Collateral Covenant Sample Clauses

Collateral Covenant. Each Obligor hereby covenants that, except for the Permitted Encumbrances, such Obligor is or will be at the time additional Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer and create a security interest therein, free and clear of any and all claims or Liens in favor of others; that such Obligor will at its expense forever warrant and, at the Lenders' and/or the Agent's request, defend the same from any and all claims and demands of any other person other than the Permitted Encumbrances. Such Obligor will not grant, create or permit to exist, any Lien upon or security interest in the Collateral, or any proceeds thereof, in favor of any other Person other than the holders of the Permitted Encumbrances. No Obligor will (a) change the location of its chief executive office/chief place of business from that specified in Schedule 5.04 or remove its books and records from the location specified in Schedule 5.04, (b) move the Equipment from the Real Estate, or (c) change its name (including the adoption of any new trade name), identity or corporate structure, unless, in any of the circumstances described in the immediately preceding clauses (a) through (c), it shall have provided at least thirty (30) days prior written notice to the Agent of any such change in location of its chief executive office/chief place of business, change in name or change in location of Inventory or Equipment. Each Obligor will from time to time notify the Agent of each location at which any amount of the Collateral or such books and records are to be kept, including for temporary processing, storage or similar purposes. The Obligors shall not permit more than $1,000,000 in aggregate book value of Inventory, regardless of by whom owned, to be kept at a location (or locations) other than a location that is (A) listed under the name of the Obligor that owns such Inventory on Schedule 5.04 hereto, as amended by Agent from time to time to reflect the addition or deletion of locations at which Collateral is kept, stored or processed (as notified to Agent by the Obligors from time to time pursuant to this Section 5.04), and (B) not one of the Excluded Premises. Except as permitted by the preceding sentence, no Obligor shall remove any amount of Collateral or such books or record to a location not set forth on Schedule 5.04 or otherwise keep any amount of Collateral (other than Real Estate, to the extent described in Schedule...
Sample 1See All (4)
AutoNDA by SimpleDocs
Collateral Covenant. 58 SECTION 5.05.
Sample 1Sample 2
Collateral Covenant. At any time on or after the Closing Date, at U.S. Borrower's expense: (a) U.S. Borrower will, and will cause each Subsidiary Guarantor to, execute and deliver, within forty-five (45) days after any request therefor by U.S. Agent, all further instruments and documents and take all further action that may be necessary, in order to give effect to, and to aid in the exercise and enforcement of the Liens, rights and remedies of U.S. Agent, U.S. Lenders and Collateral Agent under this Agreement, the U.S. Security Documents and each other instrument and agreement executed in connection with any of the foregoing. (b) U.S. Borrower will, and will cause each Subsidiary Guarantor to, take any and all steps, and execute and deliver one or more U.S. Security Documents to insure that all property of U.S. Borrower and its Significant Subsidiaries (other than Excluded Collateral) will be subject to Liens in favor of Collateral Agent pursuant to one or more U.S. Security Documents in form reasonably satisfactory to U.S. Agent. (c) Canadian Borrower will execute and deliver, within forty-five (45) days after any request therefor by Canadian Agent, all further instruments and documents and take all further action that may be necessary, in order to give effect to, and to aid in the exercise and enforcement of the Liens, rights and remedies of Canadian Agent and Canadian Lenders under this Agreement, the Canadian Security Documents and each other instrument and agreement executed in connection with any of the foregoing. (d) Canadian Borrower will take any and all steps, and execute and deliver one or more Canadian Security Documents to insure that all property of Canadian Borrower will be subject to Liens in favor of Canadian Agent pursuant to one or more Canadian Security Documents in form reasonably satisfactory to Canadian Agent.
Sample 1
