Common use of Collateral Call Clause in Contracts

Collateral Call. The Borrower agrees: (i) upon the creation, --------------- formation or acquisition of any direct or indirect Subsidiary of the Borrower, to immediately pledge 100% of the Capital Stock of any such Subsidiary to secure the Obligations, pursuant to a pledge agreement substantially in the form of Exhibit J hereto, and to promptly deliver to the Administrative Agent all --------- certificates or other documentation evidencing 100% of such Capital Stock and, if such Capital Stock is stock of a corporation, together with stock powers executed in blank and (ii) to, and agrees to cause the Subsidiaries of the Borrower to, grant the Administrative Agent and the Lenders from time to time at the request of the Lenders a Lien on any of the Property of the Borrower or any Subsidiary of the Borrower that is not already subject to a perfected Lien, excluding all real estate. The Borrower shall comply with Section 6.15(a), (b) and (d) hereof with respect to all owned or acquired real estate by the Borrower or any Subsidiary from time to time. The Borrower shall, and shall cause the Subsidiaries of the Borrower to, provide for the benefit of Administrative Agent and Lenders securing the Obligations in any other Property of the Borrower and its Subsidiaries, all items to fully effect the foregoing, including, without limitation, providing the Administrative Agent with UCC-1's, new security agreements, appraisals, hazard insurance, UCC-11 searches, Tax and Lien searches, intellectual property documentation and registration and other similar types of documents, consents, authorizations, Licenses, instruments and agreements relating to all Property of the Borrower and its Subsidiaries as reasonably requested by the Administrative Agent from time to time. Notwithstanding the foregoing, in no event shall the Borrower be obligated to grant, or perfect, any leasehold mortgage or leasehold deed of trust.

Appears in 2 contracts

Sources: Credit Agreement (Pinnacle Holdings Inc), Credit Agreement (Pinnacle Holdings Inc)

Collateral Call. The Borrower agrees: : (i) upon the creation, --------------- formation or acquisition of any direct or indirect Subsidiary of the Borrower, to immediately pledge 100% of the Capital Stock of any such Subsidiary to secure the Obligations, pursuant to a pledge agreement substantially in the form of Exhibit J hereto, and to promptly deliver to the Administrative Agent Lender all --------- certificates or other documentation evidencing 100% of such Capital Stock and, if such Capital Stock is stock of a corporation, together with stock powers executed in blank and (ii) to, and agrees to cause the Subsidiaries of the Borrower to, grant the Administrative Agent Lender and the Lenders from time to time at the request of the Lenders a Lien on any of the Property of the Borrower or any Subsidiary of the Borrower that is not already subject to a perfected Lien, excluding all real estate. The Borrower shall comply with Section 6.15(a), (b) and (d6.15(d) hereof with respect to all owned or acquired real estate by the Borrower or any Subsidiary from time to time. The Borrower shall, and shall cause the Subsidiaries of the Borrower to, provide for the benefit of Administrative Agent Lender and Lenders securing the Obligations in any other Property of the Borrower and its Subsidiaries, all items to fully effect the foregoing, including, without limitation, providing the Administrative Agent Lender with UCC-1's, new security agreements, appraisals, hazard insurance, UCC-11 searches, Tax and Lien searches, intellectual property documentation and registration and other similar types of documents, consents, authorizations, Licenses, instruments and agreements relating to all Property of the Borrower and its Subsidiaries as reasonably requested by the Administrative Agent Lender from time to time. Notwithstanding the foregoing, in no event shall the Borrower be obligated to grant, or perfect, any leasehold mortgage or leasehold deed of trust.

Appears in 1 contract

Sources: Credit Agreement (Pinnacle Holdings Inc)