New Collateral Locations. Each Borrower and Guarantor may only open new locations within the United States. Borrower or Guarantor shall (a) give Agent ten (10) days prior written notice of the intended opening of any such new location at which Collateral will be located (other than with respect to the opening of a retail store location for which no notice shall be required) and (b) execute and deliver, or cause to be executed and delivered, to Agent such agreements, documents, and instruments as Agent may deem reasonably necessary or desirable to protect its interests in the Collateral held at such location; except, that, if (i) such new location is a retail store location, or (ii) the fair market value of all of the Collateral located at such location is less than $250,000 (provided that the aggregate Value of all Collateral located at such locations shall not exceed $2,000,000), no Collateral Access Agreement will be required by Agent.
Appears in 2 contracts
Samples: Loan and Security Agreement (Franchise Group, Inc.), Loan and Security Agreement (Franchise Group, Inc.)
New Collateral Locations. Each Borrower and Guarantor may only open new locations within the United States. Borrower or Guarantor shall (a) give Agent ten (10) days prior written notice of the intended opening of any such new location at which Collateral will be located (other than with respect to the opening of a retail store location for which no notice shall be required) and (b) execute and deliver, or cause to be executed and delivered, to Agent such agreements, documents, and instruments as Agent may deem reasonably necessary or desirable to protect its interests in the Collateral held at such location; except, that, if (i) such new location is a retail store location, or (ii) the fair market value of all of the Collateral located at such location is less than $250,000 (250,000; provided that the aggregate Value of all Collateral located at such locations shall not exceed $2,000,000), no Collateral Access Agreement will be required by Agent.
Appears in 2 contracts
Samples: Loan and Security Agreement (Franchise Group, Inc.), Loan and Security Agreement (Franchise Group, Inc.)
New Collateral Locations. Each Borrower and Guarantor may only open new locations within the United StatesStates and Canada. Borrower or Guarantor shall (a) give Agent ten (10) days prior written notice of the intended opening of any such new location at which Collateral will be located (other than with respect to the opening of a retail store location for which no notice shall be required) and (b) execute and deliver, or cause to be executed and delivered, to Agent such agreements, documents, and instruments as Agent may deem reasonably necessary or desirable to protect its interests in the Collateral held at such location; except, that, if (i) such new location is a retail store location, or (ii) the fair market value of all of the Collateral located at such location is less than $250,000 (provided that the aggregate Value of all Collateral located at such locations shall not exceed $2,000,000)100,000, no Collateral Access Agreement will be required by Agent.
Appears in 2 contracts
Samples: Loan and Security Agreement (Vitamin Shoppe, Inc.), Loan and Security Agreement (Vitamin Shoppe, Inc.)
