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 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 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 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 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 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) 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 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 (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 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 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 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 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 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 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 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 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 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 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 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 Term Loan Obligations Payment Date has not occurred, any Term Loan Priority Collateral as to which the Lender Term Loan 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 (other than Term Loan 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 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 (or, so long as the Term Loan Obligations Payment Date has not occurred, the Term Loan Representative) 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 (or, so long as the Term Loan Obligations Payment Date has not occurred, the Term Loan Representative) shall agree to in its reasonable sole discretion): (i) execute and deliver a first priority to the Administrative Agent the documents and instruments required under Section 5.1(k) of the Existing Credit Agreement (including any legal opinions as the Administrative Agent may reasonably request). 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 maximum principal amount of Closing Date until the purchase price date that is (a) if such real property is not located in a “special flood hazard area”, ten (10) Business Days or (b) if such real property is located in a “special flood hazard area”, twenty (20) days, after the Administrative Agent has delivered to the Lenders the following documents in respect of such real property in jurisdictions that impose mortgage recording taxes property: (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, i) a completed flood hazard determination from a third party vendor; (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 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 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 (or, so long as the Term Loan Obligations Payment Date has not occurred, the Term Loan Representative) 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 with the priority required by the Intercreditor Agreement in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such any Loan Party, (ii) subject to the Intercreditor Agreement, 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 powersendorsements, 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 DocumentsAgreement, (B) to take such actions as are reasonably necessary or reasonably 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) with the priority required by the Intercreditor Agreement 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 Administrative Agent and (C) subject to the Intercreditor Agreement, 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, 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 CFC Holding Company or Foreign Subsidiary created or acquired after the foregoingClosing 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 (or, so long as the Term Loan Obligations Payment Date has not occurred, the Term Loan Representative) shall agree to in its sole discretion) (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 necessary or required reasonably advisable to be granted by grant to the Loan Administrative Agent, for the 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 security interest with respect to the priority required by the Intercreditor Agreement in the Capital Stock of such CFC Holding Company or 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 the cost total outstanding voting Capital Stock of delivering any such CFC Holding Company 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 Foreign Subsidiary be required to be provided by any Subsidiary in any case in which so pledged), (or, if applicable, ii) subject to the extent that) Intercreditor Agreement, deliver to the provision of Administrative Agent the certificates representing such Lien or guarantee would violate applicable lawpledged Capital Stock, together with undated stock powers, in each caseblank, executed and delivered by a duly authorized officer of the relevant Loan Party and take such other action as the Administrative Agent deems necessary or reasonably determined by advisable to perfect the LenderAdministrative Agent’s security interest therein.
Appears in 2 contracts
Sources: Abl Credit Agreement (TTM Technologies Inc), Abl Credit Agreement (TTM Technologies 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 Original Closing Date by the Company 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 6.08, (x) any Property subject to a Lien permitted by Section 7.03(g), (y) Property acquired by an Excluded Domestic Subsidiary and (z) Property acquired by or Capital Stock in an Excluded Foreign 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, for any Foreign Subsidiary Guarantor, such other Security Documents to which it is a party) 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 or other Security Documents to which any Foreign Subsidiary Guarantor is a party) 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 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 DocumentDocuments to which any Foreign Subsidiary Guarantor is a party), 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 other Security Documents to which any other action Foreign Subsidiary Guarantor is a party or 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 $4,400,000 acquired after the Original 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 Domestic Subsidiary, an Excluded 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) 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 substance reasonably satisfactory to the Collateral Agent (or equivalent documents, if any, to the extent relevant in the jurisdiction of Professional Surveyors as such requirements are in effect on organization of any Foreign Subsidiary Guarantor or 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 jurisdiction where such real property and issue the customary survey related endorsements or otherwise reasonably acceptable to the Lender, (3is located) 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 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(b), 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”) (or equivalent documents, if any, to the extent relevant in the jurisdiction of organization of any Foreign Subsidiary Guarantor or the jurisdiction where such real property is located).
(c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the Original Closing 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 (other than by an Excluded Domestic Subsidiary), promptly (i) other than execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement (and, for any Foreign Subsidiary Guarantor, such other Security Documents to which it is a party) 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 Subsidiary that is owned by the Company or any of its 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 Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement (and, for any Foreign Subsidiary Guarantor, such other Security Documents to which a Lien was previously granted or required it is to be granted by a party) and (B) to take such actions necessary or advisable to grant to the Loan Parties, or Collateral Agent for the guarantees provided by benefit of the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Secured Parties shall not be required to deliver any Collateral or perfect the Lender’s a perfected first priority security interest (subject, except in the case of the pledge of any Subsidiary Capital Stock, to Liens permitted by Section 7.03) in the Collateral described in the Guarantee and Collateral Agreement (and, for any Foreign Subsidiary Guarantor, such other Security Documents to which it is a party) with respect to any Collateral (except such new Subsidiary to the extent perfection can be accomplished required by the Guarantee and Collateral Agreement (and, for any Foreign Subsidiary Guarantor, such other Security Documents to which it is a party), including, without limitation, the filing UCC of Uniform Commercial Code financing statements) or provide any guarantee of the Obligations, statements and equivalent filings in each case, if the cost of delivering or perfecting the lien other relevant jurisdictions and intellectual property security agreements 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 Guarantee and Collateral Agreement, or such other Security Documents to which any Loan Party Foreign Subsidiary Guarantor is a party, or by law or as a result thereof), in each case, as reasonably determined may be requested by the LenderCollateral Agent, and (iiiv) 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 (other than any De Minimis Excluded Foreign Subsidiary) created or acquired after the Original Closing Date by the Company or any of its Subsidiaries (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be a De Minimis Excluded Foreign Subsidiary) (other than any Excluded Foreign Subsidiaries), promptly (i) execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement (and, for any Foreign Subsidiary Guarantor, such other Security Documents to which it is a party) 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 or required to be granted the Capital Stock of such new Subsidiary that is owned by the Loan Parties, Company or any of its Subsidiaries (other than any Excluded Foreign 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 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 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 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 Agent, desirable to perfect the Lien of the Collateral Agent thereon, and (iii) if applicablerequested by the Collateral Agent, deliver to the extent that) 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 LenderCollateral Agent.
Appears in 2 contracts
Sources: Refinancing Amendment and Joinder Agreement (Verint Systems Inc), Credit Agreement (Verint Systems Inc)
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 Property (other than Vehicles, cash, Cash Equivalents, Foreign Cash Equivalents and other assets expressly excluded from the Collateral or excluded from the requirement that a Lien is perfected on such Property pursuant to the First Lien Security Documents) located in the United States acquired after the Closing Date by any Loan Party (other than (x) any interests in real property and any Property described in paragraph (b) of this Section 6.8, (y) any Property subject to a Lien expressly permitted by Section 7.3(g) and (z) 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 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 First Lien 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 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 $100,000 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 First Lien Security Document.
(b) With respect to any fee interest in any real property located in the United States 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 (and in other than any event such real property subject to a Lien expressly permitted by Section 7.3(g)) within sixty (60) 30 days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): acquisition, (i) give notice of such acquisition to the Collateral Agent and, if requested by the Collateral Agent execute and deliver a first priority Mortgage (subject to Liens permitted by Section 7.3) 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, evidence that in connection with such Mortgage, 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 a Material Subsidiary created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include (x) any previously non-wholly owned Domestic Subsidiary that becomes wholly owned and is a Material Subsidiary and (y) any Domestic Subsidiary that was previously an Immaterial Subsidiary and becomes a Material Subsidiary or a Subsidiary which is a Material Subsidiary, as applicable) by any Loan Party, promptly (and promptly, but in any event case within thirty (30) 30 days or of such longer period as approved by the Lender in its sole discretion): acquisition, (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 First Lien 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 (and is not an Immaterial 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 First Lien 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 Collateral Agent.
(d) With respect to any new Foreign Subsidiary directly owned by Holdings, the Borrower or a Domestic Subsidiary that is a Material Subsidiary created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any Foreign Subsidiary directly owned by Holdings, the Borrower or a Domestic Subsidiary that previously was an Immaterial Subsidiary and becomes a Material Subsidiary or a Subsidiary which is a Material Subsidiary, as applicable) by any Loan Party, promptly, but in any case within 30 days of such acquisition, (Ci) to deliver 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 First Lien 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 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 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 thereofso pledged), 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 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 First Lien Loan Document, this Section 6.8 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 6.8 would otherwise apply is insufficient to justify the difficulty, time and/or expense of obtaining a perfected Lien therefrom.
Appears in 1 contract
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 property described in paragraph (b), (c) or (d) below and (y) property acquired by any Excluded Foreign Subsidiary) as to which the Lender 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 Lenders such amendments to the Guarantee and Collateral Agreement or such other documents as the Lender Lenders deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender Lenders a security interest in such property to the extent set forth 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 Lenders a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by property, subject only to any Permitted Liens securing the Guarantee and Collateral Agreement Creo Debt, the M Data Debt or any other Security Documentthe National City Debt, 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 LenderLenders.
(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 any Loan Party with an individual fair market value in excess of $250,000Group Member (other than 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, for the benefit of the Lenders, covering such real property, subject only to any Permitted Lien securing the Creo Debt, (ii) if requested by the Lenders, provide the Lenders with (A) title and extended coverage insurance covering such real property in the maximum principal 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, (iiLenders) 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 (B) any consents or estoppels reasonably deemed necessary or advisable by the Lenders 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, Lenders and (iii) if requested by the LenderLenders, 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 Lenders 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 Lenders.
(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) other than execute and deliver to the Lenders such amendments to the Guarantee and Collateral Agreement as the Lenders deems necessary or advisable to grant to the Lenders, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Group Member, subject only to any Permitted Liens securing the Creo Debt, the M Data Debt or the National City Debt, (ii) deliver to the Lenders (or, so long as the Intercreditor Agreement remains in effect, to Creo) 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 Lenders a perfected security interest in the Collateral described in which a Lien was previously granted the Guarantee and Collateral Agreement with respect to such new Subsidiary, subject only to any Permitted Liens securing the Creo Debt, the M Data Debt or the National City Debt, 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 PartiesLenders and (C) to deliver to the Lenders a certificate of such Subsidiary, substantially in each casethe form of EXHIBIT C, on with appropriate insertions and attachments, and (iv) if requested by the Lenders, deliver to the Lenders legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lenders.
(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 Lenders such amendments to the Guarantee and Collateral Agreement as the Lenders deems necessary or pursuant advisable to Section 5.2grant to the Lenders, a perfected first priority security interest, subject only to any Permitted Liens securing the Creo Debt, the Loan Parties M Data Debt or the National City Debt, in the Capital Stock of such new Subsidiary that is owned by any such Group Member (provided that in no event 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 more than 66% 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 by any Subsidiary in any case in which so pledged), (ii) deliver to the Lenders (or, if applicableso long as the Intercreditor Agreement remains in effect, to the extent thatCreo) 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 relevant Group Member, and take such other action as reasonably determined may be necessary or, in the opinion of the Lenders, desirable to perfect the Lenders' security interest therein, and (iii) if requested by the LenderLenders, deliver to the Lenders legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lenders.
Appears in 1 contract
Additional Collateral, etc. (a) With respect to any Property -------------------------- constituting Specified Collateral acquired after the Closing Date by the Borrower or any Loan Party of its Domestic Subsidiaries (other than any Property described in paragraph (b), (c) or (d) of this Section) 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 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 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 (except as expressly subject, however, to Liens 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) 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 constituting Specified Collateral acquired after the Closing Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000its Domestic 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 mortgage or deed of trust, as applicable (subject, however, to Liens permitted hereunder) 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 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 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), 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 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 by Section 7.3 that arise by operation of law) 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 Administrative Agent the certificates representing such documents Capital Stock, together with undated stock powers, in blank, executed and instruments 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 Administrative Agent for the benefit of the Lenders a perfected first priority security interest (subject, however, to Liens permitted by Section 7.3) in the Collateral (other than any such personal property in respect of which the Administrative Agent determines that the cost of obtaining a first priority security interest therein would be disproportionate to the value of such security interest to the Lenders) 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 Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent, and (iv) if requested by the Administrative Agent, deliver to grantthe Administrative Agent legal opinions relating to the matters described above, perfectwhich opinions shall be in form and substance, protect and ensure 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 Borrower or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), 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 or advisable in order to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest (subject to Liens permitted by Section 7.3 that arise by operation of law) in the Capital Stock of such security interestnew Subsidiary that is owned by the Borrower or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), including but not limited to(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 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)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 other action as are reasonably may be necessary or advisable or, in the opinion of the Lender Administrative Agent, desirable to grant to perfect the Lender a perfected first priority security interest (subject to Liens permitted hereunder) in Lien of 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 attachmentsAdministrative Agent thereon, and (iviii) 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, (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 1 contract
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, 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 (Applied Digital Solutions Inc)
Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by any Loan Party (other than any Property subject to a Lien permitted by Section 7.3(f) or 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 (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 or supplements to the Guarantee Pledge and Collateral Agreement Security Agreements, the Canadian General Security Agreements 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 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 (except as expressly permitted by Section 7.2) security interest and Lien (subject to Permitted Liens) 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 any Pledge and Collateral Security Agreement and any Canadian General Security 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 having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Date by any a Loan Party with an individual fair market value in excess of $250,000(other than any real property subject to a Lien permitted by Section 7.3(f) or Section 7.3(g)), promptly (promptly, and in any event within sixty (60) 30 days of such after the acquisition or such longer period as approved by the Lender in its reasonable discretion): thereof, (i) execute and deliver a first priority Mortgage (subject to Permitted Liens) 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 Collateral Agent) and (y) any consents or estoppels reasonably deemed necessary by the Collateral Agent in jurisdictions that do not impose mortgage recording taxes)connection with such Mortgage, in favor each of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title foregoing in form and extended coverage insurance (with such customary endorsements, coinsurance 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 Collateral Agent.
