Pledge of Additional Collateral. (a) From and after the date the Collateral Documents are executed and delivered and so long as the Securities are secured by the Security Interest, if a Wholly Owned Domestic Subsidiary shall become a Guarantor pursuant to Section 4.19, then, the Company or such Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Agent for the benefit of the Secured Parties (to the extent such assets constitute Collateral). The execution of such additional security documents shall vest in the Collateral Agent a perfected security interest, subject only to Permitted Liens, in such Property or Properties (to the extent such assets constitute Collateral) for the benefit of the Collateral Agent on behalf of the Secured Parties, and thereupon all provisions of this Indenture and the applicable Collateral Documents relating to the Collateral shall be deemed to relate to such Property or Properties to the same extent and with the same force and effect. (b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to the Collateral Agent as contemplated by Section 9.04(a), the Trustee and the Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required to be delivered to it pursuant to this Article 9 and that no additional documents are required to be delivered to the Collateral Agent pursuant to Section 9.04(a).
Appears in 2 contracts
Samples: Indenture (Evergreen Solar Inc), Indenture (Evergreen Solar Inc)
Pledge of Additional Collateral. On or before December 31, 2000 (a) From and after or such later date as permitted to any AC Pledge Borrowers to pledge Additional Collateral pursuant to the date provisions of the Collateral Documents are executed and delivered and so long as Plan), the Securities are secured by the Security InterestAC Pledge Borrowers, if a Wholly Owned Domestic Subsidiary any, shall become a Guarantor pursuant to Section 4.19, then, the Company or such Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the AC Collateral Agent Agent, for the benefit of the Secured Parties banks under New Credit Agreements Re D&O Loans, a first, perfected security interest in the Additional Collateral. Specifically, on or before such date, the AC Collateral Agent shall have received: (i) the AC Pledge Agreement, (ii) all stock certificates pledged pursuant thereto, (iii) appropriate stock powers for such shares endorsed in blank, (iv) appropriate evidence of the perfection and first priority of such collateral agent's Lien, including UCC financing statements and/or registration or acknowledgments of the Lien of such collateral agent on any applicable brokerage account of each AC Pledge Borrower, and (v) a certificate from Conseco, in form reasonably satisfactory to the Administrative Agent, signed by a Responsible Officer, identifying the AC Pledge Borrowers by name and describing the Additional Collateral to be pledged by each such Borrower. Consistent with (but not in limitation of) the foregoing and the other provisions of this Agreement and the other Loan Documents, (a) the delivery of any Additional Collateral to the AC Collateral Agent, to be held and disposed of pursuant to the provisions of the AC Pledge Agreement, shall constitute a collateral pledge of such property and shall not constitute a paydown on the Loans or otherwise entitle the AC Pledge Borrower to any reduction in the amount of such Borrower's Loans unless and until the AC Collateral Agent disposes of such property and applies the proceeds thereof as provided pursuant to the provisions of the AC Pledge Agreement, (b) none of the AC Collateral Agent, the Administrative Agent, and the Banks shall have or otherwise incur any liability in favor of the AC Pledge Borrower, Conseco, or any other Person with respect to the AC Pledge Agreement and/or the Additional Collateral except solely to the extent such assets constitute Collateral). The execution of such additional security documents shall vest expressly set forth in the Collateral Agent a perfected security interest, subject only to Permitted Liens, in such Property or Properties (to the extent such assets constitute Collateral) for the benefit of the Collateral Agent on behalf of the Secured PartiesAC Pledge Agreement, and thereupon all provisions of this Indenture and (c) consistent with (but not in limitation of) the applicable Collateral Documents relating to the Collateral shall be deemed to relate to such Property or Properties to the same extent and with the same force and effect.
preceding clause (b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to the Collateral Agent as contemplated by Section 9.04(a), the Trustee AC Pledge Borrowers and Conseco shall bear (and thus reimburse the AC Collateral Agent promptly for) any and all reasonable costs and expenses of the AC Collateral Agent's accepting, maintaining, and realizing on the pledge of the Additional Collateral. If there are to be no AC Pledge Borrowers on or before December 31, 2000, Conseco shall provide the Administrative Agent with a certificate to such effect, signed by a Responsible Officer. If on or before such date, there are no AC Pledge Borrowers but, pursuant to the provisions of the Plan, such deadline has been extended as to various Borrowers, such certificate shall identify such Borrowers and the Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required extended deadlines as to be delivered to it pursuant to this Article 9 and that no additional documents are required to be delivered to the Collateral Agent pursuant to Section 9.04(a)such Borrowers.
Appears in 2 contracts
Samples: Guaranty (Conseco Inc), Guaranty (Conseco Inc)
Pledge of Additional Collateral. (a) From Concurrently with the execution and after the date the Collateral Documents are executed and delivered and so long as the Securities are secured delivery by the Security Interest, if any Subsidiary of a Wholly Owned Domestic Subsidiary shall become a Guarantor pursuant to Section 4.19, thenGuarantee, the Company or Borrower will cause such Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and to take all such other actions as may be deemed reasonably necessary action to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Agent for the benefit of the Secured Parties (to the extent such assets constitute Collateral). The execution of such additional security documents shall vest in the Collateral Agent a perfected security interest, subject only to Permitted Liens, first Lien in all of the real and personal property of such Property or Properties Subsidiary (to the extent permitted by applicable law) to secure the payment and performance of the Obligations and such Subsidiary's obligations and liabilities under its Subsidiary Guarantee; and promptly, and in any event within 30 days after the acquisition of assets of a type that, but for the fact that such assets constitute shall have been acquired after the Closing Date, would have constituted Collateral) for , the benefit Borrower will, and will cause each of its Subsidiaries to, take all necessary action to grant the Collateral Agent on behalf a perfected first Lien in such newly acquired assets (such personal property and assets of a Subsidiary executing a Subsidiary Guarantee and such newly acquired assets are referred to herein collectively as the Secured Parties"Additional Collateral"). Such action to be taken by the Borrower and the Subsidiaries shall include, without limitation, the execution and delivery of security agreements, and/or supplements thereto, and thereupon other instruments and documents, all provisions of this Indenture in form and the applicable Collateral Documents relating substance reasonably satisfactory to the Collateral shall be deemed to relate to Agent, the filing of appropriate financing statements under the provisions of the UCC, applicable domestic or local laws, rules or regulations in each of the offices where such Property filing is necessary or Properties appropriate, and the delivery of such opinions of counsel with respect to the same extent and with the same force and effect.
