Additional Real Property Collateral. Promptly at the request of the Administrative Agent or the Required Lenders, grant to the Administrative Agent for the ratable benefit of itself and the Lenders a security interest in any real property owned by the Borrower or any of the other Credit Parties on which is located Inventory with a value in excess of $2,000,000 and/or assign to the Administrative Agent for the ratable benefit of itself and the Lenders all rights of the Borrower or any of the other Credit Parties under any such real property owned by the Borrower or any of the other Credit Parties pursuant to documentation reasonably satisfactory to the Administrative Agent and the Required Lenders, and take all actions reasonably requested by the Administrative Agent or the Required Lenders in connection with consummating such assignments and the granting of such security interests including, without limitation, the obtaining of mortgagee title insurance policies, title surveys and real estate appraisals satisfying the requirements of all Applicable Laws, duly recording each document related thereto in such manner and in such places as are required by the law to perfect and preserve the Liens in favor of the Administrative Agent and the Lenders granted pursuant to such documents.
Additional Real Property Collateral. From and after the Closing Date, in the event that (i) the Borrower or any Guarantor acquires any fee interest in real property or (ii) at the time any Person becomes a Guarantor, such Person owns or holds any fee interest in real property, in either case excluding (x) any such Real Property Asset held for sale as approved by the Administrative Agent, (y) any such Real Property Asset the encumbrancing of which requires the consent of any applicable then-existing senior lienholder, where the Borrower and its Subsidiaries are unable to obtain such senior lienholder’s consent and (z) so long as no Event of Default shall have occurred and be continuing, any such Real Property Asset that the Borrower or such Guarantor intends to sell and lease back in accordance with Section 6.8 within 270 days of the date of acquisition of such Real Property Asset or the date such Person becomes a Guarantor, as the case may be (any such non-excluded Real Property Asset described in the foregoing clauses (i) or (ii) being an “Additional Mortgaged Property”), the Borrower will promptly notify the Administrative Agent of that fact and the Borrower or such Guarantor shall deliver to the Administrative Agent, on or before the next Mortgage Delivery Date which occurs at least 30 days after such Person acquires such Additional Mortgaged Property or becomes a Guarantor (or such longer period of time as agreed to by the Administrative Agent) or, in the case of any such Real Property Asset which was excluded from being an Additional Mortgaged Property pursuant to clause (y) above, and which was not sold and leased back within the applicable 270-day period, on or before the next Mortgage Delivery Date which occurs at least 30 days after the expiration of such 270-day period, as the case may be, the following:
Additional Real Property Collateral. If, after the Closing Date, any Borrower or any of its Subsidiaries acquires Real Property used as a manufacturing or warehouse facility (unless such Borrower shall have received the prior written consent of the Agent waiving the application of this Section 6.22 as to such Real Property), such Borrower shall, or shall cause such Subsidiary to, forthwith deliver to Agent a fully executed mortgage or deed of trust over such Real Property, in form and substance satisfactory to Agent, together with title insurance policies, surveys, evidences of insurance with Agent named as loss payee and additional insured, legal opinions and other documents and certificates with respect to such Real Property as was required for Real Property of such Borrower or such Subsidiary as of the Closing Date or as Agent may reasonably request. Borrowers further agree that, following the taking of such actions with respect to such Real Property, Agent shall have, for the benefit of the Lender Group, a valid and enforceable first priority Mortgage over such Real Property, free and clear of all Liens except for Permitted Liens.
Additional Real Property Collateral. Notify the Administrative Agent within ten (10) days after the acquisition of or entry into a new lease of any Real Property by the Borrower or any of its Subsidiaries (a) upon which a broadcast tower is located, (b) upon which a studio or other facility related to the operation of a Station is located or (c) that has a fair market value in excess of $500,000 (but excluding any Real Property where the Administrative Agent reasonably determines that the cost of obtaining a Lien on such Real Property or such lease is excessive in relation to the value afforded thereby), in each case that is not subject to the existing Security Documents and, within ninety (90) days after the acquisition of or entry into a lease of such Real Property, as such date may be extended by the Administrative Agent in its reasonable discretion, (i) with respect to any such owned Real Property, deliver to the Administrative Agent such mortgages, deeds of trust, title insurance policies, environmental reports, surveys, and other documents reasonably requested by the Administrative Agent in connection with granting and perfecting a first priority Lien, subject only to Permitted Liens, on such Real Property in favor of the Administrative Agent, for the ratable benefit of the Secured Parties and (ii) with respect to any such leased Real Property, use its commercially reasonable efforts to deliver such leasehold mortgages, estoppels or subordination, non-disturbance and attornment agreements, landlord waivers and access agreements reasonably requested by the Administrative Agent, all in form and substance acceptable to the Administrative Agent.”
