Common use of Collateral Trigger Date Clause in Contracts

Collateral Trigger Date. If at any time following a Collateral Release Date a Collateral Trigger Event occurs, then within 30 days of such Collateral Trigger Event (or such longer period as may be agreed to by the Administrative Agent in its sole discretion so long as the Loan Parties are pursuing delivery of the relevant items in good faith), with respect to each Loan Party, promptly (A) execute and deliver a security agreement and each other collateral document (in each case in substantially the same form as the Security Agreement and each other Collateral Document in effect immediately prior to such Collateral Release Date granting to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in each Loan Party’s right, title, and interest to the property of such Loan Party (other than Excluded Property)), in each case executed by a Responsible Officer of the Loan Parties and a duly authorized officer of each other Person party thereto, (B) take all such other actions necessary to grant to the Administrative Agent for the benefit of the Secured Parties, a perfected first priority security interest in all of such Loan Party’s right, title, and interest to the property of such Loan Party (other than Excluded Property), (C) deliver to the Administrative Agent substantially the same documentation required pursuant to Section 4.01(b), (e), (f), and (h), and (D) deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent.

Collateral Trigger Date. If at any time following a Collateral Release Date a Collateral Trigger Event occurs, then within 30 days of such Collateral Trigger Event (or such longer period as may be agreed to by the Administrative Agent in its sole discretion so long as the Loan Parties are pursuing delivery of the relevant items in good faith), with respect to each Loan Party, promptly (A) execute and deliver a security agreement and each other collateral document (in each case in substantially the same form as the Security Agreement and each other Collateral Document in effect immediately prior to such Collateral Release Date granting to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in each Loan Party’s right, title, and interest to the property of such Loan Party (other than Excluded Property)), in each case executed by a Responsible Officer of the Loan Parties and a duly authorized officer of each other Person party thereto, (B) take all such other actions necessary to grant to the Administrative Agent for the benefit of the Secured Parties, a perfected first priority security interest in all of such Loan Party’s right, title, and interest to the property of such Loan Party (other than Excluded Property), (C) deliver to the Administrative Agent substantially the same documentation required pursuant to Section 4.01(b), (e), (f), and (h), and (D) deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent.and