12Additional Collateral, etc Sample Clauses
The "Additional Collateral" clause requires a party to provide extra security or assets beyond the initial collateral specified in an agreement. This typically comes into play if the value of the original collateral decreases, or if certain financial thresholds or conditions are triggered, prompting the need for more collateral to maintain adequate protection for the secured party. By mandating the provision of additional collateral when necessary, this clause helps ensure that the lender or counterparty remains protected against increased credit risk or market fluctuations.
12Additional Collateral, etc. (a) With respect to any property (to the extent included in the definition of Collateral and not constituting Excluded Assets) acquired after the Closing Date by any Loan Party (other than (x) any property described in paragraph (b), (c) or (d) below, and (y) any property subject to a Lien expressly permitted by Section 7.3(g)) as to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent reasonably deems necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Administrative Agent, for the benefit of the Secured Parties, a security interest in such property and (ii) take all actions necessary or advisable in the reasonable opinion of the Administrative Agent to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority (except as expressly permitted by Section 7.3) security interest and Lien under the laws of the applicable United States jurisdiction (and the laws of any foreign country which govern or apply to any material Collateral, or to assets of any Guarantor that is a Foreign Subsidiary as reasonably determined and requested by the Administrative Agent) in such property, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent; provided that no action shall be required hereunder under the laws of any jurisdiction outside the United States other than the laws of any foreign country which govern or apply to any material Collateral or assets of a Guarantor that is a Foreign Subsidiary, as reasonably determined and requested by the Administrative Agent (unless reasonably agreed from time to time between Borrower and the Administrative Agent).
(b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,500,000 acquired after the Closing Date by any Loan Party (other than any such real property subject to a Lien expressly permitted by Section 7.3(g)), promptly, to the extent requested by the Administrative Agent, (i) execute and deliver a first priority Mortgage, in favor of the Administrative Agent, for the benefit of the Secured Parti...