Additional Real Property Collateral. If, after the Closing Date, any Borrower or any of its Subsidiaries acquires Real Property Collateral used as a manufacturing or warehouse facility (unless such Borrower shall have received the prior written consent of the Agent waiving the application of this Section 7.22 as to such Real Property Collateral), such Borrower shall, or shall cause such Subsidiary to, forthwith deliver to Agent a fully executed mortgage or deed of trust over such Real Property Collateral, in form and substance satisfactory to Agent, together with evidences of insurance with Agent named as loss payee and additional insured. Borrowers further agree that, following the taking of such actions with respect to such Real Property Collateral, Agent shall have, for the benefit of the Lender Group, a valid and enforceable first priority Mortgage over such Real Property Collateral, free and clear of all Liens except for Permitted Liens.
Additional Real Property Collateral. By December 31, 2009 (or such later time as agreed to by the Administrative Agent in its reasonable discretion) (such applicable date, the “Collateral Date”), the Borrower shall have (a) if it has timely received the same and had a reasonable opportunity to review the same, executed and delivered to the Administrative Agent Deeds of Trust and/or other Lien filings on the Additional Real Property Collateral, and (b) if timely requested by the Administrative Agent, and promptly following the Borrower’s receipt thereof, delivered to the Administrative Agent (i) related loan or mortgagee title commitments in reasonable and customary form and substance, (ii) flood certificates and (iii) tax affidavits, in each case with respect to the preceding clause (b) to the extent reasonably required by the Administrative Agent, are generally available at commercially reasonable rates or costs and are generally made available by relevant third party sources within the time frame required by this Section, together with payment of all related taxes and fees. If the Borrower fails to deliver the documents in accordance with the immediately preceding sentence by the Collateral Date, the Administrative Agent shall send a written notice to the Borrower informing the Borrower of such failure, identifying such documents that have not been so delivered and stating the basis for such failure, each in reasonable detail. The Borrower acknowledges and agrees that if it does not deliver the documents referenced in such notice from the Administrative Agent in accordance with this Section 4 within ten (10) days of its receipt of such notice, a Default shall then occur.
Additional Real Property Collateral. Borrower shall notify the Agent in writing promptly upon its or any Subsidiary's acquisition or leasing of any Real Property, and, at the Agent's request, shall promptly thereafter execute and deliver to the Agent, for the benefit of Lenders, or cause its Subsidiary to execute and deliver to the Agent, for the benefit of Lenders, a mortgage, deed of trust, deed to secure debt, assignment or other appropriate instrument evidencing a Lien upon any such Real Property, together with such title insurance policies (mortgagee's form), certified surveys, appraisals and local counsel opinions with respect thereto and such other agreements, documents and instruments which the Agent deems necessary or desirable, the same to be in form and substance substantially the same as the Mortgage (with appropriate state law variations) and to be subject only to (a) Permitted Encumbrances and (b) such other Liens as the Agent may approve in its sole discretion, it being understood that the granting of such additional security for the Obligations is a material inducement to the execution and delivery of this Agreement by each Lender.
Additional Real Property Collateral. Section 14.1 of the Credit Agreement is hereby amended by adding the following new clause (g) thereto in appropriate alphabetical order:
Additional Real Property Collateral. The first paragraph of Section 5.11(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Additional Real Property Collateral. Upon the request of Lender, at any time, Borrower and its Subsidiaries shall take all action necessary or reasonably advisable such that Lender shall receive a Lien on all real property interests of Borrower and its Subsidiaries acquired after the Initial Effective Date, including, without limitation, all leasehold interests, and other documents and instruments as requested by Lender at the time of acquisition of such property.