(c) With respect to any new U.S. or Canadian Subsidiary created or acquired after the foregoingClosing Date, by any Loan Party, promptly, and in any event within 15 days after such creation or acquisition, (i) execute and deliver to the Collateral Agent such amendments or supplements to the Pledge and Security Agreements 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 Subsidiary that is owned directly by a Loan Party, (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 applicable Loan Party, (iii) cause such new Subsidiary (A) to become a party to the Guaranty and a Pledge and Security Agreement and/or to execute a Canadian General Security Agreement, as required by the Collateral Agent and (B) to take such actions necessary 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 Security Documents 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 any Security Document 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 Subsidiary of the Parent organized in a jurisdiction other than the Collateral in which a Lien was previously granted United States or required to be granted by the Loan Parties, Canada that is created or the guarantees provided by the Loan Parties, in each case, on acquired after the Closing Date by a Loan Party, promptly, and in any event within 15 days after such creation or pursuant acquisition, (i) execute and deliver to Section 5.2the Collateral Agent such amendments or supplements to the Pledge and Security Agreements as the Collateral Agent deems necessary 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 directly by a Loan Parties shall not Party, (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 applicable Loan Party, and take such other action as may be required necessary or, in the opinion of the Collateral Agent, desirable 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 Lien 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 LenderAgent thereon, and (iiiii) other than if requested by the Collateral in Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, 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 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) 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
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 Liens the ABL/Term Loan Intercreditor Agreement and ▇▇▇▇▇ 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 and Collateral Security Agreement or by law or as may reasonably be reasonably requested by the Lender 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 (C) to deliver to the Lender a customary certificate of such SubsidiaryMortgage, 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 LenderCollateral Agent, with appropriate insertions as may be necessary to create a valid, perfected and attachmentssubsisting Lien, and (iv) if requested by the Lender, deliver subject only to the Lender legal opinions relating to the matters described aboveABL/Term Loan Intercreditor Agreement and Liens permitted under Section 8.02, which opinions shall be in form and substanceagainst such Real Property, 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 provide the Collateral 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 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 (flood zone 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: First Lien Credit and Guarantee Agreement (Janus International Group, Inc.)
Additional Collateral, etc. (a) With respect to any Property (other than Vehicles, cash, Cash Equivalents, Foreign Cash Equivalents and other assets expressly excluded from the Collateral or excluded from the requirement that a Lien is perfected on such Property pursuant to the Second Lien Security Documents) located in the United States acquired after the Closing Date by any Loan Party (other than (x) any interests in real property and any Property described in paragraph (b) of this Section 5.8, (y) any Property subject to a Lien expressly permitted by Section 6.2(g) and (z) 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 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 and Second Lien Security Documents) 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 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 $100,000 shall be promptly delivered to the collateral agent under the First Lien Loan Documents or the Collateral Agent, as applicable, pursuant to the Intercreditor Agreement indorsed in a manner reasonably satisfactory to the Collateral Agent to be held as Collateral pursuant to the relevant Second Lien Security Document.
(b) With respect to any fee interest in any real property located in the United States 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 (and in other than any event such real property subject to a Lien expressly permitted by Section 6.2(g)) within sixty (60) 30 days of such acquisition or such longer period as approved by the Lender in its reasonable discretion): acquisition, (i) give notice of such acquisition to the Collateral Agent and, if requested by the Collateral Agent execute and deliver a first priority Mortgage (subject to Liens permitted by Section 6.2) 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, evidence that in connection with such Mortgage, 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 a Material Subsidiary created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include (x) any previously non-wholly owned Domestic Subsidiary that becomes wholly owned and is a Material Subsidiary and (y) any Domestic Subsidiary that was previously an Immaterial Subsidiary and becomes a Material Subsidiary or a Subsidiary which is a Material Subsidiary, as applicable) by any Loan Party, promptly (and promptly, but in any event case within thirty (30) 30 days or of such longer period as approved by the Lender in its sole discretion): acquisition, (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 Second Lien Security Documents) 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 collateral agent under the First Lien Loan Documents or the Collateral Agent, as may be required applicable, pursuant to grant, perfect, protect and ensure the priority of such security interest, including but not limited to, Intercreditor Agreement 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 (and is not an Immaterial 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 Second Lien Security Documents) 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 Collateral Agent.
(d) With respect to any new Foreign Subsidiary directly owned by Holdings, the Borrower or a Domestic Subsidiary that is a Material Subsidiary created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any Foreign Subsidiary directly owned by Holdings, the Borrower or a Domestic Subsidiary that previously was an Immaterial Subsidiary and becomes a Material Subsidiary or a Subsidiary which is a Material Subsidiary, as applicable) by any Loan Party, promptly, but in any case within 30 days of such acquisition, (Ci) to deliver 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 Second Lien Security Documents) other 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 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 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 thereofso pledged), 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 permitted by applicable law, in each casedeliver to the collateral agent under the First Lien Loan Documents or the Collateral Agent, as applicable, pursuant to the Intercreditor Agreement 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 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 Second Lien Loan Document, (a) this Section 5.8 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 5.8 would otherwise apply is insufficient to justify the difficulty, time and/or expense of obtaining a perfected Lien therefrom and (b) any such security interest or Lien shall be subject to the relevant requirements of the Intercreditor Agreement.
Appears in 1 contract
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 Lien, promptly (and Collateral Agreement (excluding, for the avoidance of doubt, real property), the Borrower will, and will cause each other Loan Party to, promptly: in any event within five Business Days) (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 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 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 created or acquired after the Closing Date by any Loan PartyParty (including any such 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 Party, (ii) deliver to the Lender Administrative Agent such customary 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 StockStock (if certificated), 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 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(d), 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 customary form and substance, and from counsel, reasonably satisfactory to the LenderAdministrative Agent. Notwithstanding anything to the foregoingcontrary contained herein or in any other Loan Document, any Person that is made a Subsidiary of the Borrower by merger at any time during the six month period immediately following the Closing Date shall be deemed to be a “Material Subsidiary”, irrespective of whether such Subsidiary otherwise qualifies as an Immaterial Subsidiary hereunder
(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, 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 reasonably deems 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 First Tier Foreign Subsidiary or First Tier Foreign Subsidiary Holding Company, as applicable, 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 66% of the Obligations, in each case, if the cost total outstanding voting Capital Stock of delivering any such new First Tier Foreign Subsidiary 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 caseFirst Tier Foreign Subsidiary Holding Company, as reasonably determined by the Lenderapplicable, 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 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, and take such other action (including, as applicable, the delivery of any Subsidiary 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 customary form and substance, and from counsel, reasonably satisfactory to the Administrative Agent.
(d) Each Loan Party shall use commercially reasonable efforts to obtain a landlord’s agreement or bailee letter, as applicable, from the lessor of its headquarters location and from the lessor of or the bailee related to any other location where in excess of $100,000 of Collateral is stored or located, which agreement or letter, in any case such case, 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 which form and substance to the Administrative Agent. 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, except where such obligation is contested in good faith and adequate reserves with respect thereto are maintained on the books of the applicable Group Member in conformity with (or, if applicable, and to the extent thatrequired by) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderGAAP.
Appears in 1 contract
Sources: Credit Agreement (ShoreTel Inc)
Additional Collateral, etc. (a) 192. 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 (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 Lender.
Collateral 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 (b) 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). US-DOCS\123668313.8 193. 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 (and in any event within sixty (60) days promptly: liii.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, (ii) that no Mortgage shall be obtained if requested by the Lender, provide the Lender Administrative Agent reasonably determines in consultation 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, that the costs of obtaining such Mortgage are excessive in an amount equal relation 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 value 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 security 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 Accountsafforded thereby), 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
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
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
Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by the Borrower or any Loan Party Wholly Owned Subsidiary thereof (other than any property described in paragraph (b) below) 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 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 Secured Parties, a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such property (subject to Liens on assets other than Capital Stock permitted under Section 7.3 and as otherwise permitted to not be so granted according to the terms of the Collateral as required by the Guarantee and Collateral Agreement or any other Security DocumentDocuments), 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 the delivery of certificates and transfer powers in respect of any newly formed or acquired Subsidiary.
(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 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 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 Secured Parties, covering such real property, (ii) if requested by the Administrative 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, (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 domestic wholly owned first tier Subsidiary created or acquired after the foregoingClosing Date by the Borrower (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that becomes a wholly owned first tier Subsidiary), promptly (i) other than 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 first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower, (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, (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 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 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 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 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) other than the Collateral in which a Lien was previously granted or required to be granted if requested by the Loan PartiesAdministrative Agent, or deliver to the guarantees provided by Administrative Agent legal opinions relating to the Loan Partiesmatters described above, in each case, on the Closing Date or pursuant to Section 5.2, 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) the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderAdministrative Agent.
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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
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 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
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 LenderAdministrative Agent, deliver to the Lender Administrative Agent legal opinions relating to addressing such matters as the matters described aboveAdministrative Agent may reasonably specify, 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 First Tier Foreign Subsidiary or any First Tier Foreign Subsidiary Holding Company, as applicable, created or acquired after the foregoingRestatement 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 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 (to the extent included in the definition of Collateral and not constituting Excluded Assets) 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 (provided that in no event shall more than 65% of the Collateral in which a Lien was previously granted 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 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 thereofso pledged), in each case, as reasonably determined by the Lender, and (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, 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.
(d) Notwithstanding the foregoing, or anything to the contrary in any Loan Document, neither the Borrower nor any Subsidiary will be required to, nor will the Administrative Agent be authorized:
(i) to take any action to create, perfect or maintain any Lien in any Excluded Assets;
(ii) to enter into any control agreement, blocked account, lockbox or similar arrangement with respect to any deposit account, securities account, commodities account or other bank account (other than as set forth in Section 6.9 above);
(iii) other than with respect to the Irish Guarantor and its assets, to take any action (x) outside of the United States with respect to any assets located outside of the United States, (y) in any non-U.S. jurisdiction or (z) required by the laws of any non-U.S. jurisdiction to create, perfect or maintain any Lien or otherwise;
(iv) to take any action with respect to perfecting a Lien (other than the Collateral in which filing of customary “all asset” UCC-1 financing statements) on assets subject to a Lien was previously granted certificate of title or required similar statute; or
(v) to be granted by the Loan Partiesdeliver landlord lien waivers, estoppels, bailee letters 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 access letters.
Appears in 1 contract
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 real property or any Property described in paragraph (c) of this Section 5.9, (y) any Property subject to a Lien expressly permitted by Section 6.5(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 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 of second (or, in the event that the New Senior Revolver is not in existence, first) priority 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 by any other action Requirement of 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 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 6.5(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 of second (or, in the maximum principal event that the New Senior Revolver is not in existence, first) priority in favor of the 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 and obtainable with commercially reasonable efforts by the Borrower 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 reasonably satisfactory to the LenderAdministrative Agent and customary for transactions of such nature and shall be issued by counsel reasonably satisfactory to the Borrower and the Administrative Agent.
(c) With respect to any new direct or indirect Subsidiary that is (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), 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 second (or, in the event that the New Senior Revolver is not in existence, 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 of second (subject to Liens permitted hereunderor, in the event that the New Senior Revolver is not in existence, first) priority 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, substance reasonably satisfactory to the Lender. Notwithstanding Administrative Agent and customary for transactions of such nature and shall be issued by counsel reasonably satisfactory to the foregoing, Borrower and the Administrative Agent.
(id) other than the Collateral in which a Lien was previously granted With respect to any new 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 thereofof its Subsidiaries (other than any Excluded Foreign Subsidiaries), 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 each caseorder to grant to the Administrative Agent, as reasonably determined for the benefit of the Secured Parties, a perfected security interest of second (or, in the event that the New Senior Revolver is not in existence, first) priority in the Capital Stock of such new Subsidiary that is owned by the Lender, and Borrower or any of its Subsidiaries (ii) 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 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 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 matters described above, which opinions shall be in form and substance reasonably satisfactory to the Administrative Agent and customary for transactions of such Lien or guarantee would violate applicable law, in each case, as nature and shall be issued by counsel reasonably determined by satisfactory to the LenderBorrower and the Administrative Agent.
