Additional Collateral; Additional Subsidiaries, etc Sample Clauses
The "Additional Collateral; Additional Subsidiaries, etc" clause requires a borrower to provide extra collateral or to include newly acquired or created subsidiaries as guarantors under a loan agreement. In practice, this means that if the borrower acquires new assets or forms new subsidiaries after the initial agreement, those assets or entities must also be pledged or guaranteed to the lender, often through supplemental documentation. This clause ensures that the lender's security interest remains comprehensive and up-to-date, thereby protecting the lender against dilution of collateral and maintaining the overall creditworthiness of the borrower group.
Additional Collateral; Additional Subsidiaries, etc. (a) With respect to any asset or other property acquired after the Closing Date by Holdings or any of its Subsidiaries (other than any asset or property described in clause (b) or (c) below and excluding any Equity Interests or assets of a Foreign Subsidiary that are not required to be pledged pursuant to the last sentence of clause (c) below) as to which the Lender does not have a perfected Lien, Holdings or such applicable Subsidiary shall promptly (i) execute and deliver to the Lender such amendments to the Security Documents or such other documents as the Lender deems necessary or advisable to grant to the Lender a legal, valid and enforceable perfected, first priority security interest in such property, subject only to Liens permitted under Section 8.3, (ii) take all actions necessary or advisable, or reasonably requested by the Lender, to perfect the security interest of the Lender in such property and assets, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Obligor Security Agreement or by law or as may be requested by the Lender and to cause such security interest to be prior to all other Liens on such Property, and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender.
(b) With respect to any fee interest in any real property acquired after the Closing Date by Holdings or any of its Subsidiaries or owned by a Subsidiary that is acquired after the Closing Date by any Obligor, such Obligor or such applicable Subsidiary shall promptly (i) execute and deliver a first priority Mortgage, in favor of the Lender covering such real property, (ii) if requested by the Lender, provide the Lender with (x) title and extended coverage insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Lender) as well as a current ALTA survey thereof, together with a surveyor’s certificate and (y) any consents or estoppels reasonably deemed necessary or advisable by the Lender in connection with such mortgage or deed of trust, each of the foregoing in form and substance reasonably satisfactory to the Lender and (iii) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above, which opinions ...
Additional Collateral; Additional Subsidiaries, etc. (a) With respect to any Property acquired after the Closing Date by the Borrower or any of its Subsidiaries (other than any Property described in clause (b) or (c) below and excluding any Equity Interests or Property of a Foreign Subsidiary that are not required to be pledged pursuant to the last sentence of clause (c) below) as to which the Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien, the Borrower or such applicable Subsidiary will promptly (i) execute and deliver to the Administrative Agent such amendments to the Security Documents or such other documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable perfected, first priority security interest in such property, subject only to Liens permitted under Section 8.3(b), (c), (d) and (p), (ii) take all actions necessary or advisable, or reasonably requested by the Administrative Agent, to perfect the security interest of the Administrative Agent in such Property, including the filing of (x) Uniform Commercial Code financing statements and (y) certificates of title and related filings, in such jurisdictions as may be required by the Obligor Security Agreement or by law or as may be requested by the Administrative Agent and to cause such security interest to be prior to all other Liens on such Property (other than Liens permitted by Section 8.3(b), (c), (d) and (p)), and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent.
(b) With respect to any fee interest in any Real Property acquired after the Closing Date having a Fair Market Value in excess of $1,000,000 by the Borrower or any of its Subsidiaries or owned by a Subsidiary that is acquired after the Closing Date, the Borrower or such applicable Subsidiary shall promptly (i) execute and deliver a first priority Mortgage, in favor of the Administrative Agent, for the benefit of the Lenders, covering such Real Property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such Real Property in an amount at least equal to the purchase price of such Real Property (or such other amount as shall be reasonably specified by the Administrative Agen...