Future Liens on Real Property. Upon the request of the Agent or Requisite Lenders, the Borrowers and Parent shall, and shall cause the other Guarantors to, execute and deliver to the Agent, for the benefit of the Holders, immediately upon the acquisition or leasing by a Borrower, Parent or any other Guarantor of any Real Property on which any Inventory of a Borrower or any Guarantor is located, a mortgage, deed of trust, assignment or other appropriate instrument evidencing a Lien upon such Real Property, lease or interest, together with such title insurance policies (mortgagee's form), certified surveys, appraisals, and local counsel opinions with respect thereto and such other agreements, documents and instruments which the Agent deems reasonably necessary or desirable, the same to be in form and substance acceptable to the Agent and to be subject only to (a) Liens permitted under Section 10.03 and (b) such other Liens as the Agent and Lenders may reasonably approve, it being understood that the granting of such additional security for the Obligations is a material inducement to the execution and delivery of this Agreement by each Lender and the Issuing Bank.
Future Liens on Real Property. Upon the request of the Agent, each Borrower shall, and shall cause its Subsidiaries to, execute and deliver to the Agent, for the benefit of the Holders, immediately upon the acquisition of any Real Property having an appraised value in excess of $5,000,000 on which material operations of a Borrower or Subsidiary of a Borrower are located or leasing any Real Property on which material operations of a Borrower or any Subsidiary of a Borrower are located, a mortgage, deed of trust, assignment or other appropriate instrument evidencing a Lien upon any such Real Property, lease or interest, together with such title insurance policies (mortgagee's form), certified surveys, appraisals (to the extent required by, and which meet or exceed the minimum appraisal standards set forth in, the Financial Institutions Reform, Recovery and Enforcement Act (12 C.F.R. ss.4 (1990)), as amended), and local counsel opinions with respect thereto and such other agreements, documents and instruments which the Agent deems necessary or desirable, the same to be in form and substance acceptable to the Agent and to be subject only to (a) Liens permitted under Section 10.03 and (b) such other Liens as the Agent and the Requisite Lenders may reasonably approve, it being understood that the granting of such additional security for the Obligations is a material inducement to the execution and delivery of this Agreement by each Lender. Notwithstanding the foregoing, (a) the Agent shall make such requests with respect to Subsidiaries of the U.S. Borrower which are not Domestic Subsidiaries only where the Property or operations of such Subsidiary are deemed by the Agent, in its reasonable discretion, to be material to the recovery of the Obligations and (b) Liens against the Securities and Property of any Joint Venture shall not be required if there is a prohibition against the pledging of the same in the joint venture agreements relating thereto.
Future Liens on Real Property. The Borrower shall, and shall cause each of its Subsidiaries that is required to guarantee the Obligations to, execute and deliver to the Lender, immediately upon its acquisition or leasing of any real property after the date hereof, a mortgage, deed of trust, collateral assignment or other appropriate instrument evidencing a Lien upon any such acquired property, lease or interest, to be in form and substance reasonably acceptable to the Lender and subject only to such Liens as otherwise shall be permitted by this Agreement and the Borrower or the applicable Subsidiary, as the case may be, shall have provided the Lender with such opinions, landlord and mortgagee waivers or title insurance as the Lender shall have reasonably requested in connection with such acquisition or leasing of real property. The foregoing provision shall not apply to Excluded Real Property and shall apply to the leasing of any real property only if (i) the term of such lease (without regard to any extension thereof at then current market rent) is more than five years or (ii) such lease has a material value by reason of a purchase option, below-market rent or otherwise.
Future Liens on Real Property. The Borrower shall, and shall cause each of its Subsidiaries that is required to guarantee the Obligations and Lithia Financial Corporation and Lithia Real Estate, Inc., to deliver to Lender, immediately upon its acquisition or leasing of any real property after the date hereof, copies of any mortgage, deed of trust, collateral assignment or other appropriate instrument evidencing a lien upon any such acquired property that would be other than a Customary Permitted Lien if the real property were included in the Collateral (in the case of any acquisition of real property), or copies of a lease (in the case of a real property lease) and the Borrower or the applicable Subsidiary, as the case may be, shall use their best efforts provide the Lender with such opinions, landlord and mortgagee waivers as the Lender shall have reasonably requested in connection with such acquisition or leasing of real property,only if the term of such lease (without regard to any extension thereof at then current market rent) is more than five years or (ii) such lease has a material value by reason of a purchase option, below-market rent or otherwise.
Future Liens on Real Property. The Borrower shall, and shall cause each of its Subsidiaries that is required to guarantee the Obligations to, execute and deliver to the Agent, immediately upon its acquisition or leasing of any real property after the Closing Date, a mortgage, deed of trust, collateral assignment or other appropriate instrument evidencing a Lien upon any such acquired property, lease or interest, to be in form and substance reasonably acceptable to the Agent and subject only to such Liens as otherwise shall be permitted by this Agreement. The foregoing provision shall apply to the leasing of any real property only if (i) the term of such lease (without regard to any extension thereof at then current market rent) is more than five years, (ii) such real property consists of an operating plant or (iii) such lease has a material value by reason of a purchase option, below-market rent or otherwise.
