Additional Mortgaged Property. Borrower shall as promptly as possible (and in any event within sixty (60) days after such designation) deliver to Agent a fully executed Mortgage, in form and substance satisfactory to Agent together with title insurance policies and surveys on any Additional Mortgaged Property designated by Agent.
Additional Mortgaged Property. If, after the Closing Date, the Borrower or any of its Subsidiaries acquires or leases for a term in excess of five (5) years real estate used as a manufacturing or warehouse facility, the Borrower shall notify the Agents promptly thereof, and upon the request of the Lenders, the Borrower shall, or shall cause such Subsidiary to, forthwith deliver to the Collateral Agent a fully executed mortgage or deed of trust over such real estate, in form and substance satisfactory to the Agents, together with title insurance policies, surveys, evidences of insurances with the Collateral Agent named as loss payee and additional insured, legal opinions and other documents and certificates with respect to such real estate as shall be reasonably satisfactory to the Agents. The Borrower further agrees that, following the taking of such actions with respect to such real estate, the Collateral Agent shall have for the benefit of the Lenders and the Agents a valid and enforceable mortgage or deed of trust over such real estate, free and clear of all defects and encumbrances except for Permitted Liens.
Additional Mortgaged Property. In connection with each redetermination of the Borrowing Base, the Borrower shall, and shall cause its Subsidiaries to, within thirty (30) days following the request of the Administrative Agent, grant to the Administrative Agent as security for the Obligations, a first-priority Lien (other than Liens permitted by Section 7.2) on additional proved Oil and Gas Properties of the Borrower and its Subsidiaries not already subject to a Lien of the Collateral Documents which will represent in any event, when combined with all other Mortgaged Property, at least eighty-five percent (85%) of the present value of the proved Oil and Gas Properties of the Loan Parties evaluated by such Reserve Report. All such Liens will be created and perfected by and in accordance with the provisions of mortgages, deeds of trust, security agreements and financing statements or other Collateral Documents, all in form and substance reasonably satisfactory to the Administrative Agent and in sufficient executed (and acknowledged where necessary or appropriate) counterparts for recording purposes. In order to comply with the foregoing, if any Subsidiary places a Lien on its proved Oil and Gas Properties and such Subsidiary is not a Guarantor, then it shall become a Guarantor and comply with Section 5.12(a).
Additional Mortgaged Property. If, after the Closing Date, any of the Borrowers or any of their Subsidiaries acquires or leases real estate, other than real estate acquired with the proceeds of Indebtedness permitted by Section 9.1(d), such Borrower shall, or shall cause such Subsidiary to, in each case to the extent reasonably requested by the Agent, forthwith deliver to the Collateral Agent for the benefit of the Secured Parties a fully executed mortgage or deed of trust over such real estate, in form and substance satisfactory to the Agent, together with title insurance policies, surveys, evidences of insurances with the Collateral Agent named as loss payee and additional insured, legal opinions and other documents and certificates with respect to such real estate as was required for Real Estate of such Borrower or such Subsidiary as of the Closing Date. At any time following the Closing Date, upon written request of the Agent, the Borrowers shall, and shall cause any of their Subsidiaries to, forthwith deliver to the Collateral Agent for the benefit of the Secured Parties a fully executed mortgage or deed of trust over any Real Estate owned or leased but not mortgaged to the Collateral Agent on the Closing Date, in form and substance satisfactory to the Agent, together with title insurance policies, surveys, evidences of insurance with the Collateral Agent named as loss payee and additional insured, legal opinions and other documents and certificates with respect to such Real Estate as was required for Real Estate of such Borrower or such Subsidiary as to the Closing Date. The Borrowers further agree that, following the taking of such actions with respect to such real estate, the Collateral Agent shall have for the benefit of the Secured Parties a valid and enforceable first priority mortgage or deed of trust over such real estate, free and clear of all defects and encumbrances except for Permitted Liens.
Additional Mortgaged Property. (a) If, after the Closing Date, the Borrower or any of its Subsidiaries acquires a fee interest in Real Estate, the Borrower shall, or shall cause such Subsidiary to, deliver, within thirty (30) days of such acquisition, to the Administrative Agent for the benefit of the Lenders and the Administrative Agent a fully executed valid and enforceable first priority mortgage or deed of trust over such acquired Real Estate free and clear of all defects and encumbrances except for Permitted Liens.
Additional Mortgaged Property. If, after the Effective Date, the Borrower or any of its Subsidiaries acquires or leases Real Estate to be used as a Stopping Center or Petro:Lube or which is purchased by the Borrower or such Subsidiary for an amount in excess of $500,000, the Borrower shall, or shall cause such Subsidiary to, contemporaneously with the Permitted Acquisition Closing Date, deliver to the Agent a fully executed mortgage or deed of trust substantially in the form of Exhibit E hereto and other documents in order to give the Agent, for the benefit --------- of the Banks, a first priority mortgage on and security interest in such Real Estate and related personal property, subject only to Permitted Liens, together with the additional items that the Borrower would be required to deliver to the Agent pursuant to (S)13.6 hereto if the Borrower were to request a Revolving Credit Loan to fund such acquisition (excluding the items described in (S)13.6.2 hereto regarding "Use of Proceeds"), provided, however, as to any leasehold -------- ------- interest it shall not be a Default or Event of Default hereunder if the Borrower, after using its best efforts to obtain any necessary consents, is unable to execute and deliver such leasehold mortgage or deed of trust due to a failure to obtain any third-party consents needed to grant such mortgage or deed of trust. The Borrower further agrees that, following the taking of such actions with respect to such Real Estate, the Agent shall have for the benefit of the Banks and the Agent a valid and enforceable first priority mortgage or deed of trust over and security interest in such real estate and related personal property, free and clear of all liens and encumbrances except for Permitted Liens.
