Agreement to Pledge. The Borrower shall, and shall cause each Subsidiary to, grant to the Administrative Agent an Acceptable Security Interest in all personal Property of the Borrower or any Subsidiary now owned or hereafter acquired, and shall, and shall cause each Subsidiary to, grant to the Administrative Agent an Acceptable Security Interest in at least 90% of the PV-10 of the Proven Reserves of the Borrower and its Subsidiaries based on its most recently delivered Engineering Report.
Agreement to Pledge. (a) In connection with each redetermination of the Borrowing Base, each Credit Party shall, and shall cause its Subsidiaries that is a Credit Party to, review its respective Oil and Gas Properties to ascertain whether such Oil and Gas Properties are subject to an Acceptable Security Interest. In the event that the Oil and Gas Properties subject to an Acceptable Security Interest do not represent at least 90% of the Proved Hydrocarbon Interests and the Oil and Gas Properties relating thereto and 100% of the Original Mortgaged Properties (other than any Original Mortgaged Properties which are Disposed of as permitted under Section 6.13), then each Credit Party shall, and shall cause each of its Subsidiaries that is a Credit Party to, grant to the Administrative Agent within thirty (30) days of the date the Reserve Report for such redetermination is required to be delivered (subject to the last sentence of this clause (a)), as security for the Obligations an Acceptable Security Interest on such Oil and Gas Properties not already subject to an Acceptable Security Interest such that after giving effect thereto, the Oil and Gas Properties subject to an Acceptable Security Interest will constitute at least 90% of the Proved Hydrocarbon Interests and the Oil and Gas Properties relating thereto and 100% of the Original Mortgaged Properties (other than such Original Mortgaged Properties which are Disposed of as permitted under Section 6.13). All such Liens will be created and perfected by and in accordance with the provisions of deeds of trust, security agreements and financing statements or other Collateral Documents, all in form and substance reasonably satisfactory to the Administrative Agent and in sufficient executed (and acknowledged where necessary or appropriate) counterparts for recording purposes. Notwithstanding the foregoing, (i) the Administrative Agent in its sole discretion may agree to a later date for the Credit Parties to comply with this clause (a) so long as such later date is no later than 60 days after the otherwise required date, and (ii) in any event, if the Borrowing Base is to be redetermined on the date of an acquisition, the requirements on this clause (a) shall be satisfied on the date of such acquisition.
Agreement to Pledge. The Borrower shall, and shall cause each Subsidiary to, grant to the Administrative Agent an Acceptable Security Interest in any Property of the Borrower or any Subsidiary now owned or hereafter acquired promptly after receipt of a written request from the Administrative Agent; provided that, unless an Event of Default has occurred and is continuing, the Administrative Agent shall not be permitted to request nor shall the Borrower be required to (a) grant an Acceptable Security Interest in Oil and Gas Properties in excess of 80% (by value) of all of the Borrower’s and its Subsidiaries’ Proven Reserves and Oil and Gas Properties, (b) other than the filing of financing statements, take any action to perfect a Lien in any Excluded Perfection Assets, or (c) xxxxx x Xxxx in any Excluded Property.
Agreement to Pledge. The Borrower shall, and shall cause each Subsidiary to, grant to the Administrative Agent an Acceptable Security Interest in any Property of the Borrower or any Subsidiary now owned or hereafter acquired promptly after receipt of a written request from the Administrative Agent.
Agreement to Pledge. The Collateral Agent, upon receipt of a Collateral Transmittal describing the AP Mortgages to be covered by an AP Notice and an Agreement to Pledge as of that date, shall (subject to the eligibility requirements set forth in the Credit Agreement) include such AP Mortgages as Eligible Collateral in the Collateral Value Determination (as defined Paragraph 6(a) below). The Company shall deliver the Required Mortgage Documents for each such AP Mortgage not later than the ninth (9th) Business Day after the date such AP Mortgage is first so included as a Eligible Collateral. When a delivery of what purports to be the Required Mortgage Documents for an AP Mortgage is received by the Collateral Agent on a given Business Day, such AP Mortgage shall no longer be treated as an AP Mortgage for purposes of the Borrowing Base Sublimits, and shall be included in any Collateral Value Determination or other calculation involving the value of the Borrowing Base on such Business Day prior to the Collateral Agent's review thereof on the assumption that such AP Mortgage is Eligible Collateral. The Collateral Agent shall review such Required Mortgage Documents in accordance with the steps described on Exhibit 1 hereto before the opening of business of the Collateral Agent on the next succeeding Business Day and shall make a decision on the eligibility of the applicable Mortgage Loan for that Business Day.