Future Liens on Real Property. Subject to such exceptions as are set forth in the Security Agreement with respect to leases, the Borrower shall, and shall cause each of its Restricted Subsidiaries to, execute and deliver to the Agent for the benefit of the Holders of Secured Obligations, contemporaneously with its acquisition or leasing of any real property after the Closing Date, a mortgage, deed of trust, collateral assignment or other appropriate instrument evidencing a Lien upon any such acquired property, lease or interest, to be in form and substance reasonably acceptable to the Agent and subject only to such Liens as otherwise shall be permitted by this Agreement.
Future Liens on Real Property. At least ten (10) Business Days prior to the acquisition of any Real Property Parcel by the Company or any Restricted Subsidiary, the Company shall, and shall cause each Restricted Subsidiary to, provide each of the Senior Administrative Agent and the Administrative Agent written notice thereof. The Company shall, and shall cause each Restricted Subsidiary thereof to, execute and deliver to the Administrative Agent promptly upon the acquisition of such Real Property Parcel (other than Excluded Property) a Mortgage, deed of trust, assignment or other appropriate instrument evidencing a Lien in favor of the Administrative Agent upon any such Real Property Parcel, together with such title policies, certified surveys, environmental reports and local counsel opinions with respect thereto and such other property assurances, agreements, documents and instruments which the Senior Administrative Agent deems necessary or desirable, and to be subject only to (i) Liens permitted under Section 8.4 (other than Section 8.4(c)) and (ii) such other Liens as the Senior Administrative Agent may reasonably approve, it being understood that the granting of such additional security for the Secured Obligations pursuant to this Section 8.26 is a material inducement to the execution and delivery of this Agreement by each Lender.
Future Liens on Real Property. Except to the extent otherwise provided in Section 9.17, within five (5) calendar days after the acquisition or leasing of any Real Property by a Borrower or a Subsidiary of a Borrower, Borrowers shall notify the Administrative Agent of such acquisition or lease and thereafter, upon the request of the Administrative Agent, the Borrowers shall, and shall cause their Subsidiaries to, (a) execute and deliver to the Administrative Agent, for the benefit of the Holders, (i) a mortgage, deed of trust, assignment or other appropriate instrument evidencing a Lien upon any such Real Property, lease or interest, within five (5) calendar days after the date the Administrative Agent delivers the same to the Borrowers, and (ii) such title insurance policies (mortgagee's form), certified surveys, appraisals (which meet or exceed the minimum appraisal standards set forth in the Financial Institutions Reform, Recovery and Enforcement Act (12 C.F.R. Section 4 (1990)), as amended), and local counsel opinions with respect thereto promptly after the Administrative Agent's request therefor, or (b) promptly execute and deliver to, or obtain for, the Administrative Agent such other agreements, documents and instruments which the Administrative Agent reasonably deems necessary or desirable in view of the nature of the Property so acquired or leased, such agreements described in clauses (a) and (b) to be in form and substance acceptable to the Administrative Agent and such Property to be subject only to (i) Liens permitted under Section 10.03 and (ii) such other Liens as the Administrative Agent and Lenders may reasonably approve, it being understood that the granting of such additional security for the Obligations is a material inducement to the execution and delivery of this Agreement by each Lender.
Future Liens on Real Property. Each Borrower shall execute and deliver to the Agent, within 30 days after its acquisition of any real property, a mortgage, deed of trust or other appropriate instrument evidencing a Lien upon any such acquired property, to be in form and substance reasonably acceptable to the Agent and subject only to such Liens as otherwise shall be permitted by this Agreement, and a title insurance policy insuring the Agent's interest therein. The foregoing provision shall not apply to real property acquired with purchase money financing otherwise permitted hereunder, until such purchase money financing has been repaid and the purchase money lien released.
Future Liens on Real Property. The Borrower shall, and shall cause its Subsidiaries to, execute and deliver to the Collateral Agent, for the benefit of the Lenders, as additional security for the Obligations, within 30 days following the request therefor by the Administrative Agent after the Effective Date, in the Administrative Agent's sole discretion, a mortgage, deed of trust or similar interest in any or all fee simple interests in real property now owned or hereafter acquired by Holdings or any of its Subsidiaries and located in the United States, together with such title insurance policies (mortgagee's form), title insurance endorsements, certified land surveys and local counsel opinions with respect thereto, the same to be in form and substance reasonably acceptable to the Administrative Agent. Each such mortgage, deed of trust or similar instrument shall create a first priority Lien in favor of the Collateral Agent, for the benefit of the Lenders, against such real property, subject only to Liens permitted under Section 8.01.
