Additional Grantors Additional Pledged Collateral Sample Clauses
The "Additional Grantors; Additional Pledged Collateral" clause establishes the lender's right to require new parties to become grantors and to demand additional assets as collateral during the term of a loan or credit agreement. In practice, this means that if the borrower's financial situation changes or if the lender deems it necessary, the borrower may be obligated to add new guarantors or pledge further property, such as equipment or receivables, to secure the loan. This clause serves to protect the lender by ensuring that the value of the collateral remains sufficient to cover the outstanding obligations, thereby mitigating the lender's risk in the event of default.
Additional Grantors Additional Pledged Collateral. If, at the option of the Borrower or as required pursuant to Section 4.18 of the Credit Agreement, the Borrower shall cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver to the Lender a Joinder Agreement substantially in the form of Annex 2 and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor party hereto on the Closing Date.
Additional Grantors Additional Pledged Collateral. Section 8.7 Notices................................................. 26 Section 8.8 Successors and Assigns.................................. 26 Section 8.9 Counterparts............................................ 26 Section 8.10 Severability............................................ 27 Section 8.11 Governing Law........................................... 27 Section 8.12 Waiver of Jury Trial.................................... 27 Section 8.13
Additional Grantors Additional Pledged Collateral. (a) Joinder Agreements. If, at the option of a Borrower or as required pursuant to Section 5.10 of the Credit Agreement, a Borrower shall cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver to Collateral Agent a Joinder Agreement substantially in the form of Annex 2 and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor party hereto on the Closing Date.
Additional Grantors Additional Pledged Collateral. (a) If, at the option of the Issuer, the Issuer shall cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver to the Purchaser a Joinder Agreement substantially in the form of Annex 2 and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor party hereto on the Closing Date.
Additional Grantors Additional Pledged Collateral. Section 8.7 Notices ................................................. 26 Section 8.8 Successors and Assigns .................................. 26 Section 8.9 Counterparts ............................................ 26 Section 8.10 Severability ............................................ 27 Section 8.11 Governing Law ........................................... 27 Section 8.12 Jurisdiction ............................................ 27 Section 8.13 Waiver of Jury Trial .................................... 27 Section 8.14 Subordination ........................................... 28 Section 8.15 Hands On ................................................ 29 ANNEXES AND SCHEDULES Annex 1 Form of Pledge Amendment Annex 2 Form of Joinder Agreement Annex 3 Form of Intellectual Property Security Agreement Schedule 1 Commercial Tort Claims Schedule 2 Filings Schedule 3 Jurisdiction of Organization; Chief Executive Office Schedule 4 Location of Inventory and Equipment Schedule 5 Pledged Collateral Schedule 6 Intellectual Property Schedule 7 Promissory Notes and Debt Securities Schedule 8 Governmental Licenses Schedule 9 Motor Vehicles GUARANTY AND SECURITY AGREEMENT, dated as of January 10, 2008, by GOAMERICA, INC., a Delaware corporation, (the "Borrower"), and each of the other entities listed on the signature pages hereof or that becomes a party hereto pursuant to Section 8.6 (together with the Borrower, the "Grantors"), in favor of ABLECO FINANCE LLC, a Delaware limited liability company, as collateral agent (in such capacity, together with its successors and permitted assigns, the "Collateral Agent") for the Lenders and the L/C Issuers and each other Secured Party (each as defined in the Credit Agreement referred to below).
Additional Grantors Additional Pledged Collateral. Joinder Agreements. If, at the option of the US Borrower or as required pursuant to Section 4.13 of the Credit Agreement, the US Borrower shall cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such Subsidiary shall promptly execute and deliver to the US Agent a Joinder Agreement substantially in the form of Annex 2 and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor party hereto on the Closing Date.
Additional Grantors Additional Pledged Collateral