Collateral Covenant. (a) The Company hereby agrees and covenants that it will, and will cause each Significant Subsidiary to, on or before December 23, 2002, enter into, or cause to be delivered, such agreements, documents or instruments of any kind (including, without limitation, security agreements, mortgages, deeds of trust, UCC financing statements and opinions of nationally recognized counsel as to the enforceability, Lien perfection, no conflicts with agreements and other customary matters), acceptable in all respects to the Required Holders, to grant Liens in favor of a Collateral Agent on all personal property of the Company and Significant Subsidiaries whether now held or hereafter acquired by the Company or any such Significant Subsidiary (other than Excluded Receivables and Excluded Collateral), in each case to secure the obligations of the Company and each Guarantor under the Note Agreement, the Notes and the Guarantee Agreement; provided, that the Company's obligation to grant such Liens on or before December 23, 2002 shall be conditioned upon the execution by the holders of Notes and the Other Senior Creditors of an Acceptable Intercreditor Agreement. The Company further agrees and covenants that it will, and will cause each Significant Subsidiary to, as soon as reasonably practicable after the Effective Date and in any event on or before February 15, 2003, enter into, or cause to be delivered, such agreements, documents or instruments of any kind (including, without limitation, security agreements, mortgages, deeds of trust, UCC financing statements and opinions of nationally recognized counsel as to the enforceability, Lien perfection, no conflicts with agreements and other customary matters) acceptable in all respects to the Required Holders, to grant Liens in favor of the Collateral Agent on all real property owned by the Company or any Significant Subsidiary, whether now held or hereafter acquired by the Company or any such Significant Subsidiary (other than Excluded Collateral), in each case to secure the Obligations of the Company and each Guarantor under the Agreement and the Guarantee Agreement; provided, that the Company's obligation to grant such Liens by February 15, 2003 shall be conditioned upon the execution by the holders of the Notes and the Other Senior Creditors of an Acceptable Intercreditor Agreement. Such collateral may be shared on a pari passu basis with the Other Senior Creditors pursuant to an Acceptable Intercreditor Agreement. Notwiths...
Sample 1Sample 2
Collateral Covenant. At any time on or after the Effective Date (as such term is defined in the Second Amendment), at the Company's expense: (a) The Company will, and will cause each Guarantor to, execute and deliver, within forty-five (45) days after any request therefor by the Required Holders, all further instruments and documents and take all further action that may be necessary, in order to give effect to, and to aid in the exercise and enforcement of the Liens, rights and remedies of the holders of the Notes and the Collateral Agent under, the Note Agreement, the Notes, the Security Documents and each other instrument and agreement executed in connection with any of the foregoing. (b) The Company will, and will cause each Guarantor to, take any and all steps, and execute and deliver one or more Security Documents to insure that all property of the Company and its Significant Subsidiaries (other than Excluded Exhibit A-13 Receivables and Excluded Collateral) will be subject to Liens in favor of the Collateral Agent pursuant to one or more Security Documents in form reasonably satisfactory to the Required Holders." 13. Section 6 of the Existing Note Agreement is hereby amended by adding the following new Section 6.15:
Sample 1Sample 2
Collateral Covenant. 49 SECTION 5.05.
Sample 1
Collateral Covenant. Section 6(f)(ii) of the Existing Agreement is hereby deleted and replaced with the following. “Each Applicant shall at all times cause the Collateral Value of the Collateral pledged by it to equal or exceed the Outstanding Secured Credits of such Applicant at such time. If on any date the Outstanding Secured Credits of such Applicant shall exceed the Collateral Value of the Collateral pledged by such Applicant, such Applicant agrees to pay or deliver to the Custodian no later than three (3) Business Days after the earlier of (i) the date on which any Credit Party acquires actual knowledge thereof and (ii) the date on which written notice thereof is delivered by Bank to such Applicant, Collateral having an aggregate Collateral Value of not less than the amount of such excess, with any such Collateral to be held in such Applicant’s Custodial Account as security for all Secured Obligations of such Applicant hereunder.”
Sample 1
AutoNDA by SimpleDocs
Collateral Covenant 
Sample 1

