect to any Collateral real or personal property acquired after the Closing Date date hereof by any Loan Party Obligor which would have been Collateral had it been owned by such Obligor on the date hereof, including any entity that becomes an Obligor hereafter pursuant to Section 4.11(b), (other than any property described in paragraph (b) or (c) of this Section) as to which the Lender Collateral Trustee, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Collateral Trustee such amendments to the Guarantee and Collateral this Agreement or such other documents as the Lender deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (as provided in this Agreement) in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral this Agreement or taking any other action by law or as may be reasonably requested by the LenderCollateral Trustee. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with new Subsidiary (other than an individual fair market value in excess of $250,000Excluded Foreign Subsidiary, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver an Insurance Company, a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, Finance Company or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3Inactive Subsidiary) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date date hereof (which, for the purposes of this paragraph, shall include (x) any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary or an Inactive Subsidiary and (y) any Risk Management Subsidiary that becomes a Wholly-Owned Subsidiary of the Company), by the Company or any Loan Partyof its Subsidiaries, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Collateral Trustee such supplements, joinders or amendments to the applicable Security Documents this Agreement as the Lender deems reasonably necessary or advisable to grant to the Lender Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority security interest (as provided in this Agreement) in the Capital Stock of such new Subsidiary that is owned directly by the Company or indirectly by such Loan Partyany of its Subsidiaries, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Collateral Trustee (or any bailee appointed or approved by the priority of such security interest, including but not limited to, Collateral Trustee) the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyCompany or such Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral this Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Trustee for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral this Agreement or such other Security Documents, with respect to such new Subsidiary, including including, without limitation, the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral this Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachmentsCollateral Trustee, and (iv) if requested by the LenderCollateral Trustee, deliver to the Lender Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Collateral Trustee. (c) With respect to any new Excluded Foreign Subsidiary created or acquired after the foregoingdate hereof by the Company or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), promptly (i) execute and deliver to the Collateral Trustee such amendments to this Agreement or such other documents as necessary or advisable in order to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected security interest (as provided in this Agreement) in the Capital Stock of such new Subsidiary that is owned by the Company or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), (provided that in no event shall more than 65% of the Collateral in which a Lien was previously granted or total outstanding Capital Stock of any such new Excluded Foreign Subsidiary be required to be granted so pledged), (ii) deliver to the Collateral Trustee (or any bailee appointed or approved by the Loan PartiesCollateral Trustee) the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Company or such Subsidiary, as the guarantees provided case may be, and take such other action as may be necessary or, in the opinion of the Collateral Trustee, desirable to perfect the Lien of the Collateral Trustee thereon, and (iii) if requested by the Loan PartiesCollateral Trustee, deliver to the Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, on and from counsel, reasonably satisfactory to the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with Trustee. (d) With respect to any Collateral Commercial Tort Claims with a value of $1,000,000 or more held or acquired after the date hereof by the Company or any of its Subsidiaries, promptly (except i) execute and deliver to the extent perfection can be accomplished by filing UCC financing statements) Collateral Trustee such amendments to this Agreement or provide any guarantee such other documents as necessary or advisable to grant to the Collateral Trustee, for the benefit of the ObligationsSecured Parties, in each case, if the cost of delivering or perfecting the lien a security interest in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, Commercial Tort Claims and (ii) other than take all actions necessary or advisable to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected security interest (as provided in which a Lien was previously granted this Agreement) in such Commercial Tort Claims, including without limitation, (A) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by this Agreement or required to by law or as may be granted reasonably requested by the Loan PartiesCollateral Trustee and (B) providing the Collateral Trustee with a signed writing describing the brief details thereof and granting the Collateral Trustee a security interest therein and in the proceeds thereof, or the guarantees provided by the Loan Parties, with such writing in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, form and substance satisfactory to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderCollateral Trustee.

Appears in 1 contract

Sources: Collateral Agreement (Anc Rental Corp)

Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Date by any Loan Party as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender a security interest in such Collateral and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect domestic Subsidiary that is created or acquired after the Closing Date by any Loan PartyNote Party (other than any Deerfield Special Purpose Entity that is prohibited, pursuant to its Organizational Documents or any Contractual Obligation entered into in the ordinary course of business, from guaranteeing or otherwise providing assurance that any of the Obligations will be paid or discharged, or that any agreements relating thereto will be complied with or if so guaranteeing will result, in the Parent’s reasonable opinion upon advice of counsel, in a requirement for such Subsidiary to be registered as an Investment Company), promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to the applicable Security Documents Guaranty and Pledge Agreement as the Lender deems Collateral Agent or the Administrative Holder reasonably deem necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Holders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by Guarantor having such Loan Partypriority as set forth in the Intercreditor Agreement, (ii) if such Guarantor is a corporation or otherwise issues Capital Stock in certificated form, deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure Collateral Agent the priority of such security interest, including but not limited to, the certificates, if any, certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Guarantor, as the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)case may be, (iii) if such Guarantor is a corporation or otherwise issues “securities” (as defined in the UCC) in an uncertificated form, deliver to the Collateral Agent a Securities Control Agreement, and (iv) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary Guarantor (A) to become a party to the Guarantee Guaranty and Collateral Pledge Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Holders, a perfected first priority security interest (subject to Liens permitted hereunder) in the Pledged Collateral described in the Guarantee Guaranty and Collateral Pledge Agreement or such other Security Documents, with respect to such Subsidiarynew Guarantor, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee Guaranty and Collateral Pledge Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver Collateral Agent. Notwithstanding anything to the Lender a customary certificate of such Subsidiarycontrary contained in this Agreement, in a form reasonably satisfactory to if any domestic Subsidiary is created or acquired after the Lender, with appropriate insertions and attachments, and (iv) if requested Closing Date by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, any Note Party that (i) other than the Collateral in which a Lien was previously granted or is not required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or a Guarantor pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral application of clause (except to the extent perfection can be accomplished by filing UCC financing statementsb) or provide any guarantee of the Obligations, proviso in each case, if the cost definition of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, Guarantor and (ii) other than the Collateral in which a Lien was previously granted owns one or more Subsidiaries that are not required to be granted Guarantors by application of clauses (a) or (b) of the Loan Partiesproviso in the definition of Guarantor, or the guarantees provided by the Loan Partiesthen, so long as doing so would not, in each casethe reasonable determination of the Parent, on adversely affect the Closing Date Parent or pursuant to Section 5.2its Subsidiaries, no such Liens or guarantees domestic Subsidiary shall be required to be provided by any become a Restricted Holding Subsidiary in any case in which (or, if applicable, subject to the extent that) the provision restrictions of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderSection 6.18.

