Collateral Covenant. Each Obligor hereby covenants that, except for the Permitted Encumbrances, such Obligor is or will be at the time additional Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer and create a security interest therein, free and clear of any and all claims or Liens in favor of others; that such Obligor will at its expense forever warrant and, at the Lenders' and/or the Agent's request, defend the same from any and all claims and demands of any other person other than the Permitted Encumbrances. Such Obligor will not grant, create or permit to exist, any Lien upon or security interest in the Collateral, or any proceeds thereof, in favor of any other Person other than the holders of the Permitted Encumbrances. No Obligor will (a) change the location of its chief executive office/chief place of business from that specified in Schedule 5.04 or remove its books and records from the location specified in Schedule 5.04, (b) permit any of the Inventory or Equipment owned by it to be kept at a location other than those listed on Schedule 5.04 hereto or (c) change its name (including the adoption of any new trade name), 49 identity or corporate structure unless it shall have provided at least thirty (30) days prior written notice to the Agent of any such change. Each Obligor will from time to time notify the Agent of each location at which any amount of the Collateral or such books and records are to be kept including for temporary processing, storage or similar purposes. No Obligor shall remove any amount of Collateral or such books or record to a location not set forth on Schedule 5.04 or otherwise keep any amount of Collateral (other than Real Estate, to the extent described in Schedule 5.04A hereto) at a location not set forth on Schedule 5.04 unless, not less than thirty (30) days prior to the day such removal or other change occurs such Obligor shall give written notice to the Agent of such removal or other change and the new location of such Collateral or such books and records. No action requiring notice to the Agent under this paragraph shall be effected until such filings and other measures required under applicable Law to continue uninterrupted the first perfected security interest and Lien of the Agent in the Collateral affected thereby shall have been taken, and until the Agent shall have received such opinions of counsel with respect thereto as it shall have reasonably requested. Each Oblig...
Collateral Covenant. At any time on or after the Closing Date, at U.S. Borrower’s expense:
Collateral Covenant. 58 SECTION 5.05.
Collateral Covenant. (a) The Company hereby agrees and covenants that it will, and will cause each Significant Subsidiary to, on or before December 23, 2002, enter into, or cause to be delivered, such agreements, documents or instruments of any kind (including, without limitation, security agreements, mortgages, deeds of trust, UCC financing statements and opinions of nationally recognized counsel as to the enforceability, Lien perfection, no conflicts with agreements and other customary matters), acceptable in all respects to the Required Holders, to grant Liens in favor of a Collateral Agent on all personal property of the Company and Significant Subsidiaries whether now held or hereafter acquired by the Company or any such Significant Subsidiary (other than Excluded Receivables and Excluded Collateral), in each case to secure the obligations of the Company and each Guarantor under the Note Agreement, the Notes and the Guarantee Agreement; provided, that the Company's obligation to grant such Liens on or before December 23, 2002 shall be conditioned upon the execution by the holders of Notes and the Other Senior Creditors of an Acceptable Intercreditor Agreement. The Company further agrees and covenants that it will, and will cause each Significant Subsidiary to, as soon as reasonably practicable after the Effective Date and in any event on or before February 15, 2003, enter into, or cause to be delivered, such agreements, documents or instruments of any kind (including, without limitation, security agreements, mortgages, deeds of trust, UCC financing statements and opinions of nationally recognized counsel as to the enforceability, Lien perfection, no conflicts with agreements and other customary matters) acceptable in all respects to the Required Holders, to grant Liens in favor of the Collateral Agent on all real property owned by the Company or any Significant Subsidiary, whether now held or hereafter acquired by the Company or any such Significant Subsidiary (other than Excluded Collateral), in each case to secure the Obligations of the Company and each Guarantor under the Agreement and the Guarantee Agreement; provided, that the Company's obligation to grant such Liens by February 15, 2003 shall be conditioned upon the execution by the holders of the Notes and the Other Senior Creditors of an Acceptable Intercreditor Agreement. Such collateral may be shared on a pari passu basis with the Other Senior Creditors pursuant to an Acceptable Intercreditor Agreement. Notwiths...
Collateral Covenant. At any time on or after the Effective Date (as such term is defined in the Second Amendment), at the Company's expense:
Collateral Covenant. Section 6(f)(ii) of the Existing Agreement is hereby deleted and replaced with the following. EXHIBIT 10.1 “Each Applicant shall at all times cause the Collateral Value of the Collateral pledged by it to equal or exceed the Outstanding Secured Credits of such Applicant at such time. If on any date the Outstanding Secured Credits of such Applicant shall exceed the Collateral Value of the Collateral pledged by such Applicant, such Applicant agrees to pay or deliver to the Custodian no later than three (3) Business Days after the earlier of (i) the date on which any Credit Party acquires actual knowledge thereof and (ii) the date on which written notice thereof is delivered by Bank to such Applicant, Collateral having an aggregate Collateral Value of not less than the amount of such excess, with any such Collateral to be held in such Applicant’s Custodial Account as security for all Secured Obligations of such Applicant hereunder.”
Collateral Covenant. 49 SECTION 5.05.
Collateral Covenant