Agreement to Pledge. 2.1 As security for the full repayment, discharge and performance of the Secured Obligations, the Pledgor hereby agrees to grant in favour of the Notes Foreign Collateral Agent, a pledge (nantissement) of the Pledged Account.
Agreement to Pledge. As and when required under the Security Agreement (and subject to the terms hereof and thereof (including any exceptions, limitations and time periods provided therein), each Credit Party shall, grant to Collateral Trustee, for the benefit of the Secured Parties, an Acceptable Security Interest in any Property of such Credit Party (other than Excluded Property) now owned or hereafter acquired, including without limitation, (i) each Credit Party shall execute and deliver to the Collateral Trustee (or any successor entity thereof) for the benefit of the Secured Parties hereunder, deposit account control agreements for each of their Deposit Accounts (other than Excluded Deposit/Security Accounts as defined in the Security Agreement) in accordance with Section 5.1 of the Security Agreement and (ii) the Company shall deliver to the Collateral Trustee (or any successor entity thereof) for the benefit of the Secured Parties hereunder, certificates representing all of the Equity Interests owned by the Company or any other Credit Party (other than Excluded Property), together with undated stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the Company or another Credit Party, as applicable. The Company shall deliver to the Collateral Trustee insurance certificates naming Collateral Trustee as additional insured, or loss payee, as applicable, and evidencing insurance which meets the requirements of this Indenture and the Security Documents.
Agreement to Pledge. (a) The Borrower shall, and shall cause each Guarantor to, grant to the Administrative Agent an Acceptable Security Interest in any Property of the Borrower or any Guarantor (except for interests in real property and any aircraft) now owned or hereafter acquired promptly after receipt of a written request from the Administrative Agent.
Agreement to Pledge. The Borrower shall, and shall cause each Subsidiary (other than any Non-Guarantor Subsidiary) to, grant to the Administrative Agent an Acceptable Security Interest in any Property of the Borrower or such Subsidiary now owned or hereafter acquired, including Borrowing Base Properties and Proven Reserves attributable thereto, promptly after receipt of a written request from the Administrative Agent; provided that, so long as no Default or Event of Default shall have occurred and be continuing, the Borrower and such Subsidiaries shall not be required to grant an Acceptable Security Interest in any Borrowing Base Properties that constitute more than 90% (by value) of Borrowing Base Properties and Proven Reserves attributable thereto (but in no event shall the Administrative Agent have an Acceptable Security Interest in less than 90% (by value) of all such Borrowing Base Properties and Proven Reserves attributable thereto). Notwithstanding the foregoing, (a) neither the Borrower nor any of its Subsidiaries shall be required to grant an Acceptable Security Interest in its ownership interest in and to Medusa Spar, LLC and (b) if the Borrower fails to obtain the lien releases set forth in Section 5.12, the Administrative Agent may, at its option, request that the Borrower grant an Acceptable Security Interest in substitute Borrowing Base Properties that are not subject to the liens and security interests referenced in Section 5.12 and the Borrower agrees, with 14 days of such request, to take such action as is necessary to deliver an Acceptable Security Interest in such substitute Borrowing Base Properties to the extent required to maintain compliance with this Section 5.08.
Agreement to Pledge. The Borrower shall, and shall cause each Restricted Subsidiary to, grant to the Administrative Agent an Acceptable Security Interest in any Property of the Borrower or any Restricted Subsidiary now owned or hereafter acquired promptly after receipt of a written request from the Administrative Agent; provided that (a) in no event shall the Administrative Agent be permitted to request or the Borrower be required to grant an Acceptable Security Interest in any Oil and Gas Properties that exceeds 90% (by value) (or such greater percentage if required under any First Lien Loan Document or any Third Lien Loan Document) of all of the Borrower’s and its Restricted Subsidiaries’ Proven Reserves and Oil and Gas Properties, and (b) the Borrower shall cause the Administrative Agent to, at all times and without any requirement of a written request from the Administrative Agent, have an Acceptable Security Interest in at least 90% (by value) (or such greater percentage if required under any First Lien Loan Document or any Third Lien Loan Document) of all of the Borrower’s and its Restricted Subsidiaries’ Proven Reserves and Oil and Gas Properties.
