Common use of Certain After-Acquired Collateral Clause in Contracts

Certain After-Acquired Collateral. Obligors shall promptly notify Agent in writing if, after the Closing Date, any Obligor obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, registered Intellectual Property, Investment Property or Letter-of-Credit Rights and, upon Agent’s request, shall promptly take such actions as Agent reasonably deems appropriate to effect Agent’s duly perfected, first priority Lien upon such Collateral, including using commercially reasonable efforts to obtain any appropriate possession, control agreement or Lien Waiver. If any Collateral is in the possession of a third party, at Agent’s reasonable request, Obligors shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

Appears in 2 contracts

Samples: Loan, Guaranty and Security Agreement (Parametric Sound Corp), Loan, Guaranty and Security Agreement (Parametric Sound Corp)

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Certain After-Acquired Collateral. Obligors shall promptly (a) notify Agent in writing if, after the Closing Date, any if an Obligor obtains any an interest in any Collateral consisting of Deposit AccountsAccount, Chattel Paper, DocumentsDocument, InstrumentsInstrument, registered Intellectual Property, Investment Property or Letter-of-Credit Rights andRights, and (b) upon Agent’s request, shall promptly take such actions as Agent reasonably deems necessary and appropriate in its Permitted Discretion to effect Agent’s duly its perfected, first priority Lien upon (subject only to Permitted Liens) on such Collateral, including using commercially reasonable efforts to obtain any appropriate possession, control agreement or Lien Waiver. If any Collateral owned by an Obligor is in the possession of a third party, at Agent’s reasonable request, Obligors shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

Appears in 2 contracts

Samples: Loan, Guaranty and Security Agreement (Turtle Beach Corp), Loan, Guaranty and Security Agreement (Turtle Beach Corp)

Certain After-Acquired Collateral. Obligors shall promptly notify Agent in writing if, after the Closing Effective Date, any Obligor obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, registered Intellectual Property, Investment Property or Letter-of-Credit Rights and, in any case, having a value in excess of $50,000, and, upon Agent’s request, shall promptly take such actions as Agent reasonably deems appropriate to effect Agent’s duly perfected, first priority Lien upon such Collateral, including using commercially reasonable efforts to obtain obtaining any appropriate possession, control agreement or Lien Waiver. If any Collateral is in the possession of a third party, at Agent’s reasonable request, Obligors shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

Appears in 2 contracts

Samples: Loan and Security Agreement (Seneca Foods Corp), Loan and Security Agreement (Seneca Foods Corp)

Certain After-Acquired Collateral. Obligors shall promptly notify Agent in writing if, after the Closing Effective Date, any Obligor obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, registered Intellectual Property, Investment Property or Letter-of-Credit Rights and, in any case, having a value in excess of $50,000, and, upon Agent’s 's request, shall promptly take such actions as Agent reasonably deems appropriate to effect Agent’s 's duly perfected, first priority Lien upon such Collateral, including using commercially reasonable efforts to obtain obtaining any appropriate possession, control agreement or Lien Waiver. If any Collateral is in the possession of a third party, at Agent’s reasonable 's request, Obligors shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

Appears in 1 contract

Samples: Loan and Security Agreement (Seneca Foods Corp)

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Certain After-Acquired Collateral. Obligors shall promptly notify Agent in writing if, after the Closing Date, any Obligor obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, registered Intellectual Property, Investment Property or Letter-of-Credit Rights Rights, in each case, relating to the Collateral, and, upon Agent’s request, shall promptly take such actions as Agent reasonably deems appropriate to effect Agent’s duly perfected, first priority Lien upon such Collateral, including using commercially reasonable efforts to obtain obtaining any appropriate possession, control agreement (other than with respect to all Excluded Accounts) or Lien Waiver. If any Collateral is in the possession of a third party, at Agent’s reasonable request, Obligors the applicable Obligor shall use commercially reasonable efforts to obtain an acknowledgment in form and substance satisfactory to Agent that such third party holds the Collateral for the benefit of Agent.

Appears in 1 contract

Samples: Credit and Security Agreement (Titan International Inc)

Certain After-Acquired Collateral. Obligors shall promptly (a) notify Agent in writing if, after the Closing Date, any if an Obligor obtains any an interest in any Collateral consisting of Deposit AccountsAccount, Chattel Paper, DocumentsDocument, InstrumentsInstrument, registered Intellectual Property, Investment Property or Letter-of-Credit Rights andRights, and (b) upon Agent’s request, shall promptly take such actions as Agent reasonably deems necessary and appropriate in its Permitted Discretion to effect Agent’s duly its perfected, first priority Lien upon (subject only to Permitted Liens and the Intercreditor Agreement) on such Collateral, including using commercially reasonable efforts to obtain any appropriate possession, control agreement or Lien Waiver. If any Collateral owned by an Obligor is in the possession of a third party, at Agent’s reasonable request, Obligors shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

Appears in 1 contract

Samples: Loan Agreement (Turtle Beach Corp)

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