Common use of Lien on Real Estate Clause in Contracts

Lien on Real Estate. The Obligations (other than Obligations in respect of Revolver Loans and LC Obligations) shall also be secured by Mortgages upon all Real Estate owned by Obligors, other than Real Estate owned by Obligors that constitutes an Excluded Asset. The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such recording is required to constitute a fully perfected Lien on the Real Estate covered thereby. Notwithstanding any provision in this Agreement to the contrary, it is understood and agreed that if pursuant to the applicable state law a mortgage tax will be owed on the full amount of the indebtedness evidenced hereby, then the amount secured by the applicable Mortgage shall be limited to an amount mutually agreed upon by Agent and Borrowers, but not less than 100% of the fair market value of the applicable Real Estate at the time the applicable Mortgage is delivered. If any Borrower acquires Real Estate hereafter, other than Real Estate that constitutes an Excluded Asset, Borrowers shall, within sixty (60) days (as such date may be extended in writing from time to time by Agent) after such acquisition, execute and deliver a Mortgage in recordable form sufficient to create a first priority Lien in favor of Agent on such Real Estate subject to Permitted Liens, and shall deliver all Related Real Estate Documents (except as may be waived by the Agent at the direction of the Supermajority Lenders).

Lien on Real Estate. The Obligations (other than Obligations in respect of Revolver Two Loans and LC ObligationsObligations issued under Revolver Two Commitments) shall also be secured by Mortgages upon all Real Estate owned by Obligors, other than Real Estate owned by Obligors that constitutes an Excluded Asset. The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such recording is required to constitute a fully perfected Lien on the Real Estate covered thereby. Notwithstanding any provision in this Agreement to the contrary, it is understood and agreed that if pursuant to the applicable state law a mortgage tax will be owed on the full amount of the indebtedness evidenced hereby, then the amount secured by the applicable Mortgage shall be limited to an amount mutually agreed upon by Agent and Borrowers, but not less than 100% of the fair market value of the applicable Real Estate at the time the applicable Mortgage is delivered. If any Borrower acquires Real Estate hereafter, other than Real Estate that constitutes an Excluded Asset, Borrowers shall, within sixty (60) days (as such date may be extended in writing from time to time by Agent) after such acquisition, execute and deliver a Mortgage in recordable form sufficient to create a first priority Lien in favor of Agent on such Real Estate subject to Permitted Liens, and shall deliver all Related Real Estate Documents (except as may be waived by the Agent at the direction of the Supermajority Lenders).

Lien on Real Estate. The Obligations (other than From and after the A&R Closing Date, the Obligations in respect of Revolver (a) the Term Loan and the Capital Expenditure Loans and LC Obligations) shall also be secured by Mortgages upon all Real Estate owned by ObligorsObligors consisting of Exclusive Term Loan/Capital Expenditure Loan Collateral, and (b) the DDTLs shall also be secured by Mortgages upon all Real Estate owned by Obligors consisting of Exclusive DDTL Collateral, in each case, other than Real Estate owned by Obligors that constitutes an Excluded Asset. The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such recording is required to constitute a fully perfected Lien in favor of the Agent on the Real Estate covered thereby. Notwithstanding any provision in this Agreement to the contrary, it is understood and agreed that if pursuant to the applicable state law a mortgage tax will be owed on the full amount of the indebtedness evidenced hereby, then the amount secured by the applicable Mortgage shall be limited to an amount mutually agreed upon by Agent and Borrowers, but not less than 100% of the fair market value of the applicable Real Estate as determined by the Agent in its Permitted Discretion at the time the applicable Mortgage is delivered. If any Borrower acquires Real Estate hereafter, other than Real Estate that constitutes an Excluded Asset, Borrowers shall, within sixty forty-five (6045) days (as such date may be extended in writing from time to time by Agent) after such acquisition, execute and deliver a Mortgage in recordable form sufficient to create a first priority Lien in favor of Agent on such Real Estate subject to Permitted Liens, and shall deliver all Related Real Estate Documents (except as may be waived by the Agent at the direction of the Supermajority Lenders)Documents.