Additional Mortgaged Property. In connection with each redetermination of the Borrowing Base, the Borrower shall, and shall cause its Subsidiaries to, within thirty (30) days following the request of the Administrative Agent, grant to the Administrative Agent as security for the Obligations, a first-priority Lien (provided that Excepted Liens of the type described in clauses (i) to (iii) and (v) of the definition thereof may exist, but subject to the provisos at the end of such definition) on additional Oil and Gas Properties of the Borrower and its Subsidiaries not already subject to a Lien of the Collateral Documents (which in any event, when combined with all other Mortgaged Properties, will represent at least eighty percent (80%) of the total value of the Oil and Gas Properties evaluated by such Reserve Report). All such Liens will be created and perfected by and in accordance with the provisions of mortgages, deeds of trust, security agreements and financing statements or other Collateral Documents, all in form and substance reasonably satisfactory to the Administrative Agent and in sufficient executed (and acknowledged where necessary or appropriate) counterparts for recording purposes. In order to comply with the foregoing, if any Subsidiary places a Lien on its Oil and Gas Properties and such Subsidiary is not a Guarantor, then it shall become a Guarantor and comply with Section 5.12(a).
Additional Mortgaged Property. In the event that Borrower, after the date hereof, acquires any fee simple interest in real property, Borrower shall, not less than thirty (30) days prior to such acquisition, notify Agent in writing thereof, which notification shall contain a description of such real property including the location and the fair market value thereof and Borrower's good faith estimation of whether and for how long it intends to own such real property. Agent may designate such real property as "ADDITIONAL MORTGAGED PROPERTY", in which case Borrower shall as promptly as possible (and in any event within sixty (60) days after such designation) deliver to Agent a fully executed Mortgage, in form and substance reasonably satisfactory to Agent, together with title insurance policies and surveys as required by this subsection 5.15. Borrower agrees that, following the taking of the actions with respect to any Additional Mortgaged Property required by the immediately preceding sentence, Agent, on behalf of Lenders, shall have a valid and enforceable first priority mortgage on the respective Additional Mortgaged Property, free and clear of all defects and encumbrances except for Permitted Encumbrances. Notwithstanding the foregoing provisions of this subdivision (A), neither "Store #133" located at 6501-0000 Xxxxxxx Xxxxx, Xxxxxxx, Xxxxxxxx, xxr "Store #317" located at 8135 Xxxxx Xxxx Xxxxx, Xx Xxxx, Xxxxx, xxall be deemed to be Additional Mortgaged Property if, but only if (i) each such store is purchased by SpinDevCo or one or more of its Affiliates as part of a sale/leaseback transaction with Borrower (as contemplated on the date hereof) not later than October 31, 1998; and (ii) no Event of Default exists prior to such purchase.
Additional Mortgaged Property. If, after the Closing Date, any of the Borrowers or any of their Subsidiaries acquires real estate located in the United States, such Borrower shall, or shall cause such Subsidiary to, forthwith deliver to the Agent a fully executed mortgage or deed of trust over such real estate, in form and substance satisfactory to the Agent, together with title insurance policies, surveys, evidences of insurance with the Agent named as loss payee and additional insured, legal opinions and other documents and certificates with respect to such real estate as is required by the Agent. The Borrowers further agree that, following the taking of such actions with respect to such real estate, the Agent shall have for the benefit of the Banks and the Agent a valid and enforceable first priority mortgage or deed of trust over such real estate, free and clear of all defects and encumbrances except for Permitted Liens.
Additional Mortgaged Property. At any time following the Closing Date, upon request of the Administrative Agent, each of the Parent and the Borrower shall, and shall cause each of its Subsidiaries to, forthwith (but in any event within sixty (60) days following any such request therefor) deliver to the Administrative Agent for the benefit of the Lenders a fully executed mortgage or deed of trust over any or all parcels of Real Property acquired or leased by the Parent, the Borrower or such Subsidiary after the Closing Date, each of which shall be in form and substance satisfactory to the Administrative Agent and shall be deemed to be a Security Document hereunder, together with such title insurance policies, surveys, environmental site assessments, evidences of insurance with the Administrative Agent named as loss payee and additional insured, legal opinions and other documents and certificates with respect to such Real Property as the Administrative Agent may reasonably request. Each of the Parent and the Borrower further agrees that, following the taking of such actions with respect to such Real Property, the Administrative Agent shall have, for the benefit of the Lenders, a valid and enforceable first priority mortgage or deed of trust over such Real Property, free and clear of all defects and encumbrances except for Permitted Liens.
