Real Estate Deliverables. (i) A Mortgage with respect to each Material Owned Property, signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed or recorded in all appropriate locations; (ii) a legal description of each parcel of real property subject to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recording; (iii) to the extent requested by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent, for the benefit of the Secured Parties (including such endorsements as the Administrative Agent may reasonably require), insuring each Mortgage as a valid first priority Lien upon the property subject to such Mortgage subject only to Permitted Liens which have first priority by operation of law, and such other exceptions as are reasonably acceptable to the Administrative Agent; (iv) to the extent requested by the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any title policy delivered to the Administrative Agent, such survey or surveys to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral; (v) to the extent requested by the Administrative Agent in its sole discretion, acceptable appraisals, field exams and other third party inspections, as applicable of the Loan Parties’ and their Subsidiaries’ assets, including the real property and improvements thereto constituting Collateral; (vi) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent; (vii) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent; (viii) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to: (A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage; (B) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, (b) if the improvement(s) to the improved real property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and (c) documentation evidencing the Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery), (ix) to the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of the Administrative Agent as the Administrative Agent may request; and
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Samples: Credit Agreement (Nuvera Communications, Inc.), Credit Agreement (Nuvera Communications, Inc.)
Real Estate Deliverables. The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent no later than the date occurring sixty (60) days after the Second Amendment Effective Date (or such later date as may be acceptable to the Administrative Agent in its reasonable discretion), to the extent determined by the Administrative Agent to be reasonably necessary or desirable, each of the following items:
(i) A to the extent reasonably necessary, fully executed and notarized mortgage modifications (each, a “Mortgage with respect to each Material Owned PropertyModification”), signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed or recorded in proper form for recording in all appropriate locationsplaces in all applicable jurisdictions, encumbering each applicable Mortgaged Property;
(ii) a legal description an opinion of each parcel of real property subject counsel (which counsel shall be reasonably satisfactory to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recording;
(iii) to the extent requested by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent) in each state in which a Mortgaged Property for which a Mortgage Modification is required, for is located with respect to the benefit enforceability of such Mortgage as modified by the Secured Parties (including applicable Mortgage Modification, and such endorsements other customary matters with regards to each such Mortgage Modification as the Administrative Agent may reasonably require)request, insuring in each Mortgage as a valid first priority Lien upon the property subject to such Mortgage subject only to Permitted Liens which have first priority by operation of law, case in form and such other exceptions as are substance reasonably acceptable satisfactory to the Administrative Agent;
(iviii) with respect to the extent requested lender’s title insurance policy insuring each Mortgaged Property for which a Mortgage Modification is required, a mortgage modification endorsement with respect to such Mortgaged Property, issued by the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any a title policy delivered company reasonably satisfactory to the Administrative Agent, such survey or surveys in form and substance reasonably satisfactory to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral;
(v) Agent, insuring, to the extent requested that such coverage is available by endorsement in the Administrative Agent in its sole discretionapplicable jurisdiction, acceptable appraisalsthat the validity, field exams enforceability and other third party inspections, as applicable priority of the Loan Parties’ applicable Mortgage, and their Subsidiaries’ assetsthe effectiveness of such title policy, including shall remain unchanged following recordation of the real property and improvements thereto constituting Collateral;related Mortgage Modification; and
(viiv) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits (a) an updated Flood Determination Form with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent;
(vii) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viii) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, Mortgaged Property; (b) if the improvement(s) to the improved real property it is located in a special flood hazard areaFlood Hazard Property, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and ; (c) documentation evidencing the Borrower’s written acknowledgment of receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery),
(ix) to the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of from the Administrative Agent as to the Administrative Agent may requestfact that such Mortgaged Property is a Flood Hazard Property and as to whether the community in which each such Flood Hazard Property is located is participating in the NFIP; andand (d) if the Borrower Notice is required to be given and flood insurance is available in the community in which the applicable Mortgaged Property is located, Evidence of Flood Insurance.
Appears in 1 contract
Real Estate Deliverables. With respect to any Mortgage in effect as of the Incremental Advance Effective Date, obtain and deliver to the Administrative Agent, no later than 120 days following the Incremental Advance Effective Date (or such later date as the Administrative Agent may agree in its reasonable discretion), the following:
(i) A if the Administrative Agent reasonably determines that such amendment is necessary to maintain or protect its Lien or the priority thereof on such Material Real Property, evidence that amendments, supplements or modifications in form reasonably satisfactory to the Administrative Agent (the “Mortgage Amendments”) with respect to each of such existing Mortgages have been duly executed, acknowledged and delivered on or before such date and are in form suitable for filing and recording in all filing or recording offices that the Administrative Agent may deem necessary or desirable in order to maintain or protect such Lien or the priority thereof;
(ii) with respect to the real properties subject to the Mortgage Amendments, fully paid title searches and mortgage modification endorsements in respect of the Mortgage Policies; provided that if, after the use of commercially reasonable efforts, the Loan Parties are unable to obtain any such mortgage modification endorsement at a cost not exceeding $1,000, then the Loan Parties shall not be obligated to obtain such mortgage modification endorsement;
(iii) with respect to each Material Owned Real Property, signed a standard flood hazard determination form and, if any Material Real Property is in an area designated by an Authorized Officer the Federal Emergency Management Agency as having special flood or mud slide hazards (a “Flood Hazard Property”), (i) the Borrower’s written acknowledgment of receipt of written notification from the applicable Loan Party Administrative Agent as to the fact that such Material Real Property is a Flood Hazard Property and evidence that as to whether the community in which each such Mortgage has been filed or recorded Flood Hazard Property is located is participating in all appropriate locations;
the National Flood Insurance Program and (ii) copies of the Borrower’s application for a legal description flood insurance policy plus proof of each