(b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to foregoing as the Collateral Agent shall reasonably require; provided this Section 6.13 shall not apply to any assets subject to Liens permitted under Section 7.03(i). Furthermore, promptly, and in any event within 30 days, after the acquisition of an interest in Real Property within the United States not held as contemplated by Section 9.04(aof the Closing Date (the "Additional Real Property"), the Trustee Borrower DRAFT: March 21, 1997 H:\WPCDOCS\1186\141151 will, and will cause such of its Subsidiaries acquiring such an interest to, take such actions and execute such documents as the Agent shall reasonably require to confirm the Lien of a Mortgage (including, without limitation, satisfaction of the conditions set forth in Sections 4.01(C)(ii) and (L)), or execute a new Mortgage, with respect to such Additional Real Property. All costs and expenses arising from any action taken by the Agent or any Bank in connection with the pledge of Additional Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required to be delivered to it or Additional Real Property pursuant to this Article 9 and that no additional documents are required to Section 6.13, including, without limitation, reasonable costs of counsel for the Agent, shall be delivered payable by the Borrower to the Collateral Agent or the Bank incurring such cost or expense within 10 Business Days after demand therefor. All agreements, instruments and documents executed or delivered pursuant to or in furtherance of this Section 9.04(a)6.13, and all amendments, modifications and supplements thereto from time to time entered into, are and shall be within the definition of "Security Documents."
Appears in 1 contract
Samples: Credit Agreement (Carson Inc)
Pledge of Additional Collateral. On or before December 31, 2000 (a) From and after or such later date as permitted to any AC Pledge Borrowers to pledge Additional Collateral pursuant to the date provisions of the Collateral Documents are executed and delivered and so long as Plan), the Securities are secured by the Security InterestAC Pledge Borrowers, if a Wholly Owned Domestic Subsidiary any, shall become a Guarantor pursuant to Section 4.19, then, the Company or such Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the AC Collateral Agent Agent, for the benefit of the Secured Parties banks under New Credit Agreements Re D&O Loans, a first, perfected security interest in the Additional Collateral. Specifically, on or before such date, the AC Collateral Agent shall have received: (i) the AC Pledge Agreement, (ii) all stock certificates pledged pursuant thereto, (iii) appropriate stock powers for such shares endorsed in blank, (iv) appropriate evidence of the perfection and first priority of such collateral agent's Lien, including UCC financing statements and/or registration or acknowledgments of the Lien of such collateral agent on any applicable brokerage account of each AC Pledge Borrower, and (v) a certificate from Conseco, in form reasonably satisfactory to the Administrative Agent, signed by a Responsible Officer, identifying the AC Pledge Borrowers by name and describing the Additional Collateral to be pledged by each such Borrower. Consistent with (but not in limitation of) the foregoing and the other provisions of this Agreement and the other Loan Documents, (a) the delivery of any Additional Collateral to the AC Collateral Agent, to be held and disposed of pursuant to the provisions of the AC Pledge Agreement, shall constitute a collateral pledge of such property and shall not constitute a paydown on the Loans or otherwise entitle the AC Pledge Borrower to any reduction in the amount of such Borrower's Loans unless and until the AC Collateral Agent disposes of such property and applies the proceeds thereof as provided pursuant to the provisions of the AC Pledge Agreement, (b) none of the AC Collateral Agent, the Administrative Agent, and the Banks shall have or otherwise incur any liability in favor of the AC Pledge Borrower, Conseco, or any other Person with respect to the AC Pledge Agreement and/or the Additional Collateral except solely to the extent such assets constitute Collateral). The execution of such additional security documents shall vest expressly set forth in the Collateral Agent a perfected security interest, subject only to Permitted Liens, in such Property or Properties (to the extent such assets constitute Collateral) for the benefit of the Collateral Agent on behalf of the Secured PartiesAC Pledge Agreement, and thereupon all provisions of this Indenture and (c) consistent with (but not in limitation of) the applicable Collateral Documents relating to the Collateral shall be deemed to relate to such Property or Properties to the same extent and with the same force and effect.
preceding clause (b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to the Collateral Agent as contemplated by Section 9.04(a), the Trustee AC Pledge Borrowers and Conseco shall bear (and thus reimburse the AC Collateral Agent promptly for) any and all reasonable costs and expenses of the AC Collateral Agent's accepting, maintaining, and realizing on the pledge of the Additional Collateral. If there are to be no AC Pledge Borrowers, on or before December 31, 2000, Conseco shall provide the Administrative Agent with a certificate to such effect, signed by a Responsible Officer. If on or before such date, there are no AC Pledge Borrowers but, pursuant to the provisions of the Plan, such deadline has been extended as to various Borrowers, such certificate shall identify such Borrowers and the Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required extended deadlines as to be delivered to it pursuant to this Article 9 and that no additional documents are required to be delivered to the Collateral Agent pursuant to Section 9.04(a)such Borrowers.