Appears in 1 contract

Sources: Intercreditor Agreement (Triarc Companies Inc)

Additional Collateral, etc. 7.10.1 Upon receipt of the restaurant site itemization referred to in Section 7.1.11, the Agent shall calculate the ratio of (ai) With respect to any Collateral acquired after the Closing Date by any Loan Party aggregate Trailing 12-month Cash Flow (as to specified on such itemization) of the restaurant sites upon which the Lender does not have a perfected Lien that is required by of first-priority has been granted in favor of the Guarantee and Collateral Agreement (excludingAgent, for the avoidance benefit of doubt, real propertythe Secured Parties (or will be granted pursuant to Section 7.12), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender a security interest in such Collateral and (ii) take all actions necessary the Aggregate Commitment (the “Collateral Coverage Ratio”). To the extent that the Collateral Coverage Ratio is less than 18%, the Agent may, in is sole discretion, request that the Borrower grant, or advisable in the reasonable opinion cause any of the Lender its Restricted Subsidiaries to grant to the Lender grant, a perfected first priority (except as expressly permitted by Section 7.2) security interest Lien on additional restaurant sites which are fee-owned and Lien in such Collateral as required operated by the Guarantee and Collateral Agreement Borrower or any other Security DocumentRestricted Subsidiary such that the Collateral Coverage Ratio is restored to 20%. The Agent and the Borrower shall within 30 days mutually agree upon the designation of such additional restaurant sites which are fee-owned and operated by the Borrower or any of its Restricted Subsidiaries and on which a Lien shall be granted. If such an agreement cannot be reached within this period, the Agent shall, in its sole discretion, designate such additional restaurant sites which are fee-owned and operated by the Borrower or any of its Restricted Subsidiaries (excluding restaurant sites which are put up for sale by the Borrower in good faith). In designating such additional restaurant sites which are fee-owned and operated by the Borrower or any of its Restricted Subsidiaries, the Agent shall use reasonable efforts to minimize the Borrower’s and its Restricted Subsidiaries’ out-of-pocket costs, including (if applicablewithout limitation) mortgage recording taxes and title insurance premiums. Upon any such designation, the filing of Uniform Commercial Code financing statements in applicable Group Members owning such jurisdictions as may be required by the Guarantee and Collateral Agreement restaurant sites shall promptly, but not later than 90 days (or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved agreed thereto by the Lender Agent, in its reasonable sole discretion): , but in any event no later than within 150 days) thereafter, (i) execute and deliver a first priority Mortgage Mortgage, in the maximum principal amount favor of the purchase price Collateral Agent, for the benefit of the Secured Parties, covering such real properties, (ii) if requested by the Collateral Agent, provide the Secured Parties with (x) title and extended coverage insurance covering such real property in jurisdictions that impose mortgage recording taxes an amount at least equal to 110% of the Real Estate Fair Value of such real properties (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering Collateral Agent) together with such real property, (ii) if title endorsements as may be reasonably requested by the LenderCollateral Agent, provide provided, however, that for any jurisdiction wherein a zoning endorsement is unavailable or the Lender cost of the issuance of the zoning endorsement for such real property is calculated as a percentage of the premium for the applicable title insurance policy, in lieu of such zoning endorsement, the applicable Group Member shall deliver a zoning compliance report or a letter from the applicable municipality which demonstrates that the current use of such real property is in compliance with applicable zoning requirements and (1A) a Survey certified to the Collateral Agent and the Title Insurance Company in a manner satisfactory to them, dated a date reasonably satisfactory to the Collateral Agent and the Title Insurance Company by an independent professional licensed land surveyor reasonably satisfactory to the Collateral Agent and the Title Insurance Company, or (B) in the absence of a Survey, the title and extended coverage insurance shall not contain a general survey exception and shall contain, to the extent available in the particular jurisdiction and applicable to the particular property,a survey endorsement, an access endorsement, a contiguity endorsement and a comprehensive endorsement, and (y) any consents or estoppels reasonably deemed necessary or advisable by the Collateral Agent in connection with such customary endorsementsMortgage, coinsurance each of the foregoing in form and reinsurance as the Lender may substance reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal satisfactory to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Collateral Agent and (iii) if requested by the LenderCollateral Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAgent.

Appears in 1 contract

Sources: Credit Agreement (Wendy's/Arby's Group, Inc.)

Additional Collateral, etc. (a) With Subject to and consistent with the Security and Guarantee Principles, with respect to any Collateral property (to the extent included in the definition of Collateral) acquired at any time after the Closing Date by any Loan Party (other than any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien Lien, within thirty (30) days of such acquisition (or ninety (90) days in the case of an acquisition by a Foreign Subsidiary that is required a Loan Party), or such longer period as agreed to by the Guarantee and Collateral Agreement (excludingAgent in its sole discretion, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Collateral Agent such amendments or supplements to the Guarantee and Collateral Agreement applicable Security Documents or such other documents as the Lender Collateral Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a valid and enforceable first priority security interest in such Collateral property and (ii) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (subject to Liens permitted hereunder) in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Documentproperty, including (if applicable) the filing of Uniform Commercial Code UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Security Agreement or taking any by other action applicable law or as may reasonably be requested by the LenderCollateral Agent. (b) With Subject to and consistent with the Security and Guarantee Principles, with respect to any fee interest in any real property Real Property (excluding any Leaseholds) acquired by a Loan Party after the Closing Date by any Loan Party with an individual Date, if the aggregate fair market value (together with improvements thereof) of all interests in excess of Non-Mortgaged Real Property exceeds $250,00030,000,000, promptly within ninety (and in any event within sixty (6090) days of such acquisition (or such longer period as approved agreed to by the Lender Collateral Agent in its reasonable sole discretion): ) of the acquisition of such interest, (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Mortgages, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering the Loan Parties’ interests in Real Property such real property, that the fair market value (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with improvements thereof) of all Non-Mortgaged Real Property does not exceed $30,000,000, along with a surveyor’s certificate and complying corresponding UCC fixture filing for filing in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyjurisdiction, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be each in form and substance reasonably satisfactory to the LenderCollateral Agent, as may be necessary to create a valid, perfected first and subsisting Lien, subject to liens permitted under Section 9.3, against such Real Property, (ii) provide the Lenders with title and extended coverage insurance covering such interest in Real Property subject to an applicable Mortgage pursuant to clause (i) above in an amount at least equal to the fair market value of such Real Property (or such lesser amount as shall be specified by the Collateral