Post-Closing Items. On or before April 1, 2016, the Borrower shall obtain all consents necessary to cause, and shall cause, DVS to become a Guarantor hereunder and to grant a security interest in all of its assets, including all Intellectual Property, pursuant to the terms of Section 6.11; provided that the failure to obtain such consents and to cause DVS to become a Guarantor and grant a security in its assets as provided above shall not constitute an Event of Default hereunder but shall result in the appraised orderly liquidation value of registered Trademarks owned by DVS not being taken into account in connection with any appraisal conducted by or on behalf of the Agent pursuant to Section 6.10(b) after April 1, 2016 or in any calculation of the financial covenant set forth in Section 7.15(b).
Appears in 2 contracts
Samples: Second Lien Credit Agreement (Sequential Brands Group, Inc.), Second Lien Credit Agreement (Sequential Brands Group, Inc.)
Post-Closing Items. (a) On or before April 1, 2016, the Borrower shall obtain all consents necessary to cause, and shall cause, DVS to become a Guarantor hereunder and to grant a security interest in all of its assets, including all Intellectual Property, pursuant to the terms of Section 6.116.11 hereof; provided that the failure to obtain such consents and to cause DVS to become a Guarantor and grant a security in its assets as provided above shall not constitute an Event of Default hereunder but shall result in the appraised orderly liquidation value of registered Trademarks owned by DVS not being taken into account in connection with any appraisal conducted by or on behalf of the Agent pursuant to Section 6.10(b) after April 1, 2016 or in any calculation of the financial covenant set forth in Section 7.15(b)) hereof.
Appears in 2 contracts
Samples: First Lien Credit Agreement (Sequential Brands Group, Inc.), Amendment and Restatement Agreement (Sequential Brands Group, Inc.)
Post-Closing Items. On or before April July 1, 20162017, the Borrower shall obtain all consents necessary to cause, and shall cause, DVS to become a Guarantor hereunder and to grant a security interest in all of its assets, including all Intellectual Property, pursuant to the terms of Section 6.116.11 hereof; provided that the failure to obtain such consents and to cause DVS to become a Guarantor and grant a security in its assets as provided above shall not constitute an Event of Default hereunder but shall result in the appraised orderly liquidation value of registered Trademarks owned by DVS not being taken into account in connection with any appraisal conducted by or on behalf of the Agent pursuant to Section 6.10(b) after April July 1, 2016 or in any calculation of the financial covenant set forth in Section 7.15(b)2017.
Appears in 1 contract
Post-Closing Items. (a) On or before April July 1, 20162017, the Borrower shall obtain all consents necessary to cause, and shall cause, DVS to become a Guarantor hereunder and to grant a security interest in all of its assets, including all Intellectual Property, pursuant to the terms of Section 6.116.11 hereof; provided that the failure to obtain such consents and to cause DVS to become a Guarantor and grant a security in its assets as provided above shall not constitute an Event of Default hereunder but shall result in the appraised orderly liquidation value of registered Trademarks owned by DVS not being taken into account in connection with any appraisal conducted by or on behalf of the Agent pursuant to Section 6.10(b) after April July 1, 2016 2017 or in any calculation of the financial covenant set forth in Section 7.15(b)) hereof.
(b) [Reserved].
Appears in 1 contract
Samples: First Lien Credit Agreement (Sequential Brands Group, Inc.)