Related to Collateral Covenant

  • Collateral Covenants Until the Revolving Credit Facility has been terminated and all the Secured Obligations have been paid in full, unless the Required Lenders shall otherwise consent in the manner provided in Section 15.9:

  • General Covenant The Lessee shall not assign this Lease or mortgage, pledge or sublet the Leased Premises herein described without the written consent of the Lessor. The Lessee shall contract with the other parties to use and maintain the Leased Premises in accordance with the laws, regulations and ordinances of the United States of America, the State of Indiana, the City and all other proper governmental authorities.

  • Collateral Coverage Ratio ‌ (i) Within ten (10) Business Days after (x) the last day of March, June, September and December of each year (beginning with December 2020) or (y) any date on which an Appraisal is delivered pursuant to clause Error! Reference source not found. of Section 5.16 (each such date in clauses (x) and (y), a “CCR Reference Date” and the tenth Business Day after a CCR Reference Date, a “CCR Certificate Delivery Date”), the Parent shall deliver to the Administrative Agent a certificate of a Responsible Officer of the Parent containing a calculation of the Collateral Coverage Ratio (a “CCR Certificate”). (ii) If the Collateral Coverage Ratio with respect to any CCR Reference Date is less than 1.60 to 1.00, the Borrower shall, no later than ten (10) Business Days after the applicable CCR Certificate Delivery Date, (x) prepay any outstanding Loans such that following such prepayment, the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by subtracting any such prepaid portion of the Loans, shall be no less than 1.60 to 1.00 and/or (y) designate Additional Collateral as additional Eligible Collateral and comply with Sections 5.13 and 5.15, collectively, in an amount such that following such designation, the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by adding such Additional Collateral, shall be no less than 1.60 to 1.00. (iii) At the Parent’s request, the Lien on any Collateral will be released; provided, in each case, that the following conditions are satisfied or waived: (a) no Event of Default shall have occurred and be continuing, (b) either (x) after giving effect to such release, the Collateral Coverage Ratio is not less than 2.00 to 1.00 (or in the case of a swap or exchange of existing Additional Collateral with new Additional Collateral, less than 1.60 to 1.00) or (y) the Parent shall prepay or cause to be prepaid the Loans and/or shall designate Eligible Collateral as Additional Collateral and comply with Sections 5.13 and 5.15, collectively, in an amount necessary to cause the Collateral Coverage Ratio to not be less than 2.00 to 1.00 (or in the case of a swap or exchange of existing Additional Collateral with new Additional Collateral, less than‌

  • Special Covenants If any Company shall fail or omit to perform and observe Section 5.7, 5.8, 5.9, 5.11, 5.12, 5.13 or 5.15 hereof.

  • Additional Covenant In Section 4 add a new paragraph as follows:

  • General Covenants The Corporation covenants with the Warrant Agent that, so long as any Warrants remain outstanding: (a) it will reserve and keep available a sufficient number of Common Shares for the purpose of enabling it to satisfy its obligations to issue Common Shares upon the exercise of the Warrants; (b) it will cause the Common Shares from time to time acquired pursuant to the exercise of the Warrants to be duly issued and delivered in accordance with the Warrants and the terms hereof; (c) all Common Shares which shall be issued upon exercise of the right to acquire provided for herein shall be fully paid and non-assessable; (d) it will use reasonable commercial efforts to maintain its existence and carry on its business in the ordinary course; (e) it will use reasonable commercial efforts to ensure that all Common Shares outstanding or issuable from time to time (including without limitation the Common Shares issuable on the exercise of the Warrants) continue to be or are listed and posted for trading on the NEO or CSE (or such other stock exchange acceptable to the Corporation), provided that this clause shall not be construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the Common Shares ceasing to be listed and posted for trading on the NEO or CSE, so long as the holders of Common Shares receive securities of an entity that is listed on a stock exchange in Canada or the United States, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable corporate and securities laws and the policies of the NEO, CSE or other stock exchange on which the Common Shares are trading; (f) it will make all requisite filings under applicable Canadian securities legislation including those necessary to remain a reporting issuer not in default in each of the provinces and other Canadian jurisdictions where it is or becomes a reporting issuer for a period of 24 months after the Effective Date, provided that this clause shall not be construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the Common Shares ceasing to be listed and posted for trading on the NEO or CSE (or such other Canadian stock exchange acceptable to the Corporation), so long as the holders of Common Shares receive securities of an entity that is listed on a stock exchange in Canada or the United States, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable corporate and securities laws and the policies of the NEO, CSE or other Canadian stock exchange on which the Common Shares are trading; (g) the Corporation will promptly notify the Warrant Agent and the Warrantholders in writing of any default under the terms of this Warrant Indenture which remains unrectified for more than ten days following its occurrence; (h) the Corporation will generally perform and carry out all of the acts or things to be done by it as provided in this Warrant Indenture.

  • Financial Covenant So long as any Loan shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower will maintain a ratio of Consolidated Debt to Consolidated Capital of not greater than 0.65 to 1.00 as of the last day of each fiscal quarter.

  • Additional Covenants The Company covenants and agrees with the Agent as follows, in addition to any other covenants and agreements made elsewhere in this Agreement:

  • Financial Covenants (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Association; (ii) furnish to the Association, as soon as available, but in any case not later than six months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning said records, accounts and the audit thereof as the Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Credit Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Association’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals.

  • Specific Financial Covenants During the term of this Agreement, and thereafter for so long as there are any Obligations to Lender, Borrower covenants that, unless otherwise consented to by Lender in writing, it shall:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!