Appears in 1 contract
Samples: Guaranty (Conseco Inc)
Pledge of Additional Collateral. (a) From Concurrently with the execution and after delivery by any Subsidiary of a Subsidiary Guarantee, and/or in the date the event that Holdings or any such Subsidiary acquires any assets directly or indirectly through merger or otherwise that would constitute Pledged Collateral Documents are executed and delivered and so long as the Securities are secured by the Security Interest, if a Wholly Owned Domestic Subsidiary shall become a Guarantor pursuant to Section 4.19, then, the Company or such Guarantor (in respect Mortgaged Real Property or assets of the Property acquired) same type, Holdings will, or will cause such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral)to, shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary action to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Agent for the benefit of the Secured Parties a perfected first Lien in all of the real and personal property of Holdings or such Subsidiary (to the extent permitted by applicable law) to secure the payment and performance of the Obligations, Holdings' obligations and liabilities under its Guarantee and such Subsidiary's obligations and liabilities under its Subsidiary Guarantee; and promptly, and in any event within 30 days after the acquisition of assets of a type that, but for the fact that such assets constitute shall have been acquired after the Closing Date, would have constituted Collateral). The execution , Holdings will, and will cause each of such additional security documents shall vest in its Subsidiaries to, take all necessary action to grant the Collateral Agent a perfected security interest, subject only to Permitted Liens, in such Property or Properties (to the extent such assets constitute Collateral) for the benefit of the Collateral Agent on behalf Secured Parties a perfected first Lien in such newly acquired assets (such personal property and assets of a Subsidiary executing a Subsidiary Guarantee and such newly acquired assets of Holdings or any of its Subsidiaries are referred to herein collectively as the Secured Parties"Additional Collateral"). Such action to be taken by Holdings and the Subsidiaries shall include, without limitation, the execution and delivery of security agreements, and/or supplements thereto, and thereupon other instruments and documents, all provisions of this Indenture in form and the applicable Collateral Documents relating substance reasonably satisfactory to the Collateral Agent, the filing of appropriate financing statements under the provisions of the UCC, applicable domestic or local laws, rules or regulations in each of the offices where such filing is necessary or appropriate, and the delivery of such opinions of counsel with respect to the foregoing as the Collateral Agent shall be deemed reasonably require at the direction of the Required Lenders. Furthermore, promptly, and in any event within 30 days, after the acquisition of an interest in Real Property within the United States not held as of the Closing Date (the "Additional Real Property"), Holdings will, and will cause such of its Subsidiaries acquiring such an interest to, take such actions and execute such documents as the Collateral Agent shall reasonably require to relate confirm the Lien of a Mortgage (including, without limitation, satisfaction of the conditions set forth in Sections 3.01(G)(iii) and 3.01(I)), or execute a new Mortgage, with respect to such Property or Properties to the same extent and with the same force and effectAdditional Real Property.
(b) Unless Upon the acquisition by Fine Products of the First JP Note, upon the acquisition by the Borrower of the Second JP Note and until documents granting a first priority lien security interest in additional Property or assets are delivered upon the entering into of the Holdings Make-Well Agreement by Fine Products, (i) the Borrower will, and Holdings will cause Fine Products to, take all necessary action to grant the Collateral Agent as contemplated for the benefit of the Secured Parties a perfected first Lien in such newly acquired assets and (ii) Holdings will pledge the common stock of Fine Products then held by it, in each case in the manner described in Section 9.04(a5.11(a) (such assets and common stock to be considered Additional Collateral), the Trustee .
(c) All costs and the Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents expenses arising from any action taken or required to be delivered to it taken by Holdings or any of its Subsidiaries in connection with the pledge of Additional Collateral or Additional Real Property pursuant to this Article 9 Section 5.11, including, without limitation, costs of counsel to Holdings, such Subsidiary or the Lenders in connection with the preparation, negotiation and that no additional delivery of the applicable documents are and opinions as required to by this Section 5.11, shall be payable by Holdings, the Borrower or such Subsidiary. All agreements, instruments and documents executed or delivered to the Collateral Agent pursuant to or in furtherance of this Section 9.04(a)5.11, and all amendments, modifications and supplements thereto from time to time entered into, are and shall be within the definition of "Security Documents."