Agent) together with title endorsements reasonably requested by the Collateral Agent, (iii) provide the Lenders with an ALTA survey in respect of such interest in Real Property subject to an applicable Mortgage pursuant to clause (i) above (or an existing survey accompanied, if necessary, by a “no-change” affidavit and/or other documents if same is/are sufficient for the title insurer to issue survey coverage in the applicable title policy, remove therefrom the standard survey exceptions, and issue the endorsements required pursuant to subsection (ii) above), together with a surveyor’s certification, (iv) such affidavits, certificates, instruments of indemnification and other items (including a so-called “gap” indemnification) as shall be reasonably required to induce the title insurer to issue the applicable title policy and endorsements referenced in clause (ii) above in respect of such interest in Real Property subject to an applicable Mortgage pursuant to clause (i) above, (v) deliver to the Collateral Agent legal opinions in form and substance reasonably satisfactory to the Collateral Agent and covering such matters as the Collateral Agent may reasonably request, including, without limitation, the enforceability, due authorization, execution and delivery of the applicable Mortgage, (vi) deliver to the Collateral Agent a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each parcel of Real Property (together with notice about special flood hazard area status and flood disaster assistance, duly executed by the applicable Loan Party entering into the applicable Mortgage) subject to an applicable Mortgage pursuant to clause (i) above, and in the event any such Real Property or a portion thereof is located within an area designated by the Director of the Federal Emergency Management Agency to be a “special flood hazard area” and as required by applicable law, evidence of a flood insurance policy for such Real Property or the applicable portion thereof; and (vii) such other information, documentation (including, but not limited to, appraisals, environmental reports, and to the extent applicable, using commercially reasonable efforts, subordination agreements), certifications, in each case, as may be reasonably required by the Collateral Agent or necessary in order to create a valid, perfected first and subsisting Lien subject to liens permitted under Section 9.3 against the Real Property covered by the applicable Mortgage pursuant to clause (i) above. (c) With Subject to and consistent with the Security and Guarantee Principles, with respect to any new direct or indirect Subsidiary that is Guarantor created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days of such creation or acquisition (or ninety (90) days in the case of a Subsidiary Guarantor that is a Foreign Subsidiary), or such longer period as approved agreed to by the Lender Collateral Agent in its sole discretion): , (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to this Agreement and the applicable Security Documents and such comparable documentation or other Security Documents as the Lender Collateral Agent deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary Guarantor that is owned directly or indirectly by such any Loan Party, (ii) deliver to the Lender Collateral Agent the certificates representing such documents Capital Stock (if any), together with undated stock powers, in blank, executed and instruments delivered by a duly Authorized Officer of the relevant Loan Party (iii) cause such new Subsidiary Guarantor (a) to execute and deliver to the Collateral Agent (x) a Guarantor Joinder Agreement or such comparable documentation requested by the Collateral Agent to become a Subsidiary Guarantor and guarantee the Obligations, (y) a joinder agreement to the Security Agreement, substantially in the form annexed thereto, or such comparable documentation or other Security Documents requested by the Collateral Agent, as applicable, (b) to take such actions reasonably necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the assets (other than Excluded Assets) of such new Subsidiary Guarantor, including the filing of UCC financing statements in such jurisdictions as may be required by the Security Agreement or comparable documentation or by other applicable law or as may be requested by the Collateral Agent and (c) to grant, perfect, protect and ensure deliver to the priority Collateral Agent (i) a certificate of such Subsidiary Guarantor, substantially in the form of Exhibit M, with appropriate insertions and attachments and (ii) if reasonably requested by the Collateral Agent, a legal opinion from counsel to such new Subsidiary Guarantor in form and substance satisfactory to the Collateral Agent and (iv) if such new Subsidiary Guarantor owns real property with a fair market value of at least $5,000,000, within ninety (90) days of such party becoming a Subsidiary Guarantor (or such longer period as agreed to by the Collateral Agent in its sole discretion), deliver the documents required pursuant to Section 8.8(b) hereof. (d) Subject to and consistent with the Security and Guarantee Principles, with respect to any new Restricted Subsidiary which is an Excluded Foreign Subsidiary described in clause (i) of the definition of Excluded Foreign Subsidiary (other than an Immaterial Subsidiary) created or acquired after the Closing Date by any Loan Party, within ninety (90) days of such creation or acquisition, (i) execute and deliver to the Collateral Agent such Security Documents or amendments thereto as the Collateral Agent reasonably deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interestinterest (subject to Liens permitted hereunder) in the Capital Stock of such entity; provided that not more than 65% of the total outstanding Capital Stock of any such Excluded Foreign Subsidiary shall be pledged, including but not limited to, (ii) deliver to the certificates, Collateral Agent the certificates (if any, ) representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer Authorized Officer of the relevant Loan PartyParty and (iii) if reasonably requested by the Collateral Agent, any Control Agreement with deliver to the Collateral Agent legal opinions in form and substance reasonably satisfactory to the Collateral Agent and covering such matters as the Collateral Agent may request. (e) With respect to each Deposit Account any new Non-Guarantor Subsidiary created or Securities Account acquired after the Closing Date by any Loan Party (other than, in each case, but excluding any Excluded AccountsForeign Subsidiary and any Non-Guarantor Subsidiary to the extent a pledge of the Capital Stock of such entity is prohibited by its Organizational Documents or requires the consent of any Person party thereto), and any Security Document within thirty (30) days of such creation or acquisition (or any amendment, supplement or modification thereof) with respect such longer period as agreed to Intellectual Property (other than Excluded Assetsby the Collateral Agent in its sole discretion), (iiii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party execute and deliver to the Guarantee and Collateral Agreement and other applicable Agent such Security Documents, (B) to take such actions Documents or amendments thereto as are reasonably the Collateral Agent deems necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Liens permitted hereunder) in the Capital Stock of such Non-Guarantor Subsidiary that is owned by any Loan Party, (ii) deliver to the Collateral described Agent the certificates representing such Capital Stock (if any), together with undated stock powers, in blank, executed and delivered by a duly Authorized Officer of the Guarantee and Collateral Agreement or relevant Loan Party, (iii) cause such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) new Subsidiary Guarantor to deliver to the Lender Collateral Agent a customary certificate of such SubsidiarySubsidiary Guarantor, substantially in a the form reasonably satisfactory to the Lenderof Exhibit M, with appropriate insertions and attachmentsattachments (including modifications based on the Security and Guarantee Principles), and (iv) if reasonably requested by the LenderCollateral Agent, deliver to the Lender Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, substance reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than Collateral Agent and covering such matters as the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAgent may request.