Appears in 1 contract
Sources: Credit Agreement (NGA Holdco, LLC)
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 to the extent a Control Agreement is required to perfect a lien on such Deposit 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 (Edgio, Inc.)
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 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 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 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 (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 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 other action by law or as may reasonably be requested by the LenderAdministrative Agent.
(b) With respect to any Real Property (i) owned or acquired in fee interest in by Holdings or any real property acquired Restricted Subsidiary on the Closing Date having a fair market value (together with improvements thereof) of at least $1,000,000 (as reasonably determined by the Borrower) (each such Real Property, subject to the last sentence of this Section 7.08(b), an “Initial Mortgaged Property”), or (ii) acquired, constructed or improved after the Closing Date having a fair market value (together with improvements thereof) of at least $1,000,000 (as reasonably determined by the Borrower) and owned in fee by any Loan Party with an individual fair market value in excess (or owned by any Restricted Subsidiary that becomes a Loan Party after the Closing Date) (each such Real Property, subject to the last sentence of $250,000this Section 7.08(b), promptly being “Additional Real Property”), within 90 days after the Closing Date for each Initial Mortgaged Property (and in any event within sixty (60) days of as such acquisition or such longer period as approved date may be extended from time to time by the Lender Administrative Agent in its sole discretion) (or in the case of any Additional Real Property, no later than 90 days after the acquisition, construction or improvement thereof (or the creation or acquisition of any Subsidiary Guarantor which owns Additional Real Property, as applicable), as may be extended by the Administrative Agent in its reasonable discretion): ) (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)Mortgage, in favor of the Lender Administrative 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 jurisdiction (if the Mortgage does not constitute a UCC fixture filing in 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 LenderAdministrative Agent, as may be necessary to create a valid, perfected and subsisting Lien, subject to Liens permitted under Section 8.02, against such Real Property, (B) provide the Lenders as addressee, for their benefit or as insured (as the case may be), with title policies, extended coverage and insurance, ALTA surveys, such affidavits, certificates, instruments of indemnification, legal opinions, (1) a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination indicating whether the Mortgaged Property is in a flood zone and (2) if applicable, evidence of flood insurance as required by the National Flood Insurance Program as set forth in the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, each 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. In connection with the foregoing requirements, it is understood and agreed that all Initial Mortgaged Properties shall be owned by one or more Loan Parties.
(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 Administrative Agent such amendments (including, without limitation, supplements to the schedules) to this Agreement and the Security Agreement as the Administrative Agent deems reasonably necessary or advisable to grant to the Administrative 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 new Subsidiary Guarantor that is owned by any Loan Party, (ii) deliver to the Administrative 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 Administrative Agent (x) a Guarantor Joinder Agreement or such comparable documentation requested by the Administrative Agent to become a Subsidiary Guarantor, and (y) a joinder agreement to the Security Agreement, substantially in the form annexed thereto, (b) to take such actions reasonably necessary or advisable to grant to the Administrative 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 to 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 Administrative Agent and (c) to deliver to the Administrative 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 Administrative Agent, a legal opinion from counsel to such new Subsidiary Guarantor in form and substance reasonably satisfactory to the Administrative Agent.
(d) With respect to any new Excluded Foreign Subsidiary described in clause (i) of the definition of Excluded Foreign Subsidiary that is owned directly by a Loan Party 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 Agreement as the Lender Administrative Agent reasonably 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 the Liens permitted under Section 8.02) in no more than 65.0% of the total outstanding voting Capital Stock of any such new Excluded Foreign Subsidiary described in clause (i) of the definition of Excluded Foreign Subsidiary that is owned directly by a Loan Party and 100% of the total outstanding non-voting Capital Stock of such Excluded Foreign Subsidiary in each case, to the extent owned by one or indirectly by such more Loan PartyParties, and (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, 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, any Control Agreement with .
(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 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 Administrative Agent such amendments to this Agreement and other applicable the Security Documents, (B) to take such actions Agreement as are reasonably the Administrative Agent deems 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 the terms of the Liens permitted hereunderunder Section 8.02) in the Collateral described Capital Stock of such Non-Guarantor Subsidiary that is owned by any Loan Party and (ii) deliver to the Administrative 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 relevant Loan Party. Each of the Lenders hereby authorize the Administrative Agent to enter into any such amendments, modifications, or other changes to this Agreement or such any of the other Security DocumentsLoan Documents solely to implement the foregoing.
(f) Notwithstanding anything herein or in any other Loan Document to the contrary, no actions in any non-U.S. jurisdiction (including, for the avoidance of doubt, with respect to such Subsidiary, including the filing of UCC financing statements any intellectual property registered in such jurisdictions as may any non-U.S. jurisdiction) shall be required by in order to create any security interests in assets located or titled outside of the Guarantee and Collateral Agreement U.S. or as may be reasonably requested by the Lender and to perfect any security interests (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 it being understood that there shall be in form and substanceno security agreements or pledge agreements (including, and from counselfor the avoidance of doubt, 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 intellectual property registered in any case in which (or, if applicable, to non-U.S. jurisdiction) governed under the extent that) the provision laws of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lenderany non-U.S. jurisdiction).
Appears in 1 contract
Sources: Abl Credit and Guarantee Agreement (ATI Intermediate Holdings, LLC)
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 Property described in paragraph (b), (c) or (d) below and (y) any Property subject to a Lien expressly permitted by Section 8.3(g)) as to which the Lender Collateral Agent, for the benefit of the Secured Parties (in the case of any such Property owned by a Group Member other than an Excluded Foreign Subsidiary), 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 and any other Security Document 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 applicable Secured Parties (as set forth above), a security interest and Lien in such Collateral Property, in each case, in accordance with the terms and conditions of the applicable Security Documents 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 applicable Secured Parties (as set forth above), 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 and Personal Property Security Act financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action Security Document or 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 $10,000,000 or leasehold interest in any ground lease over real property having a value (together with improvements thereof) of at least $10,000,000, in each case, 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 or ground lease subject to a Lien expressly permitted by Section 8.3(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)supplemental debenture, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties free and clear of all Liens other than Liens permitted pursuant to clauses (a), (b), (e), (h), (i), (k) and (m) of Section 8.3 (in the case of any such Property owned by a Loan Party), covering such real propertyproperty or ground lease, as applicable, (ii) if requested by satisfy the Lender, provide the Lender with requirements set forth in Section 7.10(d)(ii) (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 propertyiii), (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 Lenderiv), (3v) 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 (4vi) such other documents as the Lender may reasonably request that are in the Borrower’s possession with respect to any such real propertyMortgages, 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 Collateral Agent; provided, however, the foregoingU.S. Borrower or the applicable Loan Party shall only be obligated to deliver a Leasehold Mortgage with respect to such ground leasehold interests upon receipt of any required landlord consent to such Leasehold Mortgage after using commercially reasonable efforts within such 90 days to obtain such consent.
(c) With respect to any new Material Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the Closing Date by any Group Member (which, for the purposes of this paragraph (c), shall include any existing Material Subsidiary that ceases to be an Excluded Foreign Subsidiary or any existing Subsidiary that becomes a Material Subsidiary), promptly (i) other than execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement and each other Security Document 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 and Lien in which the Capital Stock of such new Subsidiary that is owned by any Group Member, subject to Liens for Statutory Prior Claims, (ii) deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a Lien was previously granted or required duly authorized officer of the relevant Group Member, (iii) cause such new Subsidiary (A) to be granted become a party to the Guarantee and Collateral Agreement and any other Security Document requested by the Loan PartiesCollateral Agent to guarantee the Obligations, (B) to take such actions necessary or advisable to grant to the guarantees provided Collateral Agent for the benefit of the Secured Parties a perfected first priority security interest and Lien in the Collateral, subject to Liens expressly permitted by Section 8.3(g), with respect to such new Subsidiary, including the filing of Uniform Commercial Code and Personal Property Security Act financing statements in such jurisdictions as may be required by the Loan PartiesGuarantee and Collateral Agreement, any other Security Document or by law or as may be requested by the Collateral Agent and (C) to deliver to the Collateral Agent a certificate of such Subsidiary, substantially in each casethe form of Exhibit H, on with appropriate insertions and attachments, 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) Within 90 days after the Closing Date (or pursuant such longer period as the Collateral Agent may agree in its reasonable discretion), Cedar Fair LP or the applicable Loan Party shall deliver: (i) to Section 5.2, the Loan Parties shall not be required to deliver any Collateral or perfect the Lender’s security interest Agent a Mortgage with respect to each Mortgaged Property executed and delivered by a duly authorized officer of each party thereto to be duly recorded or registered in all applicable registry, land titles or other recording offices; provided, however, the U.S. Borrower or the applicable Loan Party shall only be obligated to deliver a Leasehold Mortgage with respect to such ground leasehold interests upon receipt of any Collateral required landlord consent to such Leasehold Mortgage after using commercially reasonable efforts within such 90 days to obtain such consent.
(except ii) to the extent perfection can Collateral Agent, in respect of each Mortgaged Property a Title Policy or a marked up unconditional commitment for such Title Policy. Each such Title Policy shall (A) be accomplished by filing UCC financing statements) or provide any guarantee in an amount satisfactory to the Collateral Agent, but in no event in an amount in excess of the Obligations, in each case, if fair market value of 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 applicable Mortgaged Property and fixtures as determined by the Borrower or any Loan Party as a result thereof)in good faith and reasonably acceptable to the Collateral Agent, provided that the total value of all Title Policies, in each casethe aggregate, as reasonably determined by shall not exceed the Lender, and (ii) other than total amount 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 such Liens or guarantees shall be required to be provided by any Subsidiary in any case in which (or, if applicableObligations and, to the extent thatany Mortgaged Property is located in a jurisdiction which imposes mortgage recording taxes or similar fees, the relevant Mortgage shall not secure an amount in excess of the Title Policy; (B) insure that the provision Mortgage insured thereby creates a valid first Lien on such Mortgaged Property free and clear of such Lien all Liens, except for Liens permitted pursuant to clauses (a), (b), (e), (h), (i), (k) and (m) of Section 8.3 or guarantee would violate any Liens consented to by the Collateral Agent; (C) name the Collateral Agent for the benefit of the applicable lawSecured Parties as the insured thereunder; (D) be in the form of ALTA Loan Policy 2006 (or equivalent policies and, in the case of Mortgaged Property in the State of Michigan, Form 1992); (E) contain such endorsements and affirmative coverage as the Collateral Agent may reasonably request to the extent such endorsements may be issued at commercially reasonable rates, provided, however, that in no event shall a creditor’s rights endorsement be required, and (F) be issued by title companies reasonably satisfactory to the Collateral Agent (including any such title companies acting as co-insurers or reinsurers, at the option of the Collateral Agent). The Collateral Agent shall have received evidence satisfactory to it that all premiums in respect of each casesuch Title Policy, as reasonably determined by the Lender.all charges for mortgage recording tax, and all related expenses, if any, have been paid;
Appears in 1 contract
Sources: Credit Agreement (Cedar Fair L P)
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 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, (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.matters
Appears in 1 contract
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
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. (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 Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Security Agreement or such other documents as the Lender Collateral Agent or the Administrative 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 (to the extent required by the applicable Security Document) 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 property (subject to Liens permitted hereunder) in the Collateral described in the Guarantee ABL/Term Loan Intercreditor Agreement 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 Security Agreement or by law or as may reasonably be reasonably requested by the Lender Administrative Agent or the Collateral Agent.