Appears in 1 contract
Pledge of Additional Collateral. (a) From Concurrently with the execution and after delivery by any Subsidiary of a Subsidiary Guarantee, and/or in the date event that Holdings or any such Subsidiary acquires any assets directly or indirectly through merger or otherwise that would constitute Pledged Collateral or Mortgaged Real Property or assets of the Collateral Documents are executed same type, Holdings will, or will cause such Subsidiary to, take all necessary action to grant the Lender a perfected first Lien in all of the real and delivered and so long as the Securities are secured by the Security Interest, if a Wholly Owned Domestic Subsidiary shall become a Guarantor pursuant to Section 4.19, then, the Company personal property of Holdings or such Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Agent for the benefit of the Secured Parties (to the extent permitted by applicable law) to secure the payment and performance of the Obligations, Holdings' obligations and liabilities under its Guarantee and such Subsidiary's obligations and liabilities under its Subsidiary Guarantee; and promptly, and in any event within 30 days after the acquisition of assets of a type that, but for the fact that such assets constitute shall have been acquired after the Closing Date, would have constituted Collateral, Holdings will, and will cause each of its Subsidiaries to, take all necessary action to grant the Lender a perfected first Lien in such newly acquired assets (such personal property and assets of a Subsidiary executing a Subsidiary Guarantee and such newly acquired assets of Holdings or any of its Subsidiaries are referred to herein collectively as the "Additional Collateral"). The Such action to be taken by Holdings and the Subsidiaries shall include, without limitation, the execution and delivery of security agreements, and/or supplements thereto, and other instruments and documents, all in form and substance reasonably satisfactory to the Lender, the filing of appropriate financing statements under the provisions of the UCC, applicable domestic or local laws, rules or regulations in each of the offices where such filing is necessary or appropriate, and the delivery of such additional security documents shall vest in the Collateral Agent a perfected security interest, subject only to Permitted Liens, in such Property or Properties (opinions of counsel with respect to the extent such foregoing as the Lender shall reasonably require; PROVIDED this Section 5.10 shall not apply to any assets constitute Collateral) for subject to Liens permitted under Section 6.03(i). Furthermore, promptly, and in any event within 30 days, after the benefit acquisition of an interest in Real Property within the United States not held as of the Collateral Agent on behalf Closing Date (the "Additional Real Property"), Holdings will, and will cause such of its Subsidiaries acquiring such an interest to, take such actions and execute such documents as the Lender shall reasonably require to confirm the Lien of a Mortgage (including, without limitation, satisfaction of the Secured Partiesconditions set forth in Sections 3.01(C)(iii) and 3.01(H)), and thereupon all provisions of this Indenture and the applicable Collateral Documents relating to the Collateral shall be deemed to relate or execute a new Mortgage, with respect to such Property Additional Real Property. All costs and expenses arising from any action taken or Properties to the same extent and with the same force and effect.
(b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to the Collateral Agent as contemplated by Section 9.04(a), the Trustee and the Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required to be delivered to it taken by Holdings or any of its Subsidiaries in connection with the pledge of Additional Collateral or Additional Real Property pursuant to this Article 9 Section 5.10, including, without limitation, costs of counsel to Holdings or such Subsidiary in connection with the delivery of opinions as required by this Section 5.10, shall be payable by Holdings, the Borrower or such Subsidiary. All agreements, instruments and that no additional documents are required to be executed or delivered to the Collateral Agent pursuant to or in furtherance of this Section 9.04(a)5.10, and all amendments, modifications and supplements thereto from time to time entered into, are and shall be within the definition of "Security Documents."
Appears in 1 contract
Samples: Credit Agreement (Ivax Corp /De)
Pledge of Additional Collateral. (a) From Concurrently with the ------------------------------- execution and after delivery by any Subsidiary of a Subsidiary Guarantee, and/or in the date the event that Holdings acquires any assets that would constitute Pledged Collateral Documents are executed and delivered and so long as the Securities are secured by the Security Interest, if a Wholly Owned Domestic Subsidiary shall become a Guarantor pursuant to Section 4.19, then, the Company or such Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Mortgaged Real Property, if necessaryHoldings will, execute and deliver in respect of or will cause such Property or PropertiesSubsidiary to, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary action to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Agent for the benefit of the Secured Parties (to the extent such assets constitute Collateral). The execution of such additional security documents shall vest in the Collateral Agent a perfected security interest, subject only to Permitted Liens, first Lien in all of the real and personal property of Holdings or such Property or Properties Subsidiary (to the extent permitted by applicable law) to secure the payment and performance of the Obligations, Holdings' obligations and liabilities under its Guarantee and such Subsidiary's obligations and liabilities under its Subsidiary Guarantee; and promptly, and in any event within 30 days after the acquisition of assets of a type that, but for the fact that such assets constitute shall have been acquired after the Closing Date, would have constituted Collateral) for the benefit , Holdings will, and will cause each of its Subsidiaries to, take all necessary action to grant the Collateral Agent on behalf a perfected first Lien in such newly acquired assets (such personal property and assets of a Subsidiary executing a Subsidiary Guarantee and such newly acquired assets of Holdings or any of its Subsidiaries are referred to herein collectively as the Secured Parties"Additional Collateral"). Such action to be taken by Holdings and the Subsidiaries shall include, without limitation, the execution and delivery of security agreements, and/or supplements thereto, and thereupon other instruments and documents, all provisions of this Indenture in form and the applicable Collateral Documents relating substance reasonably satisfactory to the Collateral shall be deemed to relate to Agent, the filing of appropriate financing statements under the provisions of the UCC, applicable domestic or local laws, rules or regulations in each of the offices where such Property filing is necessary or Properties appropriate, and the delivery of such opinions of counsel with respect to the same extent and with the same force and effect.
(b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to foregoing as the Collateral Agent shall reasonably require; provided this Section 6.13 shall not apply to any assets -------- subject to Liens permitted under Section 7.03(i). Furthermore, promptly, and in any event within 30 days, after the acquisition of an interest in Real Property within the United States not held as contemplated by Section 9.04(aof the Closing Date (the "Additional Real Property"), Holdings will, and will cause such of its Subsidiaries acquiring such an interest to, take such actions and execute such documents as the Trustee Agent shall reasonably require to confirm the Lien of a Mortgage (including, without limitation, satisfaction of the conditions set forth in Sections 4.01(C)(iii) and (L)), or execute a new Mortgage, with respect to such Additional Real Property. All costs and expenses arising from any action taken by the Agent or any Bank in connection with the pledge of Additional Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required to be delivered to it or Additional Real Property pursuant to this Article 9 and that no additional documents are required to Section 6.13, including, without limitation, reasonable costs of counsel for the Agent, shall be delivered payable by Holdings or the Borrower to the Collateral Agent or the Bank incurring such cost or expense within 10 Business Days after demand therefor. All agreements, instruments and documents executed or delivered pursuant to or in furtherance of this Section 9.04(a)6.13, and all amendments, modifications and supplements thereto from time to time entered into, are and shall be within the definition of "Security Documents."