Appears in 1 contract

Sources: Credit and Guaranty Agreement (Ancestry.com LLC)

Additional Collateral, etc. (a) With respect to any Collateral Additional Guarantor created or acquired after the Closing Date by any Loan Party as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingwhich, for the avoidance purposes of doubtthis paragraph, real propertyshall include any existing Subsidiary that ceases to be an Excluded Subsidiary or Transparent Subsidiary), within 30 days after the Borrower will, and will cause each other Loan Party to, promptly: formation or acquisition of such Subsidiary (or such Subsidiary ceasing to be an Excluded Subsidiary or Transparent Subsidiary) (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems reasonably shall be necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent a security interest in such Collateral valid and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. (b) With respect to any fee interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock Equity Interests of such new Subsidiary that is owned directly or indirectly by such Loan PartyAdditional Guarantor, (ii) deliver to the Lender such documents and instruments as may be required Collateral Agent (subject to grant, perfect, protect and ensure the priority terms of such security interest, including but not limited to, the First Lien Intercreditor Agreement) the certificates, if any, representing such Capital StockEquity Interests (to the extent constituting “certificated securities” under the applicable UCC), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan PartyCompany or such Subsidiary, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)as the case may be, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary Additional Guarantor (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent a valid and perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such SubsidiaryAdditional Guarantor, including including, without limitation, the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such SubsidiaryCollateral Agent, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the LenderCollateral Agent, deliver to the Lender Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Collateral Agent, and (v) take such other actions as may be required to cause the foregoingCollateral and Guarantee Requirement to be satisfied with respect to such Additional Guarantor. (b) Subject to Section 5.7(i), within 30 days after the formation or acquisition of any new Subsidiary the Equity Interests of which are owned directly by the Company or any Subsidiary Guarantor, the Company shall (or shall cause the relevant Subsidiary Guarantor to) (i) execute and deliver to the Collateral Agent such amendments or supplements to the Guarantee and Collateral Agreement as shall be necessary to grant to the Collateral Agent a valid and perfected security interest in the Equity Interests of such new Subsidiary that is owned by the Company or such Subsidiary Guarantor, (ii) deliver to the Collateral Agent (subject to the terms of the First Lien Intercreditor Agreement) the certificates, if any, representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Company or the relevant Subsidiary Guarantor, and take such other actions as may be reasonably requested by the Collateral Agent in order to perfect the Collateral Agent’s security interest therein including, with respect to any Foreign Subsidiary, the execution and delivery of a pledge agreement or similar instrument governed by the law of the jurisdiction in which such Foreign Subsidiary is domiciled and (iii) take such other actions as may be required to cause the Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary. (c) The Company shall use its commercially reasonable efforts to (i) grant to the Collateral Agent a security interest in the Equity Interests of any newly formed or after-acquired joint venture (or a holding company parent thereof) owned directly by the Company or a Subsidiary Guarantor if the amount recorded by the Company or such Subsidiary Guarantor as its investment in such joint venture exceeds US$50,000,000 and (ii) in the case of any domestic JV Subsidiary (other than an Excluded Subsidiary) to cause such JV Subsidiary to become a Subsidiary Guarantor (in each case, it being understood that such efforts shall not require any economic or other significant concession or result in any material adverse tax consequences with respect the terms or structure of such joint venture arrangements). (d) Subject to Section 5.7(i), at the request of the Administrative Agent, the Company shall, within ten days of the Administrative Agent’s request, (i) cause any Transparent Subsidiary that directly holds the Equity Interests of any 956 Subsidiary or holds Equity Interests of any other than Transparent Subsidiary to (A) become a party to the Guarantee and Collateral Agreement, (B) take such actions as are necessary to grant to the Collateral Agent a valid and perfected security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such Transparent Subsidiary, including, without limitation, the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Collateral Agent, and (C) enter into such pledge agreements, security agreements and/or similar instruments each in form and substance reasonably satisfactory to the Collateral Agent (including as to the governing law thereof) that are necessary to grant a valid and perfected security interest in all of its property, (ii) deliver to the Collateral Agent (subject to the terms of the First Lien Intercreditor Agreement) the certificates, if any, representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Subsidiary, (iii) if requested by the Administrative Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which a Lien was previously granted or opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent, and (iv) take such other actions as may be required to cause the Collateral and Guarantee Requirement to be granted satisfied with respect to such Subsidiary. (e) Within 30 days after the occurrence thereof, the Company will notify the Collateral Agent of any change to the name, jurisdiction of incorporation or formation or legal form of the Company or any Subsidiary Guarantor. (f) The Company shall, and shall cause each Group Member to, from time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take such actions, as the Administrative Agent or the Collateral Agent may reasonably request to cause the Collateral and Guarantee Requirement to be and remain satisfied at all times or otherwise for the purposes of implementing or effectuating the provisions of this Agreement and the other Credit Documents, or of more fully perfecting (or maintaining perfection) or renewing the rights of the Collateral Agent with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by any Group Member which may be deemed to be part of the Collateral) pursuant hereto or thereto. Upon the exercise by the Loan PartiesCollateral Agent of any power, right, privilege or remedy pursuant to this Agreement or the other Credit Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, the Company will execute and deliver, or will cause the guarantees provided execution and delivery of, all applications, certifications, instruments and other documents and papers that the Administrative Agent or the Collateral Agent may be required to obtain from the Company or any Group Member in order to obtain such governmental consent, approval, recording, qualification or authorization. (g) By June 30 of each year, commencing June 30, 2014 (and promptly upon consummation of any Material Acquisition), the Company shall deliver to the Collateral Agent, in addition to the updated Intellectual Property information required pursuant to Section 4.3(b) of the Guarantee and Collateral Agreement, a supplement to Schedule 1.1G (i) setting forth any trademark Registered in the United States by the Loan PartiesCompany or any of its Subsidiaries that is, in each casethe good faith determination of the Company, material to the business of the Company and its Subsidiaries, taken as a whole, that has not previously been disclosed to the Administrative Agent on Schedule 1.1G (or any update thereto previously provided hereunder) or (ii) removing any trademark Registered in the United States by the Company or any of its Subsidiaries that is no longer, in the good faith determination of the Company, material to the business of the Company and its Subsidiaries, taken as a whole; provided that no Principal Trade Name identified on Schedule 1.1G on the Closing Date or may be removed from such Schedule. Each year after delivery of the updated Intellectual Property information required pursuant to Section 5.24.3(b) of the Guarantee and Collateral Agreement, upon written request of the Collateral Agent, the Loan Company shall take such steps as the Collateral Agent may reasonably request in order to (A) perfect, for Intellectual Property of the Credit Parties Registered in the United States, and (B) file, for Key Foreign Trademarks and Key Foreign Patents in their respective jurisdictions, in the case of each of the foregoing clauses (A) and (B) the security interests granted in such Collateral in accordance with the provisions of the Guarantee and Collateral Agreement. (h) Upon the acquisition by the Company or any other Credit Party of Material Real Estate Asset after the Closing Date, the Company shall not cause the Collateral and Guarantee Requirement to be satisfied in respect of such Material Real Estate Asset. (i) Notwithstanding anything to the contrary herein, (i) in no case shall a Person be required to deliver any Collateral or perfect the Lender’s grant a security interest with respect to in any Collateral stock of a 956 Subsidiary (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee other than 100% of the Obligationsnon-Voting Equity Interests (if any) and 65% of the Voting Equity Interests of a first tier 956 Subsidiary), (ii) in no case shall more than 65% of the Voting Equity Interests of any 956 Subsidiary be directly or indirectly pledged, in each case, case to secure Obligations of the Company or any Domestic Subsidiary if the cost such grant of delivering a security interest or perfecting the lien pledge would result in such Collateral or of providing such guarantee exceeds the benefit deemed dividends to the Lender (which shall take into account any adverse tax consequences suffered Company or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or its owners pursuant to Section 5.2, 956 of the Code and (iii) in no such Liens or guarantees case shall a Transparent Subsidiary be required to guarantee any Obligations under any of the Credit Documents (it being understood that a Transparent Subsidiary may be provided required to grant a security interest in certain of its assets, including certain Equity Interests in a 956 Subsidiary held by any Subsidiary in any case in which (or, if applicableit, to the extent thatprovided under other provisions of the Credit Documents, insofar as they are not inconsistent with the first two clauses of this Section 5.7(i)). (j) To the extent not delivered on the Closing Date, within 180 days after the Closing Date (or such later date as shall be reasonably acceptable to the Administrative Agent), the Company shall deliver or cause to be delivered to the Collateral Agent (i) a Mortgage with respect to each Mortgaged Property owned by the Company or a Subsidiary Guarantor as of the Closing Date, each executed and delivered by the owner of the Mortgaged Property covered thereby, (ii) for each such Mortgage, a lenders’ title insurance policy issued by a title company selected by the Company insuring the Collateral Agent’s interest in such Mortgaged Property and reasonably satisfactory to the Administrative Agent, and (iii) for each such Mortgage, an opinion of local counsel with respect to the enforceability of such Mortgage under the applicable local law, reasonably satisfactory to the Administrative Agent and the Collateral Agent (collectively, the “Real Estate Deliverables”). If any Real Estate Deliverable is not received and satisfied within such 180-day period, the Borrowing Base will be reduced by the Eligible Value of the Eligible P&E or Eligible Real Estate for which such Real Estate Deliverable is outstanding. (k) Within 90 days (or, in the case of (i) the provision items identified in clause (f) of the definition of Collateral and Guarantee Requirement, 180 days, or (ii) the items identified in clause (d) of the definition of Collateral and Guarantee Requirement, 30 days) after the Closing Date (or such Lien later date as shall be reasonably acceptable to the Administrative Agent), the Company shall deliver or guarantee would violate applicable lawcause to be delivered to the Collateral Agent each of the items described on Schedule 5.7(k) (collectively the “Post-Closing Deliverables”). If any Post-Closing Deliverable with respect to the Equity Interests in any Foreign Pledgee is not received and satisfied within such 90-day period, in each case, as reasonably determined the Borrowing Base will be reduced by the LenderEligible Value of the Equity Interests in any Foreign Pledgee for which such Post-Closing Deliverable is outstanding.