(b) With respect to any Real Property (other than an Excluded Owned Real Property) acquired at any time after the Closing Date that is fee-owned by any Loan Party (or owned by any Subsidiary that becomes a Loan Party after the Closing Date), within 90 days after the acquisition thereof (or the creation or acquisition of, or the joinder of any Subsidiary as, a Subsidiary Guarantor which owns Real Property, as applicable), as may be extended by the Administrative Agent in its reasonable discretion, (i) execute and (C) to deliver to the Lender a customary certificate of such SubsidiaryMortgage, in a favor of the Collateral Agent, for the benefit of the Secured Parties, covering such interest in Real Property, along with the corresponding Real Property Deliverables, each in form and substance reasonably satisfactory to the Lender, with appropriate insertions Administrative Agent 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 caseAgent, as reasonably determined by the Lendermay be necessary to create a valid, perfected and (ii) other than the Collateral in which a Lien was previously granted or required subsisting Lien, subject to be granted by the Loan PartiesLiens permitted under Section 8.02, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, no against 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.Real Property,
Appears in 1 contract
Sources: First Lien Term Loan Credit and Guarantee Agreement (Alden Global Capital LLC)
Additional Collateral, etc. At any time that Essent does not maintain an Investment Grade Rating:
(a) With respect to any Collateral property acquired after the Closing Date by any Loan Party Borrower or Guarantor (other than (x) any property described in paragraph (b) or (c) below, (y) any property subject to a Lien expressly permitted by Sections 6.3(g), (j) or (s) or (z) any property excluded from the definition of Collateral in the Guarantee and Security Agreement, Irish Debenture, Bermuda Debenture or any other Security Document) as to which the Lender Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien that is Lien, as soon as required by the Guarantee and Collateral Agreement (excludingAgreement, for the avoidance of doubtIrish Debenture, real property)Irish Share Charge, the Borrower willBermuda Debenture or other Security Document, and will cause each other Loan Party toas applicable, promptly: (i) execute and deliver to the Lender Administrative Agent such amendments to the Guarantee and Collateral Agreement Agreement, Irish Debenture, Irish Share Charge or Bermuda Debenture 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 UCC financing statements in such jurisdictions and other filings as may be required by the Guarantee and Collateral Agreement or taking Agreement, Irish Debenture, Irish Share Charge, Bermuda Debenture, any other action Security Document 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 $10,000,000 acquired after the Closing Date by any Loan Party with an individual fair market value in excess of $250,000Borrower or Guarantor (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 soon as required by the Lender Guarantee and Collateral Agreement, Irish Debenture, Irish Share Charge, Bermuda Debenture or other Security Document or, if not specified therein, within 60 days after the acquisition thereof (as such date may be extended by the 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 Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the Lender, provide the Lender Lenders with (1x) a lender’s policy of 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 equal to the purchase price of such real property, property (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 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 amount 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 shall be reasonably acceptable to the LenderAdministrative Agent) as well as a current ALTA survey thereof, (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 certified by a licensed surveyor and (4y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in connection with such other documents as the Lender may reasonably request that are in the Borrower’s possession Mortgage with respect to any other Persons having an interest in such real property, and (iii) if requested by each of 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, (iiiii) 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 Subsidiary or, in the foregoingcase of any Subsidiary that is not a Wholly Owned Subsidiary, unless such Subsidiary is prohibited by any contractual restriction existing on the date such Subsidiary is acquired (so long as, in respect of any such contractual prohibition, such prohibition is not incurred in contemplation of such acquisition)) created or acquired after the Closing Date by any Borrower or Guarantor, as soon as required by the Guarantee and Collateral Agreement, Irish Debenture, Bermuda Debenture or other Security Document, as applicable, or, if not specified therein, within 30 days after the acquisition or formation thereof (as such date may be extended by the Administrative Agent in its discretion) (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement, Irish Debenture, Bermuda Debenture or other than Security Document, as applicable, as the Collateral 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 which the Capital Stock of such new Subsidiary that is owned by any Borrower or Guarantor, (ii) deliver to the Administrative Agent any certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a Lien was previously granted duly authorized officer of the relevant Borrower or required to be granted Guarantor and (iii) if requested by the Loan PartiesAdministrative Agent, 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 Administrative Agent 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; provided that (i) or provide any guarantee in the case of a pledge of the Obligations, in each case, if the cost Capital Stock 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 a Foreign Subsidiary that is held by the a Borrower or Guarantor organized under the laws of any Loan Party as a result thereof)jurisdiction within the United States, in each case, as reasonably determined by such pledge shall be limited to no more than 66 2/3 % of the Lender, total outstanding voting Capital Stock of any such new Subsidiary and (ii) other than subject to the foregoing clause (i), this Section 5.9(c) shall not apply to any Foreign Subsidiary in respect of which the pledge of all of the Capital Stock of such Subsidiary as Collateral in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Partieswould, in each casethe good faith judgment of a Borrower, on the Closing Date result in adverse tax consequences to Essent 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 Lenderits Subsidiaries.
Appears in 1 contract
Sources: Credit Agreement (Essent Group Ltd.)
Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by the Company or any Loan other Indenture 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 LenderCollateral Trustee in its discretion (or as instructed by the Holders).
(b) With respect to any fee interest in any real property owned or acquired after by the Closing Date Company or any other Indenture Party (other than (x) Excluded Assets and (y) any such real property (including improvements located on leased land) subject to any Liens permitted by any Loan Party with an individual fair market value in excess of $250,000Section 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 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 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 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 LenderCollateral 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 LenderCollateral Trustee; provided the Company and the other Indenture 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 Company and the other Indenture 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 Company or any Loan Partyother Indenture Party (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 Trustee 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 Company or the relevant Loan Indenture 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 Indenture, 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, (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 LenderTrustee.
Appears in 1 contract
Sources: Indenture (American Capital, LTD)
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 real property or any Property described in paragraph (c) of this Section, (y) any Property subject to a Lien expressly permitted by Section 6.2(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 $750,000 acquired after the Closing Date by the Lender 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 6.2(g)), promptly (i) execute and (C) to deliver a first priority Mortgage in favor of the Administrative Agent, for the benefit of the Secured Parties, covering such real property in appropriate form for recording with the applicable office and otherwise in form and substance reasonably acceptable to the Lender a customary certificate of such SubsidiaryAdministrative Agent, 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: Credit Agreement (XCel Brands, Inc.)
Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Restatement Effective Date by any Loan Party Group Member (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 8.3(g)) as to which the Lender Collateral Agent, for the benefit of the Secured Parties (in the case of any such Property owned by a Group Member other than an Excluded Foreign Subsidiary), does not have a perfected Lien that is required by Lien, promptly, but in any event no later than 45 days after such event (or such longer period as the Guarantee and Collateral Agreement (excluding, for the avoidance of doubt, real propertyAgent may agree in its reasonable direction), 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 and any other Security Document 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 applicable Secured Parties (as set forth above), a security interest and Lien in such Collateral Property, in each case, in accordance with the terms and conditions of the applicable Security Documents 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 applicable Secured Parties (as set forth above), 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 and Personal Property Security Act financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or taking any other action Security Document or by law or as reasonably may be requested by the LenderCollateral Agent.
(b) With respect to any fee interest in any anyowned real property acquired after located in the Closing Date by United States having a value (together with improvements thereof) of at least $10,000,000 or leasehold interest in any Loan Party ground lease over real property having a value (together with an individual improvements thereof) of at least $10,000,000, in each case,fair market value in excess of $250,00015,000,000 (as determined by the Borrower in good faith and reasonably acceptable to the Collateral Agent) acquired after the RestatementAmendment No. 6 Effective Date by any Loan Party (other than any such real property or ground lease subject to a Lien expressly permitted by Section 8.3(g)), promptly (and promptly, but in any event within sixty no later than 90 days after such event (60) days of such acquisition or such longer period as approved by the Lender Collateral Agent may agree in its reasonable discretion): direction), (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)supplemental debenture, in favor of the Lender Collateral Agent, for the benefit of the Secured Parties free and clear of all Liens except for Liens permitted pursuant to clauses (a), (b), (e), (h), (i), (k) and (m) of Section 8.3 or consented to by the Collateral Agent (in the case of any such Property owned by a Loan Party), covering such real propertyproperty or ground lease, (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 Collateral Agent, in respect of each such documents Mortgage, a Title Policy (A) in an amount reasonably satisfactory to the Collateral Agent, but in no event in an amount in excess of the fair market value of the applicable Property and instruments fixtures as determined by the Borrower in good faith and reasonably acceptable to the Collateral Agent; provided that, to the extent any such Property is located in a jurisdiction which imposes mortgage recording taxes or similar fees, the relevant Mortgage shall not secure an amount in excess of the Title Policyfair market value of the applicable Property and fixtures as determined by the Borrower in good faith and reasonably acceptable to the Collateral Agent; (B) insuring that the Mortgage insured thereby creates a valid first Lien on such Property free and clear of all Liens, except for Liens permitted pursuant to clauses (a), (b), (e), (h), (i), (k) and (m) of Section 8.3 or any Liens consented to by the Collateral Agent; (C) naming the Collateral Agent for the benefit of the applicable Secured Parties as the insured thereunder; (D) in the form of ALTA Loan Policy 2006 (or equivalent policies and, in the case of Property in the State of Michigan, Form 1992); (E) containing such endorsements and affirmative coverage as the Collateral Agent may reasonably request to the extent such endorsements may be required issued at commercially reasonable rates; provided, however, that in no event shall a creditor’s rights endorsement be required, and (F) be issued by title companies reasonably satisfactory to grantthe Collateral Agent (including any such title companies acting as co-insurers or reinsurers, perfect, protect and ensure at 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 option 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 AssetsCollateral Agent), (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party deliver to the Guarantee Collateral Agent evidence satisfactory to it that all premiums in respect of each such Title Policy, all charges for mortgage recording tax, and all related expenses, if any, have been paid, (iv) deliver to the Collateral Agreement Agent, a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each such Property (together with a notice about special flood hazard area status and other flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and, if required, evidence of flood insurance as required by Section 7.5(b) and as required by applicable law and otherwise in form and substance reasonably acceptable to the Collateral Agent, (v) deliver to the Collateral Agent, a copy of, or a certificate as to coverage under the insurance policies required by Section 7.5 and the applicable provisions of the Security Documents, each of which shall be endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payable or mortgage endorsement (Bas applicable) to take such actions as are reasonably necessary or advisable in and shall name the opinion Collateral Agent, on behalf of the Lender to grant Secured Parties as additional insured in form and substance reasonably acceptable to the Lender a perfected first priority security interest Administrative Agent, (subject vi) deliver to Liens permitted hereunder) in the Collateral described in the Guarantee and Collateral Agreement title insurance company copies of existing surveys together with any affidavits, or such other Security Documentsnew surveys, 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 necessary to cause the title insurance company to issue coverage over all general survey exceptions and to issue all endorsements reasonably requested by the Lender 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 (ivvii) 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; provided, however, the foregoingU.S. Borrower or the applicable Loan Party shall not be obligated to deliver a Leasehold Mortgage if it is unable to obtain any required landlord consents, estoppels or collateral access letters after using commercially reasonable efforts within such 90 days to obtain such landlord consents, estoppels or collateral access letters.
(c) With respect to any new Material Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the Restatement Effective Date by any Group Member (which, for the purposes of this paragraph (c), shall include any existing Material Subsidiary that ceases to be an Excluded Foreign Subsidiary or any existing Subsidiary that becomes a Material Subsidiary), promptly, but in any event no later than 45 days after such event (or such longer period as the Collateral Agent may agree in its reasonable discretion), (i) other than execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement and each other Security Document 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 and Lien in which the Capital Stock of such new Subsidiary that is owned by any Group Member, subject to Liens for Statutory Prior Claims, (ii) deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a Lien was previously granted or required duly authorized officer of the relevant Group Member, and (iii) cause such new Subsidiary (A) to be granted become a party to the Guarantee and Collateral Agreement and any other Security Document requested by the Loan PartiesCollateral Agent to guarantee 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 and Lien in the Collateral, subject to Liens expressly permitted by Section 8.3(g), with respect to such new Subsidiary, including the filing of Uniform Commercial Code and Personal Property Security Act financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, any other Security Document 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) Within 90 days after the Restatement Effective Date (or such longer period as the Collateral Agent may agree in its reasonable discretion), Cedar Fair LP or the guarantees provided applicable Loan Party shall deliver either the items listed in paragraph (i) or the items listed in paragraph (ii) as follows:
(i) an opinion or email confirmation from local counsel in each jurisdiction where a Mortgaged Property is located, in form and substance reasonably satisfactory to the Collateral Agent, to the effect that:
(1) the recording of the existing Mortgage is the only filing or recording necessary to give constructive notice to third parties of the lien created by such Mortgage as security for the Obligations (as defined in each Mortgage), including the Obligations evidenced by this Agreement and the other documents executed in connection therewith, for the benefit of the Secured Parties; and
(2) no other documents, instruments, filings, recordings, re-recordings, re-filings or other actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate under applicable law in order to maintain the continued enforceability, validity or priority of the lien created by such Mortgage as security for the Obligations, including the Obligations evidenced by the Loan Credit Agreement as amended by this Amendment and the other documents executed in connection therewith, for the benefit of the Secured Parties; or
(ii) with respect to the existing Mortgages, the following, in each case, on case in form and substance reasonably acceptable 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 Agent:
(A) with respect to any Collateral each Mortgage encumbering a Mortgaged Property, an amendment thereof (except to the extent perfection can be accomplished by filing UCC financing statementseach a “Mortgage Amendment”) 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 duly executed and acknowledged by the Borrower or any applicable Loan Party as a result thereof), in each case, as reasonably determined by the LenderParty, and (ii) other than in form for recording in the Collateral in which a Lien recording office where each Mortgage was previously granted recorded, together with such certificates, affidavits, questionnaires 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 returns as shall be required to be provided by any Subsidiary in any case in which (or, if applicable, to connection with the extent that) the provision of such Lien recording or guarantee would violate filing thereof under applicable law, in each casecase in form and substance reasonably satisfactory to the Collateral Agent;
(B) with respect to each Mortgage Amendment, a date down endorsement (each, a “Title Endorsement,” collectively, the “Title Endorsements”) to the existing Title Policy relating to the Mortgage encumbering the Mortgaged Property subject to such Mortgage assuring the Collateral Agent that such Mortgage, as reasonably amended by such Mortgage Amendment is a valid and enforceable first priority lien on such Mortgaged Property in favor of the Collateral Agent for the benefit of the Secured Parties free and clear of all Liens other than Liens permitted pursuant to clauses (a), (b), (e), (h), (i), (k) and (m) of Section 8.3 or otherwise consented to by the Collateral Agent and which shall increase the amount of title insurance for the Mortgaged Property to the fair market value (as determined by Cedar Fair LP in good faith as reasonably acceptable to the LenderCollateral Agent) of such Mortgaged Property, and such Title Endorsement shall otherwise be in form and substance reasonably satisfactory to the Collateral Agent;
(C) with respect to each Mortgage Amendment, opinions of local counsel to the Loan Parties, which opinions (x) shall be addressed to the Collateral Agent and the Secured Parties, (y) shall cover the enforceability of the respective Mortgage as amended by such Mortgage Amendment, the due authorization, execution and delivery of the Mortgage Amendment and (z) shall be in form and substance reasonably satisfactory to the Collateral Agent;
(D) with respect to each Mortgaged Property, such affidavits, certificates, information and instruments of indemnification (including without limitation, a so-called “gap” indemnification) as shall be required by the title company to induce the title company to issue the Title Endorsements; and
(E) evidence acceptable to the Collateral Agent of payment by the Borrower of all applicable title insurance premiums, search and examination charges, survey costs and related charges, mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgage Amendments and issuance of the Title Endorsements.