Appears in 1 contract
Pledge of Additional Collateral. (a) From Promptly, and in any event ------------------------------- within 30 days, after the date acquisition of any Property of the type that would have constituted Collateral Documents are executed at the Closing Date (including the Equity Interests of any Subsidiary hereafter created or acquired) other than Real Property (the "Additional Collateral"), each Obligor and delivered and so long as the Securities are secured by the Security Interest, if a each Wholly Owned Domestic Subsidiary (other ---------------------- than any Foreign Subsidiary) shall become a Guarantor pursuant take all action reasonably necessary or desirable, including the execution and delivery of all such agreements, assignments, documents and instruments (including amendments to Section 4.19, then, the Company or such Guarantor (in respect Credit Documents) and the filing of appropriate financing statements under the provisions of the Property acquired) UCC or applicable governmental requirements in each of the offices where such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral)filing is necessary or appropriate, shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Administrative Agent for the benefit of the Secured Parties Lenders a duly perfected first priority Lien (subject to Prior Liens) on such Property pursuant to and to the full extent such assets constitute Collateral). The execution of such additional security documents shall vest in required by the Collateral Agent a perfected security interestSecurity Documents and this Agreement; provided, subject only to Permitted Liens-------- however, in such Property or Properties (to the extent such assets constitute Collateral) for the benefit that not more than 65% of the Collateral Agent on behalf Equity Interests of any "first tier" ------- Foreign Subsidiary need be pledged and no Equity Interests of any Foreign Subsidiary which is not a "first-tier" Foreign Subsidiary need be pledged. In the Secured Partiesevent that, and thereupon all provisions of this Indenture and after the applicable Collateral Documents relating to the Collateral shall be deemed to relate to such Property Closing Date, Borrower or Properties to the same extent and with the same force and effect.
(b) Unless and until documents granting any Domestic Subsidiary acquires or holds a first priority lien security fee interest in additional any Real Property with a market or assets are delivered to book value of $3.5 million or more (other than the Collateral Agent as contemplated by Specified Real Property, the New Warehouse Facility or, if Indebtedness is incurred under Section 9.04(a9.08(h), the Trustee Existing Warehouse Facility), the Obligors and each Wholly Owned Subsidiary shall reasonably promptly (i) take such actions and execute such documents as the Collateral Administrative Agent may assume without inquiry that shall reasonably require to confirm the Collateral Agent has received all Collateral Documents required Lien of an existing Mortgage, if applicable, or to be delivered to it pursuant to this Article 9 create a new Mortgage on such additional Real Property and that no additional documents are required (ii) cause to be delivered to the Administrative Agent, on behalf of the Lenders, the documents and instruments reasonably requested by the Administrative Agent, including, without limitation, the items set forth in Section 7.01 in respect of Mortgaged Real Property. The costs of all actions taken by the parties in connection with the pledge of Additional Collateral Agent pursuant to Section 9.04(a)or in connection with any Mortgage, including reasonable costs of counsel for the Administrative Agent, shall be paid by the Obligors promptly following written demand.
Appears in 1 contract
Samples: Credit Agreement (Tmil Corp)
Pledge of Additional Collateral. (a) From Concurrently with the execution and after the date the Collateral Documents are executed and delivered and so long as the Securities are secured delivery by the Security Interest, if any Subsidiary of a Wholly Owned Domestic Subsidiary shall become a Guarantor pursuant to Section 4.19, thenGuarantee, the Company or Borrower will cause such Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and to take all such other actions as may be deemed reasonably necessary action to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Agent for the benefit of the Secured Parties (to the extent such assets constitute Collateral). The execution of such additional security documents shall vest in the Collateral Agent a perfected security interest, subject only to Permitted Liens, first Lien in all of the real and personal property of such Property or Properties Subsidiary (to the extent permitted by applicable law) to secure the payment and performance of the Obligations and such Subsidiary's obligations and liabilities under its Subsidiary Guarantee; and promptly, and in any event within 30 days after the acquisition of assets of a type that, but for the fact that such assets constitute shall have been acquired after the Closing Date, would have constituted Collateral) for , the benefit Borrower will, and will cause each of its Subsidiaries to, take all necessary action to grant the Collateral Agent on behalf a perfected first Lien in such newly acquired assets (such personal property and assets of a Subsidiary executing a Subsidiary Guarantee and such newly acquired assets are referred to herein collectively as the Secured Parties"Additional Collateral"). Such action to be taken by the Borrower and the Subsidiaries shall include, without limitation, the execution and delivery of security agreements, and/or supplements thereto, and thereupon other instruments and documents, all provisions of this Indenture in form and the applicable Collateral Documents relating substance reasonably satisfactory to the Collateral shall be deemed to relate to Agent, the filing of appropriate financing statements under the provisions of the UCC, applicable domestic or local laws, rules or regulations in each of the offices where such Property filing is necessary or Properties appropriate, and the delivery of such opinions of counsel with respect to the same extent and with the same force and effect.
(b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to foregoing as the Collateral Agent shall reasonably require; provided this Section 6.13 shall not apply to any assets subject to Liens permitted under Section 7.03(i). Furthermore, promptly, and in any event within 30 days, after the acquisition of an interest in Real Property within the United States not held as contemplated by Section 9.04(aof the Closing Date (the "Additional Real Property"), the Trustee Borrower will, and will cause such of its Subsidiaries acquiring such an interest to, take such actions and execute such documents as the Agent shall reasonably require to confirm the Lien of a Mortgage (including, without limitation, satisfaction of the conditions set forth in Sections 4.01(C)(ii) and (L)), or execute a new Mortgage, with respect to such Additional Real Property. All costs and expenses arising from any action taken by the Agent or any Bank in connection with the pledge of Additional Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required to be delivered to it or Additional Real Property pursuant to this Article 9 and that no additional documents are required to Section 6.13, including, without limitation, reasonable costs of counsel for the Agent, shall be delivered payable by the Borrower to the Collateral Agent or the Bank incurring such cost or expense within 10 Business Days after demand therefor. All agreements, instruments and documents executed or delivered pursuant to or in furtherance of this Section 9.04(a)6.13, and all amendments, modifications and supplements thereto from time to time entered into, are and shall be within the definition of "Security Documents."
