Additional Mortgaged Properties. Following the Closing Date, the Company may add additional tracts of real property owned (or to the extent constituting a Permitted Leasehold Mortgaged Property, leased) by the Company or any of its Subsidiaries as Mortgaged Properties (each an “Additional Mortgaged Property”), subject to the satisfaction of the Additional Mortgaged Property Requirements.
Additional Mortgaged Properties. Either (x) the Borrower and the Management Company shall have taken and completed all of the following actions with respect to each of the last five locations described on Annex III hereto which is a Mortgaged Property as of the Closing Date, or (y) the Borrower shall have failed to complete any of the actions specified in clause (ii) or (iii) below, but otherwise shall have completed all of the other actions specified below, in which event the provisions of section 5.2 shall become effective:
(i) duly executed and caused to be filed for record in the real property records of the county in which the affected real property encumbered thereby is located its Mortgage, its Lease Assignment and such Uniform Commercial Code financing statements as the Administrative Agent may deem necessary or appropriate to create and/or to perfect the first and paramount lien and security interest in favor of the Administrative Agent in the real and personal property described therein;
(ii) furnished to the Administrative Agent an original loan policy of title insurance (ALTA 1970 Form B) issued by a title insurance company satisfactory to the Administrative Agent (the "TITLE COMPANY"), insuring, in amounts (taking into account the Appraised Values of the respective Mortgaged Properties), on terms and with such affirmative coverages or endorsements as the Administrative Agent may require (including but not limited to the so-called "revolving credit" and "variable rate" endorsements and such facultative direct-access reinsurance treaties as the Administrative Agent may require), that each such Mortgage is a valid first lien upon the real property encumbered thereby, subject only to such exceptions or matters affecting title as the Administrative Agent may approve in writing;
(iii) furnished to the Administrative Agent a current as-built survey showing such matters as may be required by the Administrative Agent, which survey shall be: (A) acceptable in form and content to the Administrative Agent; (B) certified to the Administrative Agent and the Title Company; and (C) prepared by a registered surveyor acceptable to the Administrative Agent in accordance with the minimum standard detail requirements for ALTA/ACSM Title Surveys, so as to eliminate any and all "survey exceptions" from the title insurance policies described above, and containing
(1) a note as to the zoning classification of the subject property; and (2) a statement of whether the subject property is located in a fl...
Additional Mortgaged Properties. From time to time during the term of this Agreement following the Lead Borrower’s written request, the Administrative Agent shall accept one or more Real Properties into the Pool as Collateral upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent:
(i) The Borrower (or applicable Credit Party) shall have satisfied all of requirements set forth in the definition of Mortgaged Property and in Section 5.12(a) as to such real estate.
(ii) The Borrower shall have delivered to the Administrative Agent a Compliance Certificate and Borrowing Base Certificate evidencing compliance with Section 5.02 and Section 5.12 after giving effect to such addition.
(iii) The Borrower shall have delivered to the Administrative Agent a certification that the Real Property is free of any material environmental, structural, architectural, mechanical or title defects.
(iv) The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and expenses and other costs and expenses incurred by Administrative Agent in connection with the additional Mortgaged Property.
(v) The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission or rejection of any Real Property as a Mortgaged Property. To the extent that an Real Property does not meet the requirements to qualify as a Mortgaged Property, as defined, the Borrower may nevertheless request that such Real Property be included as a Mortgaged Property and the Required Lenders may, in their sole and absolute discretion, agree to the acceptance of such Real Property as an additional Mortgaged Property.
Additional Mortgaged Properties. If any Mortgaged Property is acquired by any Loan Party after the Fourth Amendment Date, Crocs will promptly notify the Administrative Agent thereof and will, as promptly as practicable, and in any event within ninety (90) days (or such longer period as the Administrative Agent may agree in writing) after such Mortgaged Property is acquired, cause such assets to be subjected to a Lien securing the Obligations and take such actions as shall be necessary or reasonably requested by the Administrative Agent to satisfy the Collateral and Guarantee Requirement (other than with respect to Excluded Property), including, without limitation, to grant and perfect such Lien, all at the expense of the Borrower.
Additional Mortgaged Properties. (a) Within 60 days after the Closing Date (or such longer period of time as may be agreed by the Administrative Agent in its reasonable discretion), the Borrower agrees to execute and deliver such documents (and the Borrower agrees to execute and deliver such additional documents from time to time thereafter as are reasonably requested by the Administrative Agent) to provide that at least the greater of (i) 90% and (ii) the percentage threshold established in the Revolving Credit Agreement, of the net present value of the proved oil and gas reserves owned by the Borrower and each Guarantor, taken as a whole, are Mortgaged Properties.
