Additional Mortgaged Properties Clause Samples

Additional Mortgaged Properties. Borrower may at any time acquire an Encumbered Property that is a hotel owned as of the date hereof by a direct or indirect subsidiary of the Operating Partnership and with respect to which all Encumbered Property Indebtedness shall have been repaid, whereupon such Encumbered Property shall become a Mortgaged Property for all purposes hereunder and shall be encumbered by the liens of the Loan Documents (an “Additional Mortgaged Property”), provided that the following conditions are satisfied: (i) Rating Confirmation shall have been received with respect thereto. (ii) each Mezzanine Lender and each holder of any portion of the Loan not contained in a Securitization shall have consented thereto in writing. (iii) Lender shall have reasonably determined that the Additional Mortgaged Property would not result in a decrease in Net Operating Income or expose Borrower or Lender to any material contingent liabilities (unless adequate reserves are maintained with Lender in respect thereof). (iv) Lender shall have received a final current Appraisal of the Additional Mortgaged Property. The Aggregate Allocated Loan Amount of each Additional Mortgaged Property shall equal 94% of its appraised value, as indicated in such Appraisal. (v) Lender shall have received with respect to each Additional Mortgaged Property an Engineering Report and an Environmental Report, in each case in form and from a third party reasonably acceptable to Lender and containing reasonably acceptable reliance language; and Borrower shall have deposited into the Deferred Maintenance and Environmental Escrow Account an amount equal to 125% of the aggregate cost of all items specified in such Engineering Report and Environmental Report as requiring near-term remediation, as reasonably determined by Lender. (vi) With respect to each Additional Mortgaged Property, Borrower shall have executed and delivered to Lender a Mortgage (which shall be recorded in the applicable real property records) and an Environmental Indemnity, and Borrower shall have authorized the filing of applicable UCC financing statements. Such documents shall be in substantially the form of the corresponding Loan Documents executed on the Closing Date, with such state-specific modifications as shall be recommended by counsel admitted to practice in such state and selected by Lender. Each Mortgage shall secure the entire Indebtedness, provided that in the event that the jurisdiction in which the applicable Additional Mortgaged Propert...

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. 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. 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.

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. The Borrower agrees that upon request by the Administrative Agent the Borrowers will, within five (5) days of such request, grant the Banks a first and prior mortgage or deed of trust lien on any oil and gas properties owned or hereafter acquired thereby whether by virtue of acquisition, drilling or otherwise.

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.