Appears in 1 contract
Samples: Credit Agreement (Carson Inc)
Pledge of Additional Collateral. Subject to Section 7.13, as soon as reasonably practicable after the acquisition of any property or assets by US Borrower or any Subsidiary with a Dollar Equivalent Value of in excess of U.S. $100,000 individually and U.S. $5.0 million or more in the aggregate of the type that would have constituted Collateral (aif the Person acquiring such assets had executed an appropriate Security Document on the Original Closing Date (whether or not actually so executed)) From at the Original Closing Date (the "Additional Collateral"), the Borrowers will, and will cause each of their respective Subsidiaries to, take all reasonably necessary or desirable action, including the filing of appropriate financing statements under the provisions of the UCC and applicable foreign, domestic or local laws, rules or regulations in each of the offices where such filing is necessary or appropriate, to grant to the Administrative Agent for the benefit of, (i) with respect to any such Additional Collateral acquired by US Borrower or any Domestic Subsidiary (other than UK Borrower Guarantor), all of the Lenders (other than the UK Lenders), and, with respect to UK Borrower Guarantor, the Lenders with Obligations owing by UK Borrower, (ii) with respect to any such Additional Collateral acquired by CH Borrower and CH Foreign Subsidiaries, the Lenders owed Obligations by CH Borrower and/or CH Foreign Subsidiaries, and (iii) with respect to any such Additional Collateral acquired by UK Borrower, the Lenders owed Obligations by UK Borrower, a perfected first priority Lien in such Collateral (or comparable interest under foreign law in the case of foreign Collateral) pursuant to and to the full extent required by the applicable Security Documents and this Agreement; provided, however, that notwithstanding the foregoing, (1) none of US Borrower, UK Borrower or any Domestic Subsidiary shall be required, subject to Section 7.18, to pledge more than 65% of the capital stock of any Foreign Subsidiary and no capital stock of any Foreign Subsidiary which is not a "first tier" Subsidiary of US Borrower, UK Borrower or any Domestic Subsidiary need be pledged by US Borrower, UK Borrower or any Domestic Subsidiary, (2) none of US Borrower or any Subsidiary shall be required, subject to Section 7.18, to pledge any property or assets which in accordance with the terms of the Loan Documents was not pledged (or would not have been so pledged if then in existence) on the Original Closing Date, other than any property to be pledged on the Safeline Closing Date, (3) no Foreign Subsidiary need pledge any property or assets to the extent prohibited by applicable law, to the extent such pledge would secure the Obligations of US Borrower or UK Borrower, or to the extent such pledge would cause adverse tax consequences, and (4) the provisions of this sentence shall not apply from and after the date Investment Grade Date. In the Collateral Documents event that (x) US Borrower or any Domestic Subsidiary acquires an interest in any additional real property which is a manufacturing or significant assembly facility or of a character and importance similar at such time to the facilities that are executed and delivered and so long subject to the Mortgages on the Original Closing Date, US Borrower or such Subsidiary, as the Securities are secured by case may be, will take such reasonable actions and execute such documents as the Security InterestAdministrative Agent shall reasonably require to confirm the Lien of a Mortgage, if applicable, or to create a Wholly Owned Domestic Subsidiary shall become a Guarantor pursuant to Section 4.19, then, the Company or such Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Agent new Mortgage for the benefit of the Secured Parties Lenders (it being agreed, however, that any real property owned by UK Borrower Guarantor as of the Safeline Closing Date need not be subject to a Mortgage pursuant to this Section 7.14), or (y) CH Borrower or any CH Foreign Subsidiary acquires an interest in any additional real property which is a manufacturing or significant assembly facility or of a character and importance similar at such time to the extent such assets constitute Collateral). The execution of such additional security documents shall vest in the Collateral Agent a perfected security interest, facilities that are subject only to Permitted Liens, in such Property or Properties (to the extent Mortgages on the Original Closing Date, CH Borrower or such assets constitute Collateral) Subsidiary, as the case may be, will take such reasonable actions and execute such documents as the Administrative Agent will reasonably require to confirm the lien of a Mortgage, if applicable, or to create a new Mortgage for the benefit of the Collateral Agent on behalf Lenders which are owed Obligations by CH Borrower or any CH Foreign Subsidiary; provided, however, that the foregoing provisions shall not apply from and after the Investment Grade Date. All actions taken by the parties in connection with the pledge of Additional Collateral, including, without limitation, reasonable costs of counsel for the Lenders, shall be for the account of the Secured PartiesBorrowers, and thereupon which shall pay all provisions of this Indenture and the applicable Collateral Documents relating to the Collateral shall be deemed to relate to such Property or Properties to the same extent and with the same force and effectreasonable sums due on demand.
(b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to the Collateral Agent as contemplated by Section 9.04(a), the Trustee and the Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required to be delivered to it pursuant to this Article 9 and that no additional documents are required to be delivered to the Collateral Agent pursuant to Section 9.04(a).
