Foreign Real Property Sample Clauses

Foreign Real Property. Except as may be agreed by the Administrative Agent, the Credit Parties will mortgage, pledge and grant a security interest in all fee-owned (or local equivalent) real property located outside the United States with a fair value in excess of $5 million in any instance (or otherwise determined to be material in the reasonable judgment of the Administrative Agent). Further, the Administrative Agent, in consultation with FMCAG, shall do an analysis of the relative benefits associated with the prospective mortgage and where, in its reasonable discretion, the Administrative Agent shall make a determination, taking into account local custom and practice, that the costs, circumstances and requirements under local law associated with the mortgage outweigh the relative benefits of the mortgage, then, in any such case, the mortgage will not be required. In connection with such mortgage, pledge or grant of a security interest under this subsection, the Credit Parties will deliver to the Administrative Agent within one hundred eighty (180) days (with extensions as deemed necessary by the Administrative Agent) a mortgage, deed of trust, deed to secure debt or other similar instrument in form and substance reasonably satisfactory to the Administrative Agent, executed in multiple counterparts, together with such other deliveries as may be customary, necessary or appropriate in the subject jurisdiction as determined by the Administrative Agent in its reasonable discretion.