Lien on Real Estate. The Obligations (other than Obligations in respect of Revolver Loans and LC Obligations) shall also be secured by Mortgages upon all Real Estate owned by Obligors, other than Real Estate owned by Obligors that constitutes an Excluded Asset. The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such recording is required to constitute a fully perfected Lien on the Real Estate covered thereby. Notwithstanding any provision in this Agreement to the contrary, it is understood and agreed that if pursuant to the applicable state law a mortgage tax will be owed on the full amount of the indebtedness evidenced hereby, then the amount secured by the applicable Mortgage shall be limited to an amount mutually agreed upon by Agent and Borrowers, but not less than 100% of the fair market value of the applicable Real Estate at the time the applicable Mortgage is delivered. If any Borrower acquires Real Estate hereafter, other than Real Estate that constitutes an Excluded Asset, Borrowers shall, within sixty (60) days (as such date may be extended in writing from time to time by Agent) after such acquisition, execute and deliver a Mortgage in recordable form sufficient to create a first priority Lien in favor of Agent on such Real Estate subject to Permitted Liens, and shall deliver all Related Real Estate Documents (except as may be waived by the Agent at the direction of the Supermajority Lenders).

Lien on Real Estate. The From and after the Term Loan/Capital Expenditure Loan Closing Date, the Obligations (other than Obligations in respect of Revolver Loans and LC Obligations) shall also be secured by Mortgages upon all Real Estate owned by Obligors, other than Real Estate owned by Obligors that constitutes an Excluded Asset. The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such recording is required to constitute a fully perfected Lien in favor of the Agent on the Real Estate covered thereby. Notwithstanding any provision in this Agreement to the contrary, it is understood and agreed that if pursuant to the applicable state law a mortgage tax will be owed on the full amount of the indebtedness evidenced hereby, then the amount secured by the applicable Mortgage shall be limited to an amount mutually agreed upon by Agent and Borrowers, but not less than 100% of the fair market value of the applicable Real Estate as determined by the Agent in its Permitted Discretion at the time the applicable Mortgage is delivered. If any Borrower acquires Real Estate hereafter, other than Real Estate that constitutes an Excluded Asset, Borrowers shall, within sixty forty-five (6045) days (as such date may be extended in writing from time to time by Agent) after such acquisition, execute and deliver a Mortgage in recordable form sufficient to create a first priority Lien in favor of Agent on such Real Estate subject to Permitted Liens, and shall deliver all Related Real Estate Documents (except as may be waived by the Agent at the direction of the Supermajority Lenders)Documents.

Lien on Real Estate. The From and after the Second A&R Closing Date, the Obligations (other than Obligations in respect of Revolver Loans and LC Obligations) shall also be secured by Mortgages upon all Real Estate owned by Obligors, in each case, other than Real Estate owned by Obligors that constitutes an Excluded Asset. The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such recording is required to constitute a fully perfected Lien in favor of the Agent on the Real Estate covered thereby. Notwithstanding any provision in this Agreement to the contrary, it is understood and agreed that if pursuant to the applicable state law a mortgage tax will be owed on the full amount of the indebtedness evidenced hereby, then the amount secured by the applicable Mortgage shall be limited to an amount mutually agreed upon by Agent and Borrowers, but not less than 100% of the fair market value of the applicable Real Estate as determined by the Agent in its Permitted Discretion at the time the applicable Mortgage is delivered. If any Borrower acquires Real Estate hereafter, other than Real Estate that constitutes an Excluded Asset, Borrowers shall, within sixty forty-five (6045) days (as such date may be extended in writing from time to time by Agent) after such acquisition, execute and deliver a Mortgage in recordable form sufficient to create a first priority Lien in favor of Agent on such Real Estate subject to Permitted Liens, and shall deliver all Related Real Estate Documents (except as may be waived by the Agent at the direction of the Supermajority Lenders)Documents.