Appears in 1 contract
Samples: Credit Agreement (Mt Investors Inc)
Pledge of Additional Collateral. (a) From and after the date the Collateral Security Documents are executed and delivered and so long as the Securities Notes are secured by the Security Interest, if if:
(1) the Company or any Notes Guarantor shall acquire any Property and grant a Wholly Owned first priority lien on such Property for the benefit of the holder of First Lien Obligations; or
(2) a Domestic Restricted Subsidiary shall become a Notes Guarantor pursuant to Section 4.191306, then, the Company or such Notes Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Restricted Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary by the Second Lien Collateral Trustee to grant and perfect, if not otherwise perfected, a first second priority lien on those additional assets or the assets of such Wholly Owned Domestic Restricted Subsidiary to the Second Lien Collateral Agent Trustee for the benefit of the Secured Parties holders of Notes (to the extent such assets constitute Collateral). The execution of such additional security documents shall vest in the Second Lien Collateral Agent Trustee a perfected security interest, subject only to Permitted LiensLiens and the Intercreditor Agreement, in such Property or Properties (to the extent such assets constitute Collateral) for the benefit of the Second Lien Collateral Agent Trustee on behalf of the Secured PartiesHolders, and thereupon all provisions of this Indenture and the applicable Collateral Security Documents relating to the Collateral shall be deemed to relate to such Property or Properties to the same extent and with the same force and effect.
(b) From and after the date the Security Documents are executed and delivered and so long as the Notes are secured by the Security Interest, if no First Lien Obligations exist, if the Company or the Notes Guarantors acquire additional assets that constitute Collateral, the Company or the Notes Guarantor shall grant a second priority lien on those additional assets to the Second Lien Collateral Trustee for the benefit of the holders of Notes.
(c) Unless and until documents granting a first priority second lien security interest in additional Property or assets are delivered to the Second Lien Collateral Agent Trustee as contemplated by Section 9.04(a1104(a) and Section 1104(b), the Trustee and the Second Lien Collateral Agent Trustee may assume without inquiry that the Second Lien Collateral Agent Trustee has received all Collateral Security Indenture 110 Documents required to be delivered to it pursuant to this Article 9 Eleven and that no additional documents are required to be delivered to the Second Lien Collateral Agent Trustee pursuant to Section 9.04(a1104(a) or Section 1104(b).
Appears in 1 contract
Samples: Indenture (Sanmina-Sci Corp)
Pledge of Additional Collateral. (a) From and Subject to Section 7.13, as soon as reasonably practicable after the date acquisition of any property or assets by US Borrower or any Subsidiary with a Dollar Equivalent Value of in excess of U.S. $100,000 individually and U.S. $5.0 million or more in the aggregate of the type that would have constituted Collateral Documents are (if the Person acquiring such assets had executed an appropriate Security Document on the Original Closing Date (whether or not actually so executed)) at the Original Closing Date (the "Additional Collateral"), the Borrowers will, and delivered will cause each of their respective Subsidiaries to, take all reasonably necessary or desirable action, including the filing of appropriate financing statements under the provisions of the UCC and so long as applicable foreign, domestic or local laws, rules or regulations in each of the Securities are secured offices where such filing is necessary or appropriate, to grant to the Administrative Agent for the benefit of, (i) with respect to any such Additional Collateral acquired by US Borrower or any Domestic Subsidiary (other than UK Borrower Guarantor), all of the Lenders (other than the UK Lenders), and, with respect to UK Borrower Guarantor, the Lenders with Obligations owing by UK Borrower, (ii) with respect to any such Additional Collateral acquired by CH Borrower and CH Foreign Subsidiaries, the Lenders owed Obligations by CH Borrower and/or CH Foreign Subsidiaries, and (iii) with respect to any such Additional Collateral acquired by UK Borrower, the Lenders owed Obligations by UK Borrower, a perfected first priority Lien in such Collateral (or comparable interest under foreign law in the case of foreign Collateral) pursuant to and to the full extent required by the applicable Security InterestDocuments and this Agreement; provided, if a Wholly Owned however, that notwithstanding the foregoing, (1) none of US Borrower, UK Borrower or any Domestic Subsidiary shall become a Guarantor pursuant be required, subject to Section 4.197.18, thento pledge more than 65% of the capital stock of any Foreign Subsidiary and no capital stock of any Foreign Subsidiary which is not a "first tier" Subsidiary of US Borrower, UK Borrower or any Domestic Subsidiary need be pledged by US Borrower, UK Borrower or any Domestic Subsidiary, (2) none of US Borrower or any Subsidiary shall be required, subject to Section 7.18, to pledge any property or assets which in accordance with the Company terms of the Loan Documents was not pledged (or would not have been so pledged if then in existence) on the Original Closing Date, other than any property to be pledged on the Safeline Closing Date, and (3) no Foreign Subsidiary need pledge any property or assets to the extent prohibited by applicable law, to the extent such pledge would secure the Obligations of US Borrower or UK Borrower, or to the extent such pledge would cause adverse tax consequences. In the event that (x) US Borrower or any Domestic Subsidiary acquires an interest in any additional real property which is a manufacturing or significant assembly facility or of a character and importance similar at such time to the facilities that are subject to the Mortgages on the Original Closing Date, US Borrower or such Guarantor (in respect Subsidiary, as the case may be, will take such reasonable actions and execute such documents as the Administrative Agent shall reasonably require to confirm the Lien of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Propertya Mortgage, if necessaryapplicable, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary to grant and perfect, if not otherwise perfected, create a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Agent new Mortgage for the benefit of the Secured Parties Lenders (it being agreed, however, that any real property owned by UK Borrower Guarantor as of the Safeline Closing Date need not be subject to a Mortgage pursuant to this Section 7.14), or (y) CH Borrower or any CH Foreign Subsidiary acquires an interest in any additional real property which is a manufacturing or significant assembly facility or of a character and importance similar at such time to the extent such assets constitute Collateral). The execution of such additional security documents shall vest in the Collateral Agent a perfected security interest, facilities that are subject only to Permitted Liens, in such Property or Properties (to the extent Mortgages on the Original Closing Date, CH Borrower or such assets constitute Collateral) Subsidiary, as the case may be, will take such reasonable actions and execute such documents as the Administrative Agent will reasonably require to confirm the lien of a Mortgage, if applicable, or to create a new Mortgage for the benefit of the Collateral Agent on behalf Lenders which are owed Obligations by CH Borrower or any CH Foreign Subsidiary. All actions taken by the parties in connection with the pledge of Additional Collateral, including, without limitation, reasonable costs of counsel for the Lenders, shall be for the account of the Secured PartiesBorrowers, and thereupon which shall pay all provisions of this Indenture and the applicable Collateral Documents relating to the Collateral shall be deemed to relate to such Property or Properties to the same extent and with the same force and effectreasonable sums due on demand.