Appears in 1 contract
Sources: Credit Agreement (Cedar Fair L P)
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 Schedule 3, Affirmative Covenants 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 Schedule 3, Affirmative Covenants 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: Working Capital Murabaha Facility Agreement (Tensar Corp)
Additional Collateral, etc. (ai) 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.
(bii) 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).
(ciii) 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 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) or, if prior to the first delivery date for such financial statements, for which financial statements of the Company are available, as though such Subsidiary had become a Subsidiary at the beginning of such period, unless such new Subsidiary, together with all other Subsidiary Guarantors organized in the same jurisdiction with respect to which no opinions have been received by the Administrative Agent, account for 4% of more of the assets, revenues or Consolidated EBITDA of the Borrower (determined on the same basis as provided above). To the extent that the representation and warranty set forth in Section 4.25 is true and correct as of the Amendment and Restatement Effective Date, any failure by the Borrower, prior to the Amendment and Restatement Effective Date, to notify the Administrative Agent and the Collateral Agent of the formation or acquisition, prior to the Amendment and Restatement Effective Date, of any Subsidiary that is required to become a Subsidiary Guarantor, and any failure to take any other actions (including delivery of certificates representing Capital Stock) referred to in the foregoing provisions of this Section 6.9(c) with respect to such Subsidiary and all Defaults and Events of Default (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, solely to the extent that) the provision arising from or relating to any such failure, and any failure to give notice of any such Default or Event of Default or any consequences of such Lien Default or guarantee Event of Default that that would violate applicable law, in each case, as reasonably determined by have arisen under the LenderOriginal Credit Agreement or hereunder if such Default or Event of Default had not been waived) are hereby waived.
Appears in 1 contract
Sources: Amendment Agreement (Radiation Therapy Services Holdings, Inc.)
Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Third Restatement Effective Date by any Loan Party Borrower or any of its Subsidiaries (other than (w) any real property or any Property described in paragraph (c) of this Section, (x) vehicles or any Property subject to a Lien expressly permitted by Sections 7.3(g), 7.3(k) or 7.3(n), (y) Property acquired by an Excluded Foreign Subsidiary and (z) any Excluded Collateral (as such term is 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 (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 (or, solely with respect to Delek Funded FF&E, for so long as Delek Build to Suit Financing is in place with respect to the Delek Financed Build to Suit Leased Location where such Delek Funded FF&E is located, take commercially reasonable, best efforts to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected second priority security interest) in such Collateral as required Property (other than Deposit Accounts, unless otherwise requested to take such action by the Guarantee and Collateral Agreement or any other Security DocumentAdministrative Agent, in its sole reasonable discretion), 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 (i) any fee interest in any real property having an aggregate appraised value (together with improvements thereof) of at least $1,000,000 acquired in one or a series of transactions after the Third Restatement Effective Date by any Borrower or any of its Subsidiaries (including any such real property owned by any new Subsidiary acquired after the Closing Third Restatement Effective Date and excluding any such real property owned by an Excluded Foreign Subsidiary or subject to a Lien expressly permitted by Section 7.3(g) or 7.3(k)) or (ii) subject to the related Loan Party obtaining the required landlord consent (provided that, each Loan Party shall use commercially reasonable efforts to obtain such consent), any leasehold interest in any real property having an aggregate appraised value of at least $1,000,000 acquired or leased (including any leasehold property interest owned by any new Subsidiary acquired after the Third Restatement Effective Date) in one or a series of transactions after the Third Restatement Effective Date by any Loan Party with an individual fair market value in excess Borrower or any 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): (i1) 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, (ii2) deliver to the Administrative Agent an appraisal of such real property from a firm reasonably satisfactory to the Administrative Agent, (3) 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 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, waivers 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 (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 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 (iv4) 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. Notwithstanding anything to the foregoingcontrary contained in this Section 6.10(b), (i) other than in the Collateral in which a Lien was previously granted or event that the Borrower is required to obtain flood insurance for any parcel of real property owned in fee with an aggregate appraised value of less than $2,000,000 or a leasehold interest in any real property with an aggregate appraised value of less than $2,000,000 which would otherwise be granted by subject to the Loan Partiesrequirements of this Section 6.10(b) and the Borrower believes the premiums for such flood insurance to be uneconomical, or subject to the guarantees provided by following clause (ii), at the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2Borrower’s written request, the Loan Parties Administrative Agent shall waive the Borrower’s compliance with this Section 6.10(b) to the extent permitted by applicable law (including, without limitation, any bank regulatory law or regulations), provided that, the Borrower has provided the Administrative Agent satisfactory support for such determination, and (ii) the aggregate appraised value of real property either owned in fee or subject to a leasehold interest excluded from the provisions of this Section 6.10(b) may not at any time exceed an amount equal to 2% of the total asset value of the Borrowers and their Subsidiaries. The Borrowers shall not be required to deliver a Mortgage covering any Collateral or perfect the Lender’s security interest Exempt Property. The forgoing notwithstanding, with respect to any Collateral each Delek Build to Suit Lease entered into by a Borrower or a Subsidiary of a Borrower, the Borrowers shall promptly (except 1) execute and deliver a first priority leasehold Mortgage in favor of the Administrative Agent, for the benefit of the Secured Parties, covering such leasehold interest in real property if and to the extent perfection can be accomplished permitted by filing UCC financing statementsthe terms of such Delek Build to Suit Lease and the holder of Delek Build to Suit Financing associated with such Delek Build to Suit Lease (each such leasehold Mortgage a “Build to Suit Leasehold Mortgage”), (2) solely in the event the Administrative Agent has or is permitted to have a Build to Suit Leasehold Mortgage on such real property or if otherwise required by law, deliver to the Administrative Agent an appraisal of such real property from a firm reasonably satisfactory to the Administrative Agent, (3) solely in the event the Administrative Agent has or is permitted to have a Build to Suit Leasehold Mortgage on such real property, use commercially reasonable, best efforts to deliver to the Administrative Agent a landlord waiver and consent to leasehold mortgage in form and substance reasonably acceptable to the Administrative Agent, (4) if requested by the Administrative Agent and solely in the event the Administrative Agent has or is permitted to have a Build to Suit Leasehold Mortgage on such real property, provide the Lenders with any guarantee consents, waivers or estoppels reasonably deemed necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the Obligations, foregoing in each case, if the cost of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit form and substance reasonably satisfactory to the Lender Administrative Agent and (5) if requested by the Administrative Agent and solely in the event the Administrative Agent has or is permitted to have a Build to Suit Leasehold Mortgage on such real property, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall take into account be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent.
(c) With respect to any adverse tax consequences suffered new Subsidiary (other than an Excluded Foreign Subsidiary or expected a Joint Venture that is a Subsidiary) created or acquired after the Third Restatement Effective Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be suffered an Excluded Foreign Subsidiary), by the any 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 perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any 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 such 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 (both as a result thereof)grantor of a security interest and as a guarantor of the payment and performance of all 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 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 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) 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 created or acquired after the Third Restatement Effective Date by any Borrower or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), 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 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 such Borrower or any of its Subsidiaries (other than any Excluded Foreign 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 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 such 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
Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Interim Facility Effective Date by any Loan Party (other than any Property subject to a Lien permitted by Section 7.3(f) or 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 (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 Collateral Agent Pledge and Security Agreements, the Guarantee and Collateral Agreement Canadian General Security Agreements 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 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 (except as expressly permitted by Section 7.2) security interest and Lien (subject to Permitted Liens) 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 any Pledge and Collateral Security Agreement and any Canadian General Security 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 having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Interim Facility Effective Date by any a Loan Party with an individual fair market value in excess of $250,000(other than any real property subject to a Lien permitted by Section 7.3(f) or Section 7.3(g)), promptly (promptly, and in any event within sixty (60) 30 days of such after the acquisition or such longer period as approved by the Lender in its reasonable discretion): thereof, (i) execute and deliver a first priority Mortgage (subject to Permitted Liens) 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 Collateral Agent) and (y) any consents or estoppels reasonably deemed necessary by the Collateral Agent in jurisdictions that do not impose mortgage recording taxes)connection with such Mortgage, in favor each of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (1) title foregoing in form and extended coverage insurance (with such customary endorsements, coinsurance 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 Collateral Agent.
(c) With respect to any new U.S. or Canadian Subsidiary created or acquired after the foregoingInterim Facility Effective Date, by any Loan Party, promptly, and in any event within 15 days after such creation or acquisition, (i) execute and deliver to the Collateral Agent such Pledge and Security Agreements 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 Subsidiary that is owned directly by a Loan Party, (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 applicable Loan Party, (iii) cause such new Subsidiary (A) to become a party to the Guaranty and a Pledge and Security Agreement and/or to execute a Canadian General Security Agreement, as required by the Collateral Agent and (B) to take such actions necessary 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 Security Documents 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 any Security Document 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 Subsidiary of the Parent organized in a jurisdiction other than the United States or Canada that is created or acquired after the Interim Facility Effective Date by a Loan Party, promptly, and in any event within 15 days after such creation or acquisition, (i) execute and deliver to the Collateral in which a Lien was previously granted or required Agent such Pledge and Security Agreements as the Collateral Agent deems necessary to be granted by grant to the Loan Collateral 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 directly by a Loan Party, (ii) deliver to the Loan PartiesCollateral Agent the certificates representing such Capital Stock, together with undated stock powers, in each caseblank, on executed and delivered by a duly authorized officer of the Closing Date or pursuant applicable Loan Party, and take such other action as may be necessary or, in the opinion of the Collateral Agent, desirable 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 Lien 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 LenderAgent thereon, and (iiiii) other than if requested by the Collateral in Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, 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 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) 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: Debt and Security Agreement (Pope & Talbot Inc /De/)
Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by Holdings, the Borrower or any Loan Party of its Subsidiaries (other than an Excluded Foreign Subsidiary) (other than any Property described in paragraph (b), (c) or (d) below and real property having a value (including improvements thereof) of less than $1,000,000) 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 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, 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 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 in form and substance reasonably satisfactory to the maximum principal Administrative Agent in favor of the 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 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 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 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 5.2by Holdings (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 by an Excluded Foreign Subsidiary and Master Collector if at any time the fair market value of Master Collector exceeds $1,000,000), 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 Holdings, 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 Holdings, 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 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 Holdings, the Borrower or pursuant any of its Domestic 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 Holdings, the Borrower or any of its Domestic 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 a duly authorized officer of Holdings, 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 Administrative Agent.