(b) In the event the Tangible Net Worth of any Guarantor (calculated with respect to CCBM without including the capital stock of Pinnacle so long as Pinnacle is not a Subsidiary) exceeds 3% or more of the Tangible Net Worth of the Borrower and its Subsidiaries, on a consolidated basis, the Borrower shall cause such Guarantor to execute and deliver to the Administrative Agent, for the ratable benefit of the Secured Parties, Mortgages in form and substance reasonably acceptable to the Administrative Agent together with such other assignments, conveyances, amendments, agreements and other writings (each duly authorized and executed) as the Administrative Agent shall reasonably deem necessary or appropriate to grant, evidence and perfect the Encumbrances in the assets and properties of such Guarantor (provided in no event shall the capital stock of Pinnacle be pledged so long as Pinnacle is not a Subsidiary).
Additional Mortgaged Properties. (a) The Borrower agrees to execute and deliver from time to time such documents as are reasonably requested by the Agent to provide that at least 90% of the net present value of the proved oil and gas reserves owned by the Borrower and each Guarantor, taken as a whole, are Mortgaged Properties.
Additional Mortgaged Properties. (a) Within sixty (60) days following the First Amendment Effective Date, provide to the Administrative Agent a fully executed and notarized Mortgage encumbering the fee interest of the applicable Loan Party in such additional fee owned real properties of the Borrower and its Subsidiaries as are agreed to by the Administrative Agent and the Borrower such that the Administrative Agent shall be reasonably satisfied that the appraised value of all Mortgaged Properties is at least $100,000,000, together with (i) such other Real Property Security Documents with respect to such additional real properties as are requested by the Administrative Agent, in each case, in form and substance satisfactory to the Administrative Agent and (ii) an environmental assessment report as to each such additional real property, in form and substance and from professional firms reasonably acceptable to the Administrative Agent.
(b) Upon satisfaction of the covenants set forth in clause (a) above, the Administrative Agent will release its security interest in each of the real properties set forth on Schedule 6.16 and provide such release documents as are reasonably requested by the Borrower, in each case, at the sole expense of the Borrower.
(d) Schedule 1 hereto is added as a new Schedule 6.16 to the Credit Agreement.
Additional Mortgaged Properties. As an additional condition precedent to any Revolver Loans requested by the Borrower pursuant to Section 2.1 hereof, the Agent has the right, in its sole discretion or at the direction of the Required Banks, to elect to take any or all of the properties to be acquired in domestic oil and gas reserve acquisitions made by the Borrower with Revolver Loans funded hereunder or otherwise, as Collateral for the Indebtedness pursuant to such supplemental or additional mortgages, deeds of trusts or security agreements covering such additional properties in form and substance satisfactory to the Agent and its counsel and in full compliance with the criteria of clauses (i), (ii) and (iii) of Section 3.2(b) above as additional security for the Notes and the Indebtedness. All of such additional properties will be deemed part and parcel of the Collateral constituting security for the repayment of the Indebtedness.
Additional Mortgaged Properties. As an additional condition precedent to any Revolver Loans requested by the Borrower pursuant to Section 2.1 hereof, the Lender has the right, in its sole discretion, to elect to take any or all of the properties to be acquired in domestic oil and gas reserve acquisitions made by the Borrower with Revolver Loans funded hereunder or otherwise, as Collateral for the Indebtedness pursuant to such supplemental or additional mortgages, deeds of trusts or security agreements covering such additional properties in form and substance satisfactory to the Lender and its counsel and in full compliance with the criteria of clauses (i), (ii) and (iii) of Section 3.2(b) above as additional security for the Note and the Indebtedness. All of such additional properties will be deemed part and parcel of the Collateral constituting security for the repayment of the Indebtedness.
Additional Mortgaged Properties. Provide to the Administrative Agent a fully executed and notarized Mortgage encumbering the fee interest of the applicable Loan Party in such additional Eligible Restaurants such that the requirements of Section 7.1 are complied with at all times, together with (i) such other Real Property Security Documents with respect to such additional real properties as are requested by the Administrative Agent, in each case, in form and substance satisfactory to the Administrative Agent and (ii) an environmental assessment report as to each such additional real property, in form and substance and from professional firms reasonably acceptable to the Administrative Agent.
