Additional Properties; Other Collateral. In the event that (a) any Loan Party acquires any Oil and Gas Property or (b) any Property owned or leased by a Loan Party on the Closing Date becomes Oil and Gas Property and such interest or interests under clauses (a) or
Additional Properties; Other Collateral. In the event that (a) any Loan Party acquires any Oil and Gas Property or (b) any Property owned or leased by a Loan Party on the Closing Date becomes Oil and Gas Property and such interest or interests under clauses (a) or (b) have an aggregate value in excess of $500,000 and have not otherwise been made subject to the Lien of the Collateral Documents in favor of the Administrative Agent for the benefit of the Lenders, then such Loan Party, contemporaneously with acquiring such Oil and Gas Property, in the case of clause (a), promptly after any Property owned or leased on the Closing Date becomes an Oil and Gas Property, in the case of clause (b), must take all such actions and execute and deliver, or cause to be executed and delivered, all such mortgages, documents, instruments, agreements, opinions and certificates with respect to each such Property that the Administrative Agent shall reasonably request to create in favor of the Administrative Agent, for the benefit of the Lenders, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in such Property (subject only to Permitted Liens) such that, at all times the Administrative Agent will have a mortgage lien on all of the Oil and Gas Properties of the Loan Parties (except as provided above and other than Excluded Assets). Each Loan Party will at all times cause all personal property of such Loan Party (other than Excluded Assets) to be subject to a First Priority Lien (subject only to Permitted Liens) in favor of the Administrative Agent pursuant to the Collateral Documents. All of the issued and outstanding Capital Stock of each Loan Party (other than Parent) shall at all times be pledged to the Administrative Agent pursuant to the Collateral Documents.
Additional Properties; Other Collateral. (a) In the event that any Loan Party acquires any Property (or acquires a Subsidiary required to become a Loan Party pursuant to Section 6.11 owning any Property) after the Closing Date (other than any such Property that constitutes Excluded Assets), and such Property has not otherwise been made subject to the Lien of the Collateral Documents in favor of Administrative Agent for the benefit of the Lenders, then such Loan Party (including a Subsidiary becoming a Loan Party), promptly (and, in any event, within twenty (20) days (or such longer period as permitted by the Administrative Agent)) upon its acquiring such Property or becoming a Loan Party, shall take all such actions and execute and deliver, or cause to be executed and delivered, all such mortgages, documents, instruments, Control Agreements, agreements, certificates of title (and notations thereto), Landlord Estoppel, Consent and Access Agreement, surveys, title commitments, opinions and certificates to the extent required in Section 6.14(b) and Section 3.1(g)(i), as applicable, with respect to each such Property, together with any other action, in each case that Administrative Agent or the Requisite Lenders may reasonably request in order to create in favor of Administrative Agent, for the benefit of the Lenders, a valid and, subject to any filing and/or recording referred to herein, perfected Acceptable Lien in such Property (subject only to Permitted Liens) such that, at all times Administrative Agent will have a Lien on all of the personal Properties and all of the real Properties constituting Material Real Estate Assets of the Loan Parties. All of the issued and outstanding Capital Stock (except for any such Capital Stock which constitutes Excluded Assets) of (i) the Borrower and (ii) each Subsidiary of the Borrower shall at all times be pledged to Administrative Agent pursuant to the Collateral Documents.