(e) If at any time the fair market value of any Foreign Subsidiary in any case existing on or created after the Closing Date shall exceed $2,000,000, promptly (i) execute and deliver to the Administrative Agent a pledge agreement governed by the law of the country in which such Foreign Subsidiary is organized if the Administrative Agent (upon notice by the Borrower of such fair market value of a Foreign Subsidiary) deems such action 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 Holdings, the Borrower or any of its Domestic Subsidiaries (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such new Subsidiary be required to be so pledged), (ii) if not previously done so, 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 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 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
Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by any Loan Party (other than (x) any property described in paragraph (b), (c) or (d) below and (y) property acquired by any Excluded Foreign Subsidiary) as to which the Lender Collateral Trustee, for the benefit of the Lenders and the Administrative Agent and any other Priority Lien Secured Parties (as defined in the Collateral Trust Agreement), 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 agreements and documents, and take such other actions, as may be required by the terms and conditions of the Guarantee and Collateral Agreement Agreement, that the Collateral Trustee 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 Collateral Trustee, for the benefit of the Lenders and the Administrative Agent and any other Priority Lien Secured Parties, a security interest in such property to the extent required by the terms and conditions of the Guarantee and Collateral Agreement, and (ii) take all actions necessary or reasonably advisable in the reasonable opinion of the Lender to grant to the Lender Collateral Trustee, for the benefit of the Lenders and the Administrative Agent and any other Priority Lien 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) 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. Notwithstanding the foregoing, no such actions shall be required in respect of assets as to which the Administrative Agent shall determine in the exercise of its reasonable credit judgment that the costs of obtaining a Lien thereon are excessive in relation to the value of the security to be afforded thereby.
(b) With respect to (i) any fee interest in any real property acquired in one or a series of transactions after the Closing Date by the Borrower or any other Loan Party with (including any such real property owned by any new Subsidiary Guarantor acquired after the Closing Date and excluding any such real property owned by an individual fair market value in excess Excluded Foreign Subsidiary) or (ii) subject to the related Loan Party obtaining the required landlord consent and other documentation (including, without limitation, recorded leases or recorded memoranda of $250,000leases) (provided that each Loan Party shall use commercially reasonable efforts to obtain such consent and other documentation), promptly (and any ground lease interest in any event within sixty real property acquired or leased (60including any ground lease property interest owned by any new Subsidiary Guarantor acquired after the Closing Date or any ground lease property interest with respect to which a required landlord consent is granted after the Closing Date) in one or a series of transactions after the Closing Date by the Borrower or any other Loan Party, no later than 45 days of such acquisition after the date the applicable interest in real property is acquired (or such longer period later date as approved agreed to by the Lender Administrative Agent in its reasonable sole discretion): ) (i1) execute and deliver a first priority Mortgage (or leasehold Mortgage, as applicable) in favor of the Collateral Trustee, for the benefit of the Priority Lien Secured Parties (as defined in the maximum principal Collateral Trust Agreement), covering such real property or ground lease interest, (2) if requested by the Administrative Agent, provide the Collateral Trustee with (x) title and extended coverage insurance covering such real property in an amount of at least equal to the purchase price or construction cost of such real property in jurisdictions that impose mortgage recording taxes or ground lease interest (or such other amount as shall be reasonably specified by the Lender Administrative Agent, but in jurisdictions that do not impose mortgage recording taxes), no event in favor excess of the Lender covering such real propertyinsurable value thereof) and (y) any consents, (ii) if requested waivers or estoppels reasonably deemed necessary or advisable by the Lender, provide the Lender with (1) title and extended coverage insurance (Administrative Agent in connection with such customary endorsementsMortgage (or leasehold Mortgage, coinsurance as applicable) and reinsurance as the Lender may reasonably request) covering such real property, paid for by that the Borrower and issued by a nationally recognized title insurance companycan obtain using commercially reasonable efforts, 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 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 PartyAdministrative Agent, (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 (iv3) 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 and (4) comply with Section 5.1(k)(iii) with respect to such Mortgaged Property. Notwithstanding the foregoing, no such actions shall be required in respect of such real property or ground lease interest having a Fair Market Value less than $1,000,000 or as to which the Administrative Agent shall otherwise determine in the exercise of its reasonable credit judgment that the costs of obtaining a Lien thereon are excessive in relation to the value of the security to be afforded thereby.
(c) With respect to any new Subsidiary (other than (x) an Excluded Foreign Subsidiary, (y) an Immaterial Subsidiary, or (z) a non-Wholly Owned Subsidiary which is prohibited from becoming a Subsidiary Guarantor by the terms of any Requirement of Law (including any duty owed thereunder) or Contractual Obligation binding on or applicable to such non-Wholly Owned Subsidiary or the holders of its Capital Stock) created or acquired after the Closing 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 or an Immaterial Subsidiary), or any other Subsidiary designated by the Borrower to become a Subsidiary Guarantor, 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 Collateral Trustee, for the benefit of the Lenders and the Administrative Agent, 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 Lenders and the Administrative Agent 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 F, 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. Notwithstanding the foregoing, no such actions shall be required in respect of such assets as to which the Administrative Agent shall determine in the exercise of its reasonable credit judgment that the costs of obtaining a Lien thereon are excessive in relation to the value of the security to be afforded thereby.
(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 Collateral Trustee such amendments to the Guarantee and Collateral Agreement as the Administrative Agent reasonably deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the Lenders and the Administrative Agent, 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% of the total outstanding voting Capital Stock and 100% of the total outstanding non-voting Capital Stock of any such new 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 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 executed and delivered by filing UCC financing statements) or provide any guarantee a duly authorized officer of the Obligationsrelevant Group Member, in each caseas the case may be, if the cost of delivering or perfecting the lien in and take 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 other action as may be suffered by the Borrower or any Loan Party as a result thereof), in each casenecessary or, as reasonably determined by the LenderAdministrative Agent, desirable to perfect the Collateral Trustee’s security interest therein, and (iiiii) other than the Collateral in which a Lien was previously granted or required to be granted if 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 each caseform and substance, on and from counsel, reasonably satisfactory to the Closing Date or pursuant to Section 5.2Administrative Agent. Notwithstanding the foregoing, no such Liens or guarantees actions shall be required in respect of such assets as to which the Administrative Agent shall determine in the exercise of its reasonable credit judgment that the costs of obtaining a Lien thereon are excessive in relation to the value of the security 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 Lenderafforded thereby.
Appears in 1 contract
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
Additional Collateral, etc. (a) With respect to any real or personal property that any Indenture Party (including any entity that becomes an Indenture Party hereafter pursuant to Section 4.22(c)) acquires after execution and delivery of the Collateral acquired after the Closing Date Documents that would have been Collateral had it been owned by such Indenture Party on June 30, 2001 (other than any Loan Party property described in paragraph (b) or paragraph (c) of this Section), as to which the Lender Collateral Trustee, for the benefit of the Holders, 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 shall promptly (i) execute and deliver to the Lender Collateral Trustee such amendments to the Guarantee and Collateral Agreement or such other 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 Holders, 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 Holders, 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.
(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 execution and delivery of the Collateral Documents by any Loan Indenture Party, including any entity that becomes an Indenture Party with an individual fair market value in excess of $250,000hereafter pursuant to Section 4.22(c), the Company 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 (as provided therein) in favor of the maximum principal Collateral Trustee, for the benefit of the Holders, covering such real property, (ii) if requested by the Collateral Trustee, provide the Trustee, for the benefit of the Holders, 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 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 '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, 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 propertyCollateral Trustee, and (iii) if requested by the LenderCollateral Trustee, 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 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 Restricted Subsidiary (other than an Excluded Foreign Subsidiary, an Insurance Company, a Finance Company or an Inactive Subsidiary) created or acquired after the foregoingexecution and delivery of all Collateral Documents (which, for the purposes of this paragraph, shall include (x) any existing Restricted 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 Restricted Subsidiaries, the Company shall promptly (i) other than execute and deliver to the Collateral Trustee such amendments to the Collateral Agreement as the Collateral Trustee deems necessary or advisable to grant to the Collateral Trustee, for the benefit of the Holders, a perfected security interest (as provided in which a Lien was previously granted or required to be granted the Collateral Agreement) in the Capital Stock of such new Restricted 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 Restricted Subsidiary, as the case may be, (iii) cause such new Restricted 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 Holders a perfected security interest in the Collateral described in the Collateral Agreement with respect to any Collateral (except to such new Restricted 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, and (iiiv) if requested by the Collateral Trustee, deliver to 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 Collateral Trustee.
(d) With respect to any new Excluded Foreign Subsidiary created or acquired after the execution and delivery of the Collateral Documents by the Company or any of its Restricted Subsidiaries (other than any Excluded Foreign Subsidiaries), the Company shall promptly (i) execute and deliver to the Collateral Trustee such amendments to the Collateral Agreement or such other documents as the Collateral Trustee deems necessary or advisable in which order to grant to the Collateral Trustee, for the benefit of the Holders, a Lien was previously granted or required to be granted perfected security interest (as provided in the Collateral Agreement) in the Capital Stock of such new Restricted Subsidiary that is owned by the Loan PartiesCompany or any of its Restricted 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, desirable to perfect the Lien of the Collateral Trustee thereon, and (iii) if applicablerequested by the Collateral Trustee, deliver to the extent that) Collateral Trustee 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 LenderCollateral Trustee.
Appears in 1 contract
Sources: Indenture (Anc Rental Corp)
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
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. (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 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 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
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 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
Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by Holdings, the Borrower or any Loan Party of its 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 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 first 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 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 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, the Borrower or any Loan Party with an individual fair market value in excess of $250,000its Subsidiaries (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 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 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 '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 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 5.2by Holdings (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 by an Excluded Foreign Subsidiary), 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 Holdings, 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 Holdings, 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 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 Holdings, 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 Holdings, 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 Holdings, 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
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
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): 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 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, .
(if) Notwithstanding anything herein or in any other Loan Document and 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 the penultimate sentence of clause (except e) above 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 5.2contrary, no such Liens or guarantees actions in 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: Abl 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 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 or indirectly by such any Loan PartyParty (provided, (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 interest shall be 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 case of a Foreign Subsidiary or a Domestic Subsidiary that has no material assets other than
(1) Holdings and 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 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: Amendment Agreement (National Mentor Holdings, 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 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
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
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
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
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.
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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
Additional Collateral, etc. (a) With respect to any Collateral Property acquired after the Closing Date by any Loan Party as to which the Lender Purchaser does not have a perfected Lien that is security interest with the priority required by under the Guarantee Transaction Documents, each Credit Party shall 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 Purchaser such amendments to the Guarantee and Collateral this Agreement or such other documents and modifications thereof as the Lender Purchaser deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Lender 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 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 in priority, 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 LenderPurchaser.
(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 Purchaser a Joinder Agreement and such supplements, joinders or amendments to the applicable Security Documents this Agreement as the Lender Purchaser deems reasonably necessary or advisable to grant to the Lender Purchaser a perfected first priority security interest interest, subject only to Permitted Liens in priority, in the Capital Stock of such new Subsidiary that is owned directly or indirectly by such Loan Credit Party, ; (ii) deliver to Purchaser 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 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 become a party to this Agreement, the Security Agreement, the Intellectual Property Security Agreement and any Subsidiary formed for the purpose of acquiring any such Subsidiary other Transaction Document as Purchaser may request; (Aiv) to become a party to the Guarantee and Collateral Stock Pledge Agreement and other applicable Security Documents, if such Subsidiary owns Capital Stock of another entity; (Bv) to take such actions as are reasonably necessary or advisable in the opinion of the Lender to grant to the Lender 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 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 Purchaser; (vi) provide evidence of proper corporate or other organizational authorization 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 with respect to each of the matters described aboveset forth in this Section 8.20(b), which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender. Notwithstanding the foregoingPurchaser; and (vii) deliver to Purchaser such other documentation as Purchaser may require, (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 Partiesits sole discretion, in each case, on the Closing Date or pursuant in form and substance satisfactory 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 LenderPurchaser.
Appears in 1 contract
Sources: Securities Purchase Agreement (Center for Wound Healing, Inc.)
Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Date by any Loan Party (other than (A) any property described in paragraph (b) or (c) below, (B) any property subject to a Lien expressly permitted by Section 7.3(g), (C) so long as the Fixed Obligations Payment Date has not occurred, any Fixed Asset Priority Collateral as to which the Lender Controlling Fixed Asset 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 (D) any property 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, (E) any property that is Excluded Property (as defined in the Guarantee and Collateral Agreement) and (F) any real property)) 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 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 new Domestic Subsidiary (other than 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 (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 by any Loan PartyParty (which, promptly for the purposes of this paragraph (c), shall include (1) any existing Subsidiary that becomes a Domestic Subsidiary that is not an Excluded Subsidiary and in (2) any event existing Domestic Subsidiary that ceases to be an Excluded Subsidiary) 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 reasonable 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 with the priority required by the Intercreditor Agreement in the 115
(c) 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 reasonable 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 security interest with the priority required by the Intercreditor Agreement in the Capital Stock of such new CFC Holding Company or Foreign Subsidiary that is owned directly or indirectly by any such Loan PartyParty (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), (ii) subject to the Intercreditor Agreement, 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 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), Party 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 1 contract
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 (c) or (d) below and any interest in real property, (y) any property subject to a Lien expressly permitted by Section 8.3(f) and (z) property acquired by any Excluded Foreign Subsidiary) as to which either Collateral Agent, for the Lender benefit of the relevant 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 such Collateral Agent such amendments to the relevant Guarantee and Collateral Agreement or such other documents as the Lender such Collateral Agent deems reasonably necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to such Collateral Agent, for the Lender benefit of the relevant Secured Parties, (A) a first priority security interest in such Collateral property, in the case of the First Lien Secured Parties, and (B) a second priority security interest in such property, in the case of the Second Lien Secured Parties (subject, in each case, to Liens permitted by Sections 8.3(a) through (e)) and (ii) take all actions necessary or advisable in the reasonable opinion of the Lender to grant to such Collateral Agent, for the Lender benefit of the relevant Secured Parties, (A) a perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in such Collateral as required by property, in the Guarantee case of the First Lien Secured Parties, and Collateral Agreement or any other Security Document(B) a perfected second priority interest in such property, in the case of the Second Lien Secured Parties, including (if applicable) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the relevant Guarantee and Collateral Agreement or taking any other action by law or as reasonably may be requested by the Lendersuch Collateral 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 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(f) 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) a First Lien Mortgage, in favor of the First Lien Collateral Agent, for the benefit of the First Lien Secured Parties, covering such real property, which shall grant to such Collateral Agent for the benefit of such Secured Parties a first priority Mortgage security interest in such property and (B) a Second Lien Mortgage, in favor of the maximum principal Second Lien Collateral Agent, for the benefit of the Second Lien Secured Parties, covering such real property, which shall grant to such Collateral Agent for the benefit of such Secured Parties a second priority security interest in such property (subject, in each case, to Liens permitted by Sections 8.3(a) through (e)), (ii) if requested by either Collateral Agent, provide the relevant 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, (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 such 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 substance reasonably satisfactory 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 Lendersuch Collateral Agent, deliver to the Lender such 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 Lendersuch Collateral Agent.
(c) With respect to any new direct or indirect Subsidiary that is (other than an Excluded Foreign Subsidiary) created or acquired after the Closing Effective Date by any Loan PartyGroup Member (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be an Excluded Foreign 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 each Collateral Agent such supplements, joinders or amendments to the applicable Security Documents relevant Guarantee and Collateral Agreement as the Lender such Collateral Agent deems reasonably necessary or advisable to grant to such Collateral Agent, for the Lender benefit of the relevant Secured Parties, (A) a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned directly or indirectly by Subsidiary, in the case of the First Lien Secured Parties, and (B) a perfected second priority security interest in such Loan PartyCapital Stock, in the case of the Second Lien Secured Parties, (ii) deliver to the Lender such documents and instruments as may be required to grant, perfect, protect and ensure First Lien 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 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)Group Member, (iii) cause such new Subsidiary or any Subsidiary formed for the purpose of acquiring any such Subsidiary (A) to become a party to the each 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 each Collateral Agent for the Lender benefit of the relevant Secured Parties (I) 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, Agreements with respect to such new Subsidiary, in the case of the First Lien Secured Parties, and (II) a perfected second priority security interest in such Collateral, in the case of the Second Lien Secured Parties, including the filing of UCC Uniform Commercial Code financing statements in such jurisdictions as may be required by the relevant Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Lender relevant Collateral Agent and (C) to deliver to the Lender each Collateral Agent a customary certificate of such Subsidiary, substantially in a the form reasonably satisfactory to the Lenderof Exhibit C, with appropriate insertions and attachments, and (iv) if requested by the Lendereither Collateral Agent, deliver to the Lender such Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to such Collateral Agent.
(d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Lender. Notwithstanding the foregoingEffective Date by any Group Member (other than by any Group Member that is an Excluded Foreign Subsidiary), promptly (i) other than execute and deliver to each Collateral Agent such amendments to the relevant Guarantee and Collateral in which a Lien was previously granted Agreement as such Collateral Agent deems necessary or required advisable to be granted by grant to such Collateral Agent, for the Loan benefit of the relevant Secured Parties, or (A) a perfected first priority security interest in the guarantees provided by the Loan PartiesCapital Stock of such new Subsidiary, 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 case 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 LenderFirst Lien Secured Parties, and (iiB) other than the Collateral a perfected second priority security interest in which a Lien was previously granted or required to be granted by the Loan Parties, or the guarantees provided by the Loan Partiessuch Capital Stock, in each case, on the Closing Date or pursuant to Section 5.2, case of the Second Lien Secured Parties (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such Liens or guarantees shall new Subsidiary be required to be provided so pledged under either clause (A) or (B) above), (ii) deliver to the First Lien Collateral Agent the certificates representing such pledged Capital Stock, together with undated stock powers, in blank, executed and delivered by any Subsidiary in any case in which (a duly authorized officer of the relevant Group Member, and take such other action as may be necessary or, in the opinion of either Collateral Agent, desirable to perfect such Collateral Agent’s security interest therein, and (iii) if applicablerequested by either Collateral Agent, deliver to such Collateral Agent legal opinions relating to the extent that) the provision of matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the LenderCollateral Agent.
Appears in 1 contract
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
Additional Collateral, etc. (a) With respect to any Collateral acquired after the Closing Date by (other than any Loan Party Collateral described in paragraphs (b), (c), (d) (e) or (f) 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 15 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 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) subject to the terms of the Security Documents, 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, Collateral (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 subject to, in the certificates, if any, representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer case 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 (all Collateral other than Excluded AssetsPledged Securities, Permitted Liens), (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 requested by the Administrative Agent or the Collateral Agent.
(b) With respect to any fee interest in any Collateral consisting of Material Real Property acquired after the Closing Date by the Borrower or any other Loan Party, promptly (and, in any event, within 30 days following the date of such acquisition) (i) execute and deliver a first priority (subject to, in the case of all Collateral other than Pledged Securities, Permitted Liens) 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 the Security Documents, (ii) provide the Secured Parties with title and extended coverage insurance in an amount at least equal to the purchase price of such Material Real Property (or such other amount as the Administrative Agent shall reasonably specify), available Surveys, and if applicable, flood insurance, all in form and substance reasonably satisfactory to the Collateral Agent, (iii) 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 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) promptly following the Administrative Agent’s request, provide 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 5.2copy 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 caseother documents, 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 any, 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 reasonably be expected to result thereof)in a material Environmental Liability.
(c) With respect to any Subsidiary (other than an Excluded Foreign Subsidiary, the Real Estate Subsidiary, any Regulated Insurance Subsidiary, any Qualified Insurance Holding Company, or any TruPS Business Trust or any other 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 Foreign Subsidiary, the Real Estate Subsidiary or a Regulated Insurance Subsidiary or ceases to meet the requirement of being a Qualified Insurance Holding Company or a TruPS Business Trust at any time after the Closing Date) by the Borrower or any of the Subsidiaries, promptly (and, in each caseany event, within 15 Business 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 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 Lender, and (ii) other than the Collateral in which a Lien was previously granted Borrower or required to be granted by any of the Loan Parties, (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 Borrower or such Loan 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 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 (subject, in the case of all Collateral other than Pledged Securities, to Permitted Liens) 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 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 15 Business 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) if certificated, deliver to the Collateral Agent the certificates representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of a 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 Agent, desirable to perfect the security interest of the Collateral Agent thereon and (iii) if reasonably requested by the Administrative 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) With respect to any Subsidiary Regulated Insurance Subsidiary, or TruPS Business Trust created or acquired after the Closing Date by the Borrower or any of its Domestic Subsidiaries, promptly (and, in any event, within 15 Business 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 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 Regulated Insurance Subsidiary, or TruPS Business Trust that is owned by a Loan Party; provided that such security interest shall remain limited by and subject to any and all Requirements of Law as further set forth in the Guarantee and Collateral Agreement, (ii) if certificated, deliver to the Collateral Agent the certificates representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Loan Party, 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 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.
(f) With respect to any Qualified Insurance Holding Company created or acquired after the Closing Date by the Borrower or any of the Subsidiaries, promptly (and, in any event, within 15 Business 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 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 Qualified Insurance Holding Company that is owned by the Borrower or any of its Domestic Subsidiaries; provided that such security interest shall remain limited by and subject to any and all Requirements of Law as further set forth in the Guarantee and Collateral Agreement, (ii) if certificated, 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 Loan 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 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 (subject, in the case of all Collateral other than Pledged Securities, to Permitted Liens) in the extent that) Collateral described in the provision 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 Lien or guarantee would violate applicable law, in each case, jurisdictions as reasonably determined may be required by the Lender.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 Administrative 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. The Administrative Agent in its reasonable discretion may grant extensions of time for the creation or perfection of security interests in, and Mortgages on, or obtaining of title insurance or taking other actions with respect to, particular assets (including extensions beyond the Closing Date) or any other compliance with the requirements of this Section 5.09 and
Appears in 1 contract
Sources: Credit Agreement (Affirmative Insurance 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) 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 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), 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, 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 (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 1 contract
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
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
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 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
Additional Collateral, etc. (a) With respect to any Collateral Property that is acquired by any Loan Party after the Closing Date by any Loan Party as to which the Lender does not have a perfected Lien that is required intended to be subject to the Lien created by the Guarantee Guaranty and Collateral Agreement (excluding, for and in any event excluding real Property or any other Property specifically excluded from “Collateral” as defined in the avoidance of doubt, real propertyGuaranty and Collateral Agreement), promptly, if reasonably requested by the Borrower will, and will cause each other Loan Party to, promptly: Collateral Agent (ix) 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 and subject to the conditions and limitations set forth in the Guaranty and Collateral Agreement and (iiy) take all actions reasonably 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 under U.S. law in such Property pursuant to the terms and subject to the conditions and limitations set forth 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 Guaranty 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 Documentsincluding, with respect to such Subsidiarywithout limitation, including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee Guaranty and Collateral Agreement or as otherwise may be reasonably requested by the Lender Collateral 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 Date by any Loan Party (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 Collateral 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 LenderCollateral Agent, provide the Lenders 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 Collateral Agent) as well as a current ALTA survey thereof (or any equivalent documentation applicable under local law in the jurisdiction where such real Property is located), together with a surveyor’s certificate and (B) 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 Collateral Agent.
(c) With respect to any new Subsidiary created or acquired after the foregoingClosing Date by any Loan Party, promptly and in any event within 30 days (i) other than with respect to each such Domestic Subsidiary or Foreign Subsidiary directly owned by a Loan Party, deliver to the Collateral in which a Lien was previously granted or required Agent any certificates representing (if the Capital Stock of the applicable Subsidiary is certificated) (A) with respect to be granted by any such Domestic Subsidiary, 100% of the Loan Partiesissued and outstanding Capital Stock of such Domestic Subsidiary and (B) with respect to any such Foreign Subsidiary, or 65% of the guarantees provided by the Loan Partiesissued and outstanding Capital Stock of such Foreign Subsidiary, in each casecase together with undated stock powers, on in blank, executed and delivered by a duly authorized officer of the Closing Date Borrower or pursuant such Subsidiary, as the case may be, or take such other actions as may be required under applicable law to Section 5.2perfect the security interests in such Capital Stock and (ii) cause each such Subsidiary that is a Domestic Subsidiary to become a party to the Guaranty and Collateral Agreement and take all actions necessary to perfect the security interest of the Collateral Agent in such Subsidiary’s Collateral (subject to the conditions and limitations set forth in the Loan Documents). Notwithstanding anything in this Agreement to the contrary, the Loan Parties shall not be required have no obligation to deliver any Collateral or perfect the LenderCollateral Agent’s security interest or other Secured Parties’ interests in Intellectual Property outside of the United States. The Collateral Agent may (but has no obligation) in its discretion (in each case by agreeing in writing) lengthen the foregoing time periods and otherwise modify (with respect to any Collateral (except the Borrower’s consent) the foregoing requirements to the extent perfection can be accomplished by filing UCC financing statementsit deems it reasonable and prudent to do so and may (but has no obligation) or provide any guarantee of waive the Obligations, in each case, if foregoing requirements to the extent that the cost of delivering or perfecting obtaining a security interest in the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender foregoing Property is excessive (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 (iiCollateral Agent) other than in relation to the Collateral in which a Lien was previously granted or required benefits to be granted by the Loan PartiesLenders, or if 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 granting of a security interest in any case in which (or, if applicable, to the extent that) the provision of such Lien Property would be prohibited by contract or guarantee would violate applicable law, in each case, as reasonably determined by the Lender.
Appears in 1 contract
Sources: Credit Agreement (Local Insight Yellow Pages, 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
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
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
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 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
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. 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 Amendment Effective 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 Amendment Effective 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 Company 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 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(ii).
