Common use of Record Searches Clause in Contracts

Record Searches. As of the Closing Date and thereafter, as determined by the Agent, at the time any Financing Document is executed and delivered by the Borrower or any Subsidiary Guarantor pursuant to this Article 3 or any other Section of this Agreement, the Agent shall, in its reasonable discretion and if requested, have received, in form and substance satisfactory to the Agent, such Lien or record searches with respect to the Borrower, each Subsidiary Guarantor and/or any other Person who may be an obligor or pledgor with respect to any of the Obligations, as appropriate, and the property covered by such Financing Document showing that the Lien of such Financing Document will be a perfected first priority Lien on the property covered by such Financing Document subject only to Permitted Liens or to such other Liens or matters as the Agent may approve. Notwithstanding the foregoing, the Agent acknowledges and agrees that the Borrower shall be obligated to reimburse the Agent only for actual out-of-pocket costs and expenses relating to Lien and record searches and only to the extent ordered by the Agent (i) one- time only after the Closing Date to confirm the due filing and Lien priority of the Agent and the Lenders, (ii) not more frequently than once in any given calendar year after the Closing Date prior to the occurrence of a Default or an Event of Default, and (iii) in addition, at any time following the occurrence of a Default or an Event of Default.

Record Searches. As of the Closing Date and thereafter, as determined by the Agent, at the time any Financing Document is executed and delivered by the Borrower or any Subsidiary Guarantor pursuant to this Article 3 or any other Section of this Agreement, the Agent shall, in its reasonable discretion and if requested, have received, in form and substance satisfactory to the Agent, such Lien or record searches with respect to the Borrower, each Subsidiary Guarantor and/or any other Person who may be an obligor or pledgor with respect to any of the Obligations, as appropriate, and the property covered by such Financing Document showing that the Lien of such Financing Document will be a perfected first priority Lien on the property covered by such Financing Document subject only to Permitted Liens or to such other Liens or matters as the Agent may approve. Notwithstanding the foregoing, the Agent acknowledges and agrees that the Borrower shall be obligated to reimburse the Agent only for actual out-out- of-pocket costs and expenses relating to Lien and record searches and only to the extent ordered by the Agent (i) one- one-time only after the Closing Date to confirm the due filing and Lien priority of the Agent and the Lenders, (ii) not more frequently than once in any given calendar year after the Closing Date prior to the occurrence of a Default or an Event of Default, and (iii) in addition, at any time following the occurrence of a Default or an Event of Default.