Appears in 1 contract

Sources: Term Loan Credit Agreement (Chrysler Group LLC)

Additional Collateral, etc. (a) With respect to any personal property or Intellectual Property (other than assets expressly excluded from the Collateral pursuant to the Security Documents) located in the United States acquired or created after the Closing Date by any Loan Party (other than (x) any property subject to a Lien expressly permitted by Section 6.3(g) and (y) Instruments, Certificated Securities, Securities and Chattel Paper, which are referred to in the last sentence of this paragraph (a)) as to which the Lender Collateral Agent for the benefit of the Secured Parties does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party toLien, promptly: , but in any case within 30 days, (i) give written notice of such property to the Collateral Agent and execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Security Agreement or such other Security Document or other documents as the Lender deems Collateral Agent (acting solely at the written direction of the Administrative Agent, acting solely at the written direction of the Required Lenders) reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and requests to grant to the Lender Collateral Agent for the benefit of the Secured Parties a first priority (subject to Permitted Liens) security interest in such Collateral Property and (ii) take all actions necessary or advisable in reasonably requested by the reasonable opinion Collateral Agent (acting solely at the written direction of the Lender Administrative Agent, acting solely at the written direction of the Required Lenders) to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority (except as expressly permitted by Section 7.2subject to Permitted Liens) perfected security interest and Lien in such Collateral as (to the extent required by the Guarantee and Collateral Agreement or any other Security Document, including (if applicableDocuments) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested by the Lender. property (b) With with respect to any fee interest in any real property acquired after of a type owned by a Loan Party as of the Closing Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by to the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in extent the maximum principal amount Collateral Agent for the benefit of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes)Secured Parties, in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments property as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded AccountsClosing Date), and any Security Document (or any amendmentincluding, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)without limitation, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Security Agreement or by law or as may be reasonably requested by the Lender and Collateral Agent (C) to deliver acting solely at the written direction of the Administrative Agent, acting solely at the written direction of the Required Lenders). Any Instrument, Certificated Security (other than in respect of the Capital Stock of any Subsidiary), Security or Chattel Paper in excess of $1,000,000 shall be promptly delivered to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory Collateral Agent indorsed to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver Collateral Agent to be held as Collateral pursuant to the Lender legal opinions relating relevant Security Document. (b) Notwithstanding anything to the matters described abovecontrary in any Loan Document, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to this Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest apply with respect to any Collateral (except collateral to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, Required Lenders have determined in each case, if writing that the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision value of such collateral to which this Section would otherwise apply is insufficient to justify the difficulty, time and/or expense of obtaining a perfected Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lendertherefrom.

Appears in 1 contract

Sources: Term Loan Agreement (Horizon Lines, Inc.)

Additional Collateral, etc. (a) With respect to any Collateral property acquired on or after the Closing Funds Availability Date by any Loan Party (other than Excluded Assets, Excluded Perfection Assets and any property described in paragraph (b), (c) or (d) below) as to which the Lender Collateral Agent, for the benefit of the Senior Secured Parties, does not have a perfected Lien that is required by Lien, promptly (and, in any event within 20 Business Days following the Guarantee and Collateral Agreement (excluding, for the avoidance date of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: such acquisition) (i) execute and deliver to the Lender Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Collateral Agent deems reasonably necessary or reasonably advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Senior Secured Parties, a security interest in such Collateral property and (ii) take all actions necessary or reasonably advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Senior Secured Parties, a perfected first priority security interest in such property (except as expressly subject, in the case of property not constituting Pledged Securities, to Permitted Liens afforded priority ahead of the Lien of the Collateral Agent by operation of law, and in the case of Pledged Securities, to Liens permitted by clause (e) of Section 7.2) security interest and Lien in such Collateral as required by the Guarantee and Collateral Agreement or any other Security Document6.02), including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderCollateral Agent. (b) With respect to any fee interest in any real property or any lease consisting of real property acquired or leased on or after the Closing Funds Availability Date by any Loan Party with an individual fair market value in excess of $250,000, promptly (other than any Excluded Assets and in any event Excluded Perfection Assets) within sixty ninety (6090) days of such after the acquisition or such longer period as approved by the Lender in its reasonable discretion): leasing thereof (i) execute and deliver a first priority Mortgage (subject only to Liens permitted by clauses (c), (f), (g) and (m) of Section 6.02 and pari passu Liens permitted by clause (bb) of Section 6.02) or where appropriate under the circumstances, an amendment to an existing Mortgage, in each case in favor of the maximum principal Collateral Agent, for the benefit of the Senior Secured Parties, covering such real property, (ii) if requested by the Administrative Agent, provide the Senior Secured Parties with (x) either (1) (A) title insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. Administrative Agent; and (cB) With a current ALTA survey thereof, complying with the requirements set forth in Schedule 5.10(b) together with a surveyor's certificate (only with respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Partyany power plant, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts)improved real property, and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) any other real property for which an ALTA survey was obtained when such property was acquired. Notwithstanding the foregoing, such Loan Party shall obtain or cause such new Subsidiary or to be obtained an ALTA survey complying with the requirements set forth in Schedule 5.10(b) together with a surveyor's certificate for any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) real property that becomes Collateral pursuant to become a party this section to the Guarantee extent that the title company will not remove the survey exception (or endorse over such exception) without an ALTA survey) or (2) where an amendment to an existing Mortgage has been delivered pursuant to clause (i) instead of a Mortgage, an endorsement to the existing title policy adding such property as an insured parcel, or a new title policy if the requirements in the state in which the real property is located do not allow for such an endorsement, and Collateral Agreement and other applicable Security Documents, (By) to take such actions as are any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent or the Collateral Agent in connection with such Mortgage or Mortgage amendment (to the opinion extent obtainable using commercially reasonable efforts), each of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) foregoing in the Collateral described in the Guarantee form and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form substance reasonably satisfactory to the LenderCollateral Agent, with appropriate insertions and attachments, and (iviii) if requested by the LenderAdministrative Agent, deliver to the Lender Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding Administrative Agent and the foregoingCollateral Agent, (iv) if requested by the Administrative Agent or the Collateral Agent, deliver to the Administrative Agent and the Collateral Agent a current appraisal of such real property or other valuation of such Loan Party's interest therein in a form and by an appraiser reasonably acceptable to the Administrative Agent, (v) deliver to the Administrative Agent and the Collateral Agent a SFHDF with respect to such real property and, to the extent that the SFHDF indicates that such real property is in a Special Flood Hazard Area as designated by the Federal Emergency Management Agency, proof that adequate flood insurance, as required under the National Flood Insurance Program, has been obtained with respect to such real property and (vi) deliver evidence of zoning compliance satisfactory to the Collateral Agent or Administrative Agent. (c) With respect to (i) any new Subsidiary (other than the Collateral in which a Lien was previously granted an Excluded Subsidiary) created or required to be granted acquired by the Loan Parties, Borrower or any of the guarantees provided by the Loan PartiesRestricted Subsidiaries or (ii) any domestic Immaterial Subsidiary or domestic Unrestricted Subsidiary that is designated as a Restricted Subsidiary in accordance with Section 6.11, in each case, on or after the Closing Date Funds Availability Date, within twenty (20) days of such creation, acquisition or pursuant designation the Borrower or the applicable Restricted Subsidiary shall (i) execute and deliver to Section 5.2the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent and the Collateral Agent deem necessary or reasonably advisable to grant to the Collateral Agent, for the Loan Parties shall not be required to deliver any Collateral or perfect benefit of the Lender’s Senior Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Loan Party (subject only to the Liens permitted by clause (e) of Section 6.02), (ii) deliver to the Collateral Agent any certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Restricted Subsidiary, (iii) cause such Subsidiary that is a wholly-owned Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, and (B) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Senior Secured Parties a perfected first priority security interest (subject, in the case of property not constituting Pledged Securities, to Permitted Liens afforded priority ahead of the Lien of the Collateral Agent by operation of law, and in the case of Pledged Securities, to Liens permitted by clause (e) of Section 6.02) in the Collateral described in the Guarantee and Collateral Agreement with respect to any such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by Applicable Law or as may be reasonably requested by the Administrative Agent and (except iv) if requested by the Administrative Agent, deliver to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of Administrative Agent and the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit Agent legal opinions relating to the Lender matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. (which shall take into account d) With respect to (i) any adverse tax consequences suffered Foreign Subsidiary created or expected to be suffered acquired on or after the Funds Availability Date and directly owned by the Borrower or any Loan Party as a result thereof), in each case, as reasonably determined by the Lender, and or (ii) other than the Collateral any foreign Immaterial Subsidiary or foreign Unrestricted Subsidiary that is designated as a Restricted Subsidiary in which a Lien was previously granted or required to be granted accordance with Section 6.11 and directly owned by the any Loan Parties, or the guarantees provided by the Loan PartiesParty, in each case, on or after the Closing Funds Availability Date , promptly (and, in any event, within 30 days of the creation or pursuant acquisition thereof) (A) execute and deliver to the Administrative Agent and the Collateral Agent (x) such amendments to the Guarantee and Collateral Agreement as the Collateral Agent deems necessary or reasonably advisable and/or (y) a Foreign Pledge Agreement, in each case to grant to the Collateral Agent, for the benefit of the Senior Secured Parties, a perfected first priority security interest in the Capital Stock of such Foreign Subsidiary that is owned by any such Loan Party (subject only to the Liens permitted by clause (e) of Section 5.2, 6.02 and provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such Liens or guarantees shall Foreign Subsidiary be required to be provided so pledged), (B) if commercially reasonable, deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock power, in blank, executed and delivered by any Subsidiary in any case in which (a duly authorized officer of the relevant Loan Party, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Collateral Agent's security interest therein, and (C) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent and the provision of such Lien or guarantee would violate applicable lawCollateral Agent legal opinions relating to the matters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent and the Collateral Agent.

Appears in 1 contract

Sources: Credit Agreement (Entergy Corp /De/)

Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by the Borrower or any Loan Party of its Subsidiaries (other than (w) any interest in real property or any Property described in paragraph (c) of this Section, (x) any Property subject to a Lien permitted by Section 7.3(g), (y) Property acquired by an Excluded Domestic Subsidiary and (z) Property acquired by or equity interests in an Excluded Foreign Subsidiary) as to which the Lender Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excludingLien, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: promptly (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent reasonably deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a security interest in such Property (to the extent such Property is of a type that would constitute Collateral as described in the Guarantee and Collateral Agreement) and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject, except as expressly in the case of the pledge of any Subsidiary Capital Stock, to Liens permitted by Section 7.27.3) security interest and Lien in such Collateral as Property (to the extent required by the Guarantee and Collateral Agreement or any other Security DocumentAgreement), including (if applicable) without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action by law or as may be reasonably requested by the LenderAdministrative Agent. (b) With respect to any fee simple interest in any real property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Date by the Borrower or any Loan Party with of its Subsidiaries (other than any such real property owned by an individual fair market value in excess of $250,000Excluded Domestic Subsidiary, an Excluded Foreign Subsidiary or subject to a Lien permitted by Section 7.3(g)), promptly (and in any event within sixty (60) days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in favor of the maximum principal Administrative Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iiAdministrative Agent) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) well as a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in all material respects connection with the minimum detail requirements such Mortgage, each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, Administrative Agent and (iii) if requested by the LenderAdministrative Agent, deliver to the Lender legal opinions relating to such Mortgage, which opinions shall be in form and substance reasonably satisfactory to the Lender. (c) With respect to any new direct or indirect Subsidiary that is created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, Administrative Agent. (ic) With respect to any new Subsidiary (other than the Collateral in which a Lien was previously granted an Excluded Foreign Subsidiary) created or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date or pursuant to Section 5.2(which, for the Loan Parties purposes of this paragraph, shall not be required to deliver include any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected existing Subsidiary that ceases to be suffered an Excluded Foreign Subsidiary), by the Borrower or any Loan Party as a result thereofof its Subsidiaries (other than by an Excluded Domestic Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in each casethe Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as reasonably determined the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest (subject, except in the case of the pledge of any Subsidiary Capital Stock, to Liens permitted by Section 7.3) in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary to the extent required by the LenderGuarantee and Collateral Agreement, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iiiv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. (d) With respect to any new Excluded Foreign Subsidiary (other than the Collateral in which a Lien was previously granted any De Minimus Excluded Foreign Subsidiary) created or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date by the Borrower or pursuant any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), promptly (i) execute and deliver to Section 5.2the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries) (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such Liens or guarantees shall new Excluded Foreign Subsidiary be required to be provided so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any a duly authorized officer of the Borrower or such Subsidiary, as the case in which (may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if applicablerequested by the Administrative Agent, deliver to the extent that) Administrative Agent legal opinions relating to the provision of such Lien or guarantee would violate applicable lawmatters described above, which opinions shall be in each caseform and substance, as and from counsel, reasonably determined by satisfactory to the LenderAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Verint Systems Inc)

Additional Collateral, etc. (a) With Subject to applicable Gaming Regulations and the terms herein, with respect to any personal property (including, without limitation any Capital Stock) or Intellectual Property (in each case, other than assets expressly excluded from the Collateral pursuant to the Security Documents) acquired or created after the Closing Date by any Loan Party (other than Instruments, Certificated Securities, Securities and Chattel Paper, which are referred to in the last sentence of this paragraph (a)) as to which the Lender Collateral Agent for the benefit of the Secured Parties does not have a perfected Lien that is required Lien, promptly, but in any case within the later of (i) the receipt of all requisite approvals under the applicable Gaming Regulations and (ii) sixty days (in each case, which period may be extended by the Guarantee and Collateral Agreement (excludingAdministrative Agent in its reasonable discretion) or, for in the avoidance case of doubtany Intellectual Property, real property)if later, concurrently with the Borrower willdelivery of the first Compliance Certificate after such acquisition or creation, and will cause each other Loan Party to, promptly: (i) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender deems Collateral Agent reasonably requests, if any, as are necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent for the benefit of the Secured Parties a security interest in such Collateral Property and (ii) take all actions necessary reasonably requested by the Collateral Agent or advisable in required by the reasonable opinion of the Lender Security Documents to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien (to the extent required by the Security Documents) in such Collateral property, including, without limitation, the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Collateral Agent. Any Instrument, Certificated Security (other than in respect of the Capital Stock of any other Subsidiary which is addressed in clause (c) below), Security or Chattel Paper in excess of $2,500,000 shall be promptly, in any event, within the later of (i) the receipt of all requisite approvals under the applicable Gaming Regulations and (ii) sixty days of the receipt thereof, delivered to the Collateral Agent indorsed in a manner reasonably satisfactory to the Collateral Agent to be held as Collateral pursuant to the relevant Security Document; provided that if the pledge of the Capital Stock of any Subsidiary acquired or created after the Closing Date requires approval under applicable Gaming Regulations, the Borrower shall be required to pledge such Capital Stock only if the requisite approvals from the applicable Gaming Authorities are obtained after the exercise of its commercially reasonable efforts to obtain such approvals (and the Borrower agrees to use its commercially reasonable efforts to obtain such approvals). (b) With respect to any Material Real Estate acquired or leased after the Closing Date by any Loan Party (i) within ten Business Days (which period may be extended by the Collateral Agent in its reasonable discretion) of such acquisition, give notice of such acquisition to the Collateral Agent and, if requested by the Collateral Agent and subject to the Borrower’s use of commercially reasonable efforts to obtain consent of the lessor to grant a mortgage in any Leasehold that constitutes Material Real Estate, within ninety days (which period may be extended by the Collateral Agent in its reasonable discretion) thereafter, execute and deliver a Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties, covering such real property, (ii) if reasonably requested by the Collateral Agent provide the Lenders with a lenders’ title insurance policy with extended coverage covering such Mortgaged real property in an amount reasonably specified by the Collateral Agent (but not to exceed the market value thereof) as well as a current ALTA survey thereof, together with a surveyor’s certificate unless the title insurance policy referred to above shall not contain an exception for any matter shown by a survey (except to the extent an existing survey has been provided and specifically incorporated into such title insurance policy) and such customary flood certificates and insurance and environmental reports as shall be reasonably required by the Collateral Agent in form and substance reasonably satisfactory to the Collateral Agent and (iii) if requested by the Collateral Agent, deliver to the Collateral Agent a customary legal opinion with respect to the enforceability of such Mortgage, which opinion shall be in form and substance reasonably satisfactory to the Collateral Agent. Notwithstanding the foregoing, the Loan Parties shall only be required to use commercially reasonable efforts to obtain any necessary third party consents to the granting of any Mortgage in respect of a Leasehold (including any Leasehold subject to a Mortgage under the Existing Credit Agreement), and any failure to obtain such consent after use of such efforts (and thus otherwise comply with the requirements of clauses (i) through (iv) of this Section 6.8(b) in such Leasehold) shall not constitute a Default or Event of Default. (c) With respect to (i) any new Domestic Subsidiary (other than an Excluded Subsidiary) that is created or acquired after the Closing Date by any Loan Party, (ii) any Unrestricted Subsidiary that is designated as a Restricted Subsidiary (other than an Excluded Subsidiary) and (iii) any formerly Excluded Subsidiary which ceases to be an Excluded Subsidiary, promptly, but in any case within the later of (x) the receipt of all requisite approvals under the applicable Gaming Regulations and (y) sixty days of such creation, acquisition or change (which period may be extended by the Administrative Agent in its reasonable discretion), (A) give notice of such acquisition, creation or change to the Collateral Agent and, if applicablerequested by the Collateral Agent, execute and deliver to the Collateral Agent such amendments or joinders to the Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably deems necessary to grant to the Collateral Agent for the benefit of the Secured Parties a perfected security interest (to the extent required by the Security Documents) in the Capital Stock of such new Subsidiary that is owned by such Loan Party, (B) deliver to the Collateral Agent the certificates, if any, representing such Capital Stock (and any Capital Stock of its Subsidiaries required to be delivered by the Security Documents), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Loan Party, (C) cause such Subsidiary (1) to become a party to the Guarantee and Collateral Agreement and (2) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Secured Parties a perfected security interest (to the extent required by the Security Documents) in the Collateral described in the Guarantee and Collateral Agreement with respect to such Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any and (iv) deliver such Lien searches, customary legal opinions, authorizing resolutions and other action corporate documents relating to such Subsidiary as reasonably requested by the LenderCollateral Agent. (bd) With Notwithstanding anything to the contrary herein or in any other Loan Document, it is understood and agreed that: (i) any Lien required to be granted from time to time pursuant to this Section 6.8 shall be subject to the exceptions and limitations set forth in the applicable Security Documents, (ii) (A) perfection by control shall not be required with respect to assets requiring perfection through control agreements or other control arrangements, including deposit accounts, securities accounts and commodities accounts (other than control of Pledged Securities) and (B) no blocked account agreement, deposit account control agreement or similar agreement shall be required for any fee deposit account or securities account, (iii) no Loan Party shall be required to seek any landlord lien waiver, bailee letter, estoppel, warehouseman waiver or other collateral access or similar letter or agreement (other than use of commercially reasonable efforts to obtain any consents referenced in Section 6.8(b) above), (iv) no action outside of the US shall be required in order to create or perfect any security interest in any real property acquired after the Closing Date by asset of any Loan Party with an individual fair market value in excess of $250,000Party, promptly (and in any event within sixty (60) days of such acquisition no non-US law security agreement, non-US law pledge agreement or such longer period as approved by the Lender in its reasonable discretion): (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (non-US law Intellectual Property filing, search or such other amount as schedule shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title and extended coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, in an amount equal to the purchase price of such real property, (2) a current ALTA/NSPS survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate and complying in all material respects with the minimum detail requirements of the American Land Title Association and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyasset of any Loan Party, (v) in no event will the Collateral include any Excluded Asset, (vi) no action shall be required to perfect any Lien with respect to (A) any vehicle or other asset subject to a certificate of title, (B) letter-of-credit rights, and/or (C) fixtures, unless, in the case of clauses (A) and (iii) if requested by the LenderB), deliver to the Lender legal opinions relating extent that a security interest therein can be perfected by filing a UCC-1 financing statement and, in the case of clause (C), unless otherwise covered by a Mortgage required to such Mortgage, which opinions shall be in form and substance reasonably satisfactory delivered hereunder, (vii) any joinder or supplement to the Lender. (c) With respect to Collateral and Guarantee Agreement and/or any new direct or indirect other Loan Document executed by any Restricted Subsidiary that is created required to become a Loan Party pursuant to Section 6.8(c) may, with the consent of the Administrative Agent (not to be unreasonably withheld, delayed or acquired after the Closing Date by any Loan Partyconditioned), promptly include such schedules (and in any event within thirty (30or updates to schedules) days or such longer period as approved by the Lender in its sole discretion): (i) execute and deliver to the Lender such supplements, joinders or amendments to the applicable Security Documents as the Lender deems reasonably necessary or advisable to grant to the Lender a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Lender such documents and instruments as may be necessary to qualify any representation or warranty set forth in any Loan Document to the extent necessary to ensure that such representation or warranty is true and correct to the extent required thereby or by the terms of any other Loan Document, (viii) if there is a conflict between any Security Document and this Agreement, then, to grantthe extent permitted by law, perfect, protect and ensure the provisions of this Agreement will take priority over the provisions of such Security Document, and (ix) the Administrative Agent shall not require the granting of a security interest, or require the perfection of a security interest granted in, those assets as to which the cost, burden, difficulty or consequence (including but not limited to, any effect on the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer ability of the relevant Loan Party, any Control Agreement with respect Party to each Deposit Account conduct its operations and business in the ordinary course of business) of obtaining or Securities Account (other than, in each case, Excluded Accounts), and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets), (iii) cause such new Subsidiary or any Subsidiary formed for perfecting a security interest therein outweighs the purpose benefit of acquiring any such Subsidiary (A) to become a party security interest to the Guarantee and Collateral Agreement and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachments, and (iv) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoing, (i) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan relevant Secured Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest with respect to any Collateral (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee of the Obligations, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or any Loan Party as a result thereof), in each caseafforded thereby, as reasonably determined by the Lender, Borrower and (ii) other than the Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to the extent that) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Affinity Gaming)