(b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to the Collateral Agent as contemplated by Section 9.04(a), the Trustee and the Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required to be delivered to it pursuant to this Article 9 and that no additional documents are required to be delivered to the Collateral Agent pursuant to Section 9.04(a).
Appears in 1 contract
Samples: Credit Agreement (Mt Investors Inc)
Pledge of Additional Collateral. (a) From Concurrently with the execution and after delivery by any Subsidiary of a Subsidiary Guarantee, and/or in the date event that Holdings or any such Subsidiary acquires any assets directly or indirectly through merger or otherwise that would constitute Pledged Collateral or Mortgaged Real Property or assets of the Collateral Documents are executed same type, Holdings will, or will cause such Subsidiary to, take all necessary action to grant the Lender a perfected first Lien in all of the real and delivered and so long as the Securities are secured by the Security Interest, if a Wholly Owned Domestic Subsidiary shall become a Guarantor pursuant to Section 4.19, then, the Company personal property of Holdings or such Guarantor (in respect of the Property acquired) or such Wholly Owned Domestic Subsidiary (in respect of all of its Properties that constitute Collateral), shall, promptly, after such acquisition of Property, if necessary, execute and deliver in respect of such Property or Properties, mortgages, deeds of trust, security agreements, pledge agreements or similar instruments (as applicable) and take all such other actions as may be deemed reasonably necessary to grant and perfect, if not otherwise perfected, a first priority lien on those additional assets or the assets of such Wholly Owned Domestic Subsidiary to the Collateral Agent for the benefit of the Secured Parties (to the extent permitted by applicable law) to secure the payment and performance of the Obligations, Holdings' obligations and liabilities under its Guarantee and such Subsidiary's obligations and liabilities under its Subsidiary Guarantee; and promptly, and in any event within 30 days after the acquisition of assets of a type that, but for the fact that such assets constitute shall have been acquired after the Closing Date, would have constituted Collateral, Holdings will, and will cause each of its Subsidiaries to, take all necessary action to grant the Lender a perfected first Lien in such newly acquired assets (such personal property and assets of a Subsidiary executing a Subsidiary Guarantee and such newly acquired assets of Holdings or any of its Subsidiaries are referred to herein collectively as the "Additional Collateral"). The Such action to be taken by Holdings and the Subsidiaries shall include, without limitation, the execution and delivery of security agreements, and/or supplements thereto, and other instruments and documents, all in form and substance reasonably satisfactory to the Lender, the filing of appropriate financing statements under the provisions of the UCC, applicable domestic or local laws, rules or regulations in each of the offices where such filing is necessary or appropriate, and the delivery of such additional security documents shall vest in the Collateral Agent a perfected security interest, subject only to Permitted Liens, in such Property or Properties (opinions of counsel with respect to the extent such foregoing as the Lender shall reasonably require; provided this Section 5.10 shall not apply to any assets constitute Collateral) for subject to Liens permitted under Section 6.03(i). Furthermore, promptly, and in any event within 30 days, after the benefit acquisition of an interest in Real Property within the United States not held as of the Collateral Agent on behalf Closing Date (the "Additional Real Property"), Holdings will, and will cause such of its Subsidiaries acquiring such an interest to, take such actions and execute such documents as the Lender shall reasonably require to confirm the Lien of a Mortgage (including, without limitation, satisfaction of the Secured Partiesconditions set forth in Sections 3.01(C)(iii) and 3.01(H)), and thereupon all provisions of this Indenture and the applicable Collateral Documents relating to the Collateral shall be deemed to relate or execute a new Mortgage, with respect to such Property Additional Real Property. All costs and expenses arising from any action taken or Properties to the same extent and with the same force and effect.
(b) Unless and until documents granting a first priority lien security interest in additional Property or assets are delivered to the Collateral Agent as contemplated by Section 9.04(a), the Trustee and the Collateral Agent may assume without inquiry that the Collateral Agent has received all Collateral Documents required to be delivered to it taken by Holdings or any of its Subsidiaries in connection with the pledge of Additional Collateral or Additional Real Property pursuant to this Article 9 Section 5.10, including, without limitation, costs of counsel to Holdings or such Subsidiary in connection with the delivery of opinions as required by this Section 5.10, shall be payable by Holdings, the Borrower or such Subsidiary. All agreements, instruments and that no additional documents are required to be executed or delivered to the Collateral Agent pursuant to or in furtherance of this Section 9.04(a)5.10, and all amendments, modifications and supplements thereto from time to time entered into, are and shall be within the definition of "Security Documents."
Appears in 1 contract
Samples: Credit Agreement (Carson Inc)