(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 Amendment Effective 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): 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 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 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 Administrative Agent and the 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 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 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 Security Documents on the Amendment Effective Date (or as created or amended after the Amendment Effective Date with the approval of the Borrower), (iii) other than with respect to (A) the Canadian Guarantor and (B) any other Foreign Subsidiary that becomes a Guarantor after the Amendment Effective 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 Loan Partieslaws of any jurisdiction outside the United States, or the guarantees provided by the Loan Parties, in each case, on the Closing Date or pursuant to Section 5.2, (iv) the Loan Parties shall not be required to deliver any Collateral landlord waivers, estoppels, collateral access agreements or perfect bailee letters, (v) the Lender’s Loan Parties shall not be required to deliver control agreements (other than to the extent required under Section 5.17 of the ABL Credit Agreement, and only for so long as the ABL Obligations are outstanding) 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 5.17) and instruments and debt securities (and related stock powers and endorsements) to the 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, 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.
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Additional Collateral, etc. (a) With respect to any Collateral property acquired after the Closing Restatement Effective Date by the Borrower or any Loan Party of its Subsidiaries (other than (v) Capital Stock issued by the Borrower, (w) any vehicles, aircraft, vessels, leasehold interests, foreign registrations related to intellectual property, and any immaterial inventory and equipment, (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 Specified 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) 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 $750,000 acquired after the Closing Restatement Effective Date by the Borrower or any Loan Party with an individual fair market value in excess of $250,000its Subsidiaries (other than (x) any such real property subject to a Lien expressly permitted by Section 7.3(g) or (j) and (z) real property acquired by any Specified 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 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 Administrative Agent.
(c) With respect to any new Subsidiary (other than a Foreign Subsidiary) created or acquired after the foregoingRestatement Effective Date by the Borrower or any of its Subsidiaries (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be a Foreign Subsidiary or a Permitted Non-Guarantor Subsidiary but shall exclude the Insurance 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 the Capital Stock of such new Subsidiary that is owned by any Loan Party (except Capital Stock constituting Investments permitted under Section 7.8(g) or (j)), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock (or other than transfer) powers, in blank, executed and delivered by a duly authorized officer of such Loan Party and (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 Secured Parties 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 C, on the Closing Date or pursuant to Section 5.2, the Loan Parties with appropriate insertions and attachments; provided that such new Subsidiary shall not be required to deliver comply with the requirements of clause (iii) above if (w) such Subsidiary is not a Wholly Owned Subsidiary, (x) the Investment in such Subsidiary is permitted under Section 7.8(k), (y) such Subsidiary promptly notifies the Administrative Agent in writing of its election not to comply with the requirements of clause (iii) above and (z) such Subsidiary, together with each other Subsidiary that elects not to comply with the requirements of clause (iii) above, represents, as of the date of such notice under the foregoing clause (y), (1) less than 10% of the consolidated total assets of the Borrower and its Subsidiaries as of the most recently ended fiscal quarter of the Borrower, (2) less than 10% of the consolidated total revenues of the Borrower and its Subsidiaries for the four fiscal quarters of the Borrower most recently ended, and (3) less than 10% of the Consolidated EBITDA of the Borrower and its Subsidiaries for the four fiscal quarters of the Borrower most recently ended, in each case as determined on a consolidated basis in conformity with GAAP consistently applied (any Collateral or perfect the Lender’s security interest with such new Subsidiary, a “Permitted Non-Guarantor Subsidiary”).
(d) With respect to any Collateral (except to new Foreign Subsidiary that is a first tier Foreign Subsidiary and that is 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 Effective Date by the Borrower or any Loan Party as a result thereofof its Subsidiaries (other than any Specified 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 case, as reasonably determined the Capital Stock of such new Subsidiary that is owned by the LenderBorrower or any such 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), and (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock (or 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 Partiestransfer) powers, in each caseblank, on executed and delivered by a duly authorized officer of the Closing Date Borrower or pursuant 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 Section 5.2, no such Liens or guarantees perfect the Administrative Agent’s security interest therein; provided that the Borrower and its Subsidiaries shall not be required to be provided by any Subsidiary comply with the requirements of this Section 6.9(d) if the Administrative Agent, in any case its sole discretion, determines the cost of such compliance is excessive in which (or, if applicable, relation to the extent that) value of the provision of such Lien or guarantee would violate applicable law, in each case, as reasonably determined by the Lendercollateral security to be afforded thereby.
Appears in 1 contract
Additional Collateral, etc. (a) With respect to any Collateral acquired Within 30 days after the Closing Date formation or acquisition of any Additional Subsidiary 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 $250,000,000 or more in the aggregate by the Company or a perfected Lien Subsidiary Guarantor, directly or indirectly, in a Domestic Subsidiary (other than an Excluded Subsidiary) that is required not a Subsidiary Guarantor or the acquisition of any property or assets by the Guarantee and Collateral Agreement (excludinga Domestic Subsidiary, for the avoidance of doubtin each case, real propertythat results in such Domestic Subsidiary becoming an Additional Subsidiary Guarantor), the Borrower will, and will Company shall (or shall cause each other Loan Party the relevant Subsidiary to, promptly: ) (i) execute and deliver to the Lender Collateral Trustee such amendments or supplements 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 Trustee, for the benefit of the Secured Parties, a perfected security interest in the Capital Stock of such Collateral and Additional Subsidiary Guarantor (or Domestic Subsidiary receiving such investment(s) or acquiring such property or assets), (ii) take all actions necessary or advisable deliver to the Collateral Trustee the certificates, if any, representing such Capital Stock (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 relevant Loan Party, and (iii) cause such Additional Subsidiary Guarantor (or Domestic Subsidiary receiving such investment(s) or acquiring such property or assets) (A) to become a party to the Security Agreement, the Guarantee and the Collateral Trust Agreement and (B) to take such actions as are necessary to grant to the Lender Collateral Trustee for the benefit of the Secured Parties a valid, perfected first priority (except as expressly permitted by Section 7.2) security interest and Lien in the Collateral described in the Security Agreement with respect to such Collateral as required by the Guarantee and Collateral Agreement Additional Subsidiary Guarantor (or any other Security DocumentDomestic Subsidiary receiving such investment(s) or acquiring such property or assets), 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 Within 30 days after the formation or acquisition of any new Foreign Subsidiary the Capital Stock of which is owned directly by the Company or any Subsidiary Guarantor (other than the Capital Stock of any Excluded Subsidiary or any other Subsidiary to any fee the extent the ownership interest in any real property acquired after the Closing Date by any Loan Party with an individual fair market value in excess such Subsidiary has a Net Book Value of $250,000250,000,000 or less), 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 Company shall (or such other amount as shall be reasonably specified by cause the Lender in jurisdictions that do not impose mortgage recording taxes), in favor of the Lender covering such real property, (iirelevant Subsidiary Guarantor to) 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 Administrative Agent such supplements, joinders amendments or amendments supplements to the applicable Security Documents Agreement as the Lender Collateral Trustee or the Administrative Agent 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 a portion of the Capital Stock of such new Foreign Subsidiary that is owned directly by the Company or indirectly by such Loan PartySubsidiary 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 Company 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, 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 Company or the relevant Loan Party, any Control Agreement with respect to each Deposit Account or Securities Account (other than, in each case, Excluded Accounts)Subsidiary 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 Collateral Trustee or the Administrative Agent in order to perfect the Collateral Trustee’s security interest therein including the execution and delivery of a pledge agreement governed by the law of the jurisdiction in which such Foreign Subsidiary is domiciled.
(c) The Company shall use its commercially reasonable efforts to (i) grant to the Collateral Trustee, for the benefit of the Secured Parties, 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 Company or a Subsidiary Guarantor if the amount recorded by the Company or such Subsidiary Guarantor as its investment in such joint venture exceeds $250,000,000 and (Cii) in the case of any domestic JV Subsidiary in which the Company directly or indirectly owns at least 80% of the voting or economic interest, 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 adverse tax consequences with respect the terms or structure of such joint venture arrangements).
(d) Within 30 days after the occurrence thereof, the Company will notify the Collateral Trustee and the Administrative Agent of any changes to the name, jurisdiction of incorporation or formation or legal form of the Company or any Subsidiary Guarantor.
(e) The Company shall use reasonable efforts to deliver to the Lender Administrative Agent no later than 180 days after the Closing Date each of the items described on Schedule 5.7(e) (collectively the “Post-Closing Deliverables”) and each Real Estate Deliverable. If any of the Post-Closing Deliverables or Real Estate Deliverables are not provided within such 180-day period (i) the Borrowing Base will be reduced by the Eligible Value of the Capital Stock for which a customary certificate Post-Closing Deliverable is outstanding or by the Eligible Value of such Subsidiary, in the Eligible P&E for which a form reasonably satisfactory Real Estate Deliverable is outstanding and no Default or Event of Default shall be deemed to the Lender, with appropriate insertions and attachmentshave occurred as a result thereof, and (ivii) the Applicable Margin shall be increased by 0.25% until such time as all outstanding Post-Closing Deliverables are delivered.
(f) The Company shall promptly take such steps as the Administrative Agent may reasonably request in order to grant, preserve, protect and perfect the validity and priority of the security interests created or intended to be created in the Collateral. Notwithstanding anything to the contrary herein or in any other Loan Document, neither the Company nor any Subsidiary Guarantor shall be required to perfect the security interests granted by it in any Collateral by any means other than by (a) execution, delivery and recordation of a Mortgage, (b) filings pursuant to the UCC of the relevant State(s) (including with respect to fixtures covered by any Mortgage) or equivalent filings under local jurisdictions to the extent required with respect to the pledge of the Capital Stock of any Foreign Subsidiary, (c) delivery to the Collateral Trustee to be held in its possession of each promissory note listed on Schedule 4.1(g), together with an undated endorsement for each such promissory note executed in blank by a duly authorized officer of the pledgor thereof, and, to the extent certificated and constituting “certificated securities” under the UCC, Capital Stock listed on Schedule 3.13(a) or required to be pledged pursuant to Section 5.7(a), together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof, (d) delivery of each other promissory note or certificated Capital Stock and constituting “certificated securities” under the UCC constituting Collateral to the extent such promissory note evidences Indebtedness, or such Capital Stock has a Net Book Value, in excess of $250,000,000, together with an undated endorsement or stock power for each such promissory note or certificate, as applicable, executed in blank by a duly authorized officer of the pledgor thereof and (e) filing with the United States Patent and Trademark Office and the United States Copyright office, as the case may be, against any registered trademarks, patents and copyrights listed on Schedule 1.1F.
(g) By June 30 and December 31 of each year, the Company shall deliver to the Administrative Agent and the Collateral Trustee a notice containing a list of all patents and trademarks registered by the Company or any Loan Party at the United States Patent and Trademark Office since the last such notice was delivered (or in the case of the first notice, since the Closing Date), and shall take such steps as the Administrative Agent may reasonably request in order to perfect the security interests granted in such Collateral by filing against such patents and trademarks at the United States Patent and Trademark Office.
(h) At the request of the Company and notwithstanding Section 9.1(a), the Administrative Agent shall negotiate with the Company in good faith to amend Schedule 1.1B to include a Borrowing Base Amount calculation for any asset of the Company or any Subsidiary that does not have a Borrowing Base Amount at the time such asset becomes Collateral (including the Advance Percentage related thereto and any eligibility or other requirements the Administrative Agent deems reasonably necessary for a determination thereof consistent with the criteria used in determining Borrowing Base Amounts as of the Closing Date).
(i) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $20,000,000 acquired after the Closing Date by any Loan Party (other than (x) any such real property subject to a Lien expressly permitted by clause (h) of the definition of Permitted Liens or (y) dealership properties), promptly (i) execute and deliver a first (and second) priority Mortgages, in favor of the Collateral Trustee covering such real property, (ii) if requested by the LenderAdministrative Agent or the Collateral Trustee, provide (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 or the Collateral Trustee) as well as a current ALTA survey thereof, together with a surveyor’s certificate and (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent or the Collateral Trustee in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and Collateral Trustee and (iii) if requested by the Collateral 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. Collateral Trustee.
(j) Notwithstanding anything to 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 Partiescontrary herein, in each case, on the Closing Date or pursuant to Section 5.2, the Loan Parties no case shall not 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 CFC (except to the extent perfection can be accomplished by filing UCC financing statements) or provide any guarantee other than 100% of the Obligations, in each case, nonvoting stock (if any) and 65% of the cost Voting Stock of delivering or perfecting the lien in such Collateral or of providing such guarantee exceeds the benefit to the Lender a first-tier CFC).
(which shall take into account any adverse tax consequences suffered or expected to be suffered by the Borrower or k) If any Loan Party shall obtain an interest in any Commercial Tort Claim (as defined in the Security Documents) with a result thereof)potential value in excess of $100,000,000, in each case, as reasonably determined by such Loan Party shall within 30 days after obtaining such interest sign and deliver documentation acceptable to the Lender, and (ii) other than Administrative Agent granting a security interest to the Collateral Trustee under the terms and provisions of the Security Agreement in which a Lien was previously granted or required and 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 LenderCommercial Tort Claim.
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Sources: Contribution Agreement (Daimler Ag)