Additional Collateral, etc. Subject to the ABL Intercreditor Agreement: (a) With respect to any Collateral acquired personal Property acquired, created or developed (including, without limitation, the filing of any applications for the registration or issuance of any Intellectual Property) after the Closing Date by any Loan Party as to which the Lender does not have a perfected Lien that is required by the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertyother than Excluded Assets), the Borrower will, and will cause each other Loan Party to, promptly: promptly (ix) execute and deliver to the Lender Collateral Agent such amendments to the Guarantee and Collateral Agreement, the Canadian Guarantee and Collateral Agreement or such other documents as the Lender Administrative Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral Property and (iiy) take all actions reasonably necessary or advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest (subject to Permitted Liens and Lien the priorities established by the applicable Intercreditor Agreement) in such Collateral as Property to the extent required by under the Guarantee and Collateral Agreement or any other Security Documentthe Canadian Guarantee and Collateral Agreement, including (if applicable) without limitation, the recording of instruments in the United States Patent and Trademark Office, the United States Copyright Office and, with respect to the Canadian Guarantor, the Canadian Intellectual Property office, and the filing of Uniform Commercial Code UCC financing statements in such United States jurisdictions (and PPSA financing statements with respect to Canadian jurisdictions) as may be required by the Guarantee and Collateral Agreement or taking any other action as reasonably requested the Canadian Guarantee and Collateral Agreement or by the Lenderapplicable law. (b) With respect to any fee interest in any real property (other than Excluded Assets) acquired after the Closing Date by any Loan Party with an individual fair market value in excess and which is not primarily used as a retail store location of $250,000the ABL Administrative Borrower or its Restricted Subsidiaries, promptly (as soon as reasonably practicable and in any event within sixty (60) case on or prior to 60 days of after such acquisition or such longer period later date as approved by the Lender in its reasonable discretion): Administrative Agent shall agree (i) execute and deliver a first priority Mortgage in the maximum principal amount of the purchase price of such real property in jurisdictions that impose mortgage recording taxes (or such other amount as shall be reasonably specified by the Lender in jurisdictions that do not impose mortgage recording taxessubject to Permitted Liens), in favor of the Lender Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the LenderAdministrative Agent, provide the Lender Collateral Agent for the benefit of the Secured Parties with (1) title and extended (to the extent available without surveys) coverage insurance (with such customary endorsements, coinsurance and reinsurance as the Lender may reasonably request) covering such real property, paid for by the Borrower and issued by a nationally recognized title insurance company, property in an amount at least equal to the purchase price of such real propertyproperty (or such lower amount as shall be reasonably specified by the Administrative Agent) as well as, (2) if available and reasonably requested by the Administrative Agent, a current ALTA/NSPS ALTA survey thereof, paid for by the Borrower and in each case, including all improvements, easements and other customary matters thereon reasonably required by the Lender, together with a surveyor’s certificate (in form and complying in all material respects with substance reasonably satisfactory to the minimum detail requirements Administrative Agent), each of the American Land Title Association foregoing in form and National Society of Professional Surveyors as such requirements are in effect on the date of preparation of such survey, or an existing survey, in each case, sufficient for such title insurance company to remove all standard survey exceptions from the title insurance policy relating to such real property and issue the customary survey related endorsements or otherwise substance reasonably acceptable satisfactory to the LenderAdministrative Agent, (3) flood insurance determination certificates, and if applicable, evidence that the applicable Loan Party has obtained flood insurance covering such property in an amount required for the Lender to be in compliance with the National Flood Insurance Act of 1968 and (4) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real property, and (iii) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Collateral Agent legal opinions relating to of local counsel and counsel in the jurisdiction where the Loan Party that owns such MortgageMortgaged Property is located, which opinions shall be in form and substance substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent, and (iv) a completed “Life-of-Loan” Federal Emergency Management Agency flood hazard determination with respect to such Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the ABL Administrative Borrower and each Loan Party relating thereto) and, if such Mortgaged Property is located in a special flood hazard area, evidence of flood insurance in accordance with Section 5.5(b). (c) With respect to any new direct or indirect Restricted Subsidiary that is would constitute a Guarantor within the meaning of that term created or acquired after the Closing Date by any Loan Party, promptly (and in any event within thirty (30other than Excluded Subsidiaries) days or such longer period as approved by the Lender in its sole discretion): ABL Administrative Borrower, another Borrower or a Subsidiary Guarantor promptly (i) execute and deliver to the Lender Collateral Agent such supplements, joinders or amendments to the applicable Security Documents Guarantee and Collateral Agreement as the Lender Administrative Agent deems reasonably necessary or advisable to grant to the Lender Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject to Permitted Liens) in the Capital Stock of such new Restricted Subsidiary that is owned directly or indirectly by such Loan PartyParty (other than any such Capital Stock constituting Excluded Assets), (ii) deliver to the Lender Collateral Agent (or its agent or bailee for such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, purpose) the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Loan Party to the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts), extent required by the Guarantee and any Security Document (or any amendment, supplement or modification thereof) with respect to Intellectual Property (other than Excluded Assets)Collateral Agreement, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Restricted Subsidiary (A) to become (i) a party hereto as a Borrower or (ii) a party to the Guarantee and Collateral Agreement as a Subsidiary Guarantor and other applicable Security Documents, (B) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest (subject to Liens permitted hereunderPermitted Liens) in the Collateral described in the Guarantee and Collateral Agreement or such other Security Documents, with respect to such SubsidiaryRestricted Subsidiary to the extent required under the Guarantee and Collateral Agreement, including including, without limitation, the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office, and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by applicable law or as may be reasonably requested by the Lender and (C) to deliver to the Lender a customary certificate of such Subsidiary, in a form reasonably satisfactory to the Lender, with appropriate insertions and attachmentsAdministrative Agent, and (iv) if reasonably requested by the LenderAdministrative Agent, deliver to the Lender Collateral Agent customary legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. . (d) Notwithstanding the foregoingforegoing provisions of this Section 5.10 or any other provision hereof or of any other Loan Document, (i) other than the Collateral ABL Administrative Borrower and Guarantors shall not be required to grant a security interest in which a Lien was previously granted or any Excluded Assets, (ii) Liens required to be granted by pursuant to this Section 5.10, and actions required to be taken, including to perfect such Liens, shall be subject to exceptions and limitations consistent with those set forth in the Loan Parties, or the guarantees provided by the Loan Parties, in each case, Security Documents on the Closing Date (or pursuant as created or amended after the Closing Date with the approval of the ABL Administrative Borrower), (iii) other than with respect to Section 5.2(A) the Canadian Guarantor and (B) any other Foreign Subsidiary that becomes a Guarantor after the Closing Date, and in such instance, only with respect to the stock of such Foreign Subsidiary and subject to customary exceptions, limitations and restrictions imposed by local law, no Loan Party shall be required to take any actions outside the United States or under non-United States law to create or perfect any Liens on the Collateral (including, without limitation, any Intellectual Property registered or applied for registration in any jurisdiction outside the United States) and no Security Document shall be governed by the laws of any jurisdiction outside the United States, (iv) the Loan Parties shall not be required to deliver any landlord waivers, estoppels, collateral access agreements or bailee letters, (v) the Loan Parties shall not be required to deliver control agreements (other than to the extent required pursuant to Section 5.17) or otherwise deliver perfection by “control” (within the meaning of the Uniform Commercial Code or the Securities Transfer Act (Ontario) (or equivalent in any other province or territory)) (including with respect to deposit accounts, securities accounts and commodities accounts), other than delivery of stock certificates representing Capital Stock owned by Parent, Borrower or any Guarantor (subject to Section 5.18) and instruments and debt securities (and related stock powers and endorsements to the Collateral Agent (or perfect to its agent or bailee for such purpose)) to the Lender’s extent required by the Security Documents, that do not constitute Excluded Assets, (vi) notices shall not be required to be sent by any Loan Party or any Restricted Subsidiary or permitted to be sent by any Secured Party to account debtors or other contractual third parties unless an Event of Default has occurred and is continuing, (vii) no perfection of security interest interests (except to the extent perfected through the filing of UCC and PPSA financing statements) shall be required with respect to letter of credit rights and (viii) in no event shall perfection be required with respect to any Collateral by means other than (except A) filings of UCC and (with respect to the Canadian Guarantor) PPSA financing statements in the office of the secretary of state or provincial ministry (or similar central filing office) of the jurisdiction of formation or organization of such Loan Party, (B) filings in the United States Patent and Trademark Office, the United States Copyright Office or (with respect to the Canadian Guarantor) the Canadian Intellectual Property Office with respect to Collateral consisting of Intellectual Property, (C) delivery to the Collateral Agent, for its possession (or to its agent or bailee for such purpose), of Collateral consisting of Pledged Capital Stock of Restricted Subsidiaries (other than Excluded Assets, and only to the extent perfection can be accomplished represented by filing UCC financing statementsa certificate) and material intercompany notes or provide any guarantee of the Obligationsother material instruments, in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit case to the Lender (which shall take into account any adverse tax consequences suffered or expected to be suffered extent required by the Borrower or any Loan Party as a result thereof)Guarantee and Collateral Agreement, together with customary transfer powers executed in each case, as reasonably determined by the Lenderblank, and (iiD) other than the Collateral in which a Lien was previously granted or as required to be granted by the Loan Parties, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which clause (or, if applicable, to the extent thatv) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderabove.

Appears in 1 contract

Sources: Abl Credit Agreement (GNC Holdings, Inc.)