Liens and Collateral Clause Samples

Liens and Collateral. (a) Each of the Borrower and its Subsidiaries will cause all of its owned or (in the case of leasehold interests in Real Property) leased (whether now owned or leased or hereafter acquired or leased) Designated Real Property and all of its owned personal Property (whether now owned or leased or hereafter acquired or leased), other than Excluded Property, to be subject at all times to first priority, perfected and, in the case of Designated Real Property, title insured Liens (to the extent that Liens thereon are required by this Agreement; which title insurance shall include lender's extended coverage and shall be in form and substance, and shall contain such endorsements, as the Collateral Agent may require) in favor of the Collateral Agent securing the Obligations pursuant to the terms and conditions of the Collateral Documents or, with respect to any such Property acquired subsequent to the Closing Date, such other additional security documents as the Collateral Agent shall reasonably request, subject in any case to Permitted Liens, provided, however, that (i) as to any Designated Real Property which is not owned by the Borrower or any of its Subsidiaries but which constitutes a leasehold interest of the Borrower or any of its Subsidiaries, it shall not constitute a Default or Event of Default if the Borrower or its Subsidiary (as applicable, whichever is the lessee), after using its commercially reasonable efforts (without the requirement of payment of money, except as may be agreed by the Borrower, or the making of any material concession) to obtain any necessary consents, is unable to ▇▇▇▇▇ ▇ ▇▇▇▇ on such leased Designated Real Property due to the failure to obtain any third-party consents necessary to grant such Lien and (ii) with respect to any parcel of Real Property (other than Undeveloped Land) acquired by the Borrower or any of its Subsidiaries after the Closing Date, the Borrower or its Subsidiary (as applicable) shall not be required to ▇▇▇▇▇ ▇ ▇▇▇▇ thereon in favor of the Collateral Agent to secure the Obligations if (but only if) (A) no Default has occurred and is continuing and (B) the fair market value of such parcel of Real Property (inclusive of all adjoining parcels of Real Property acquired by the Borrower or any of its Subsidiaries at or about the same time) does not exceed $1,000,000 (or, in the case of leased Real Property, the annual rental payable under the lease of such parcel does not exceed $1,000,000) and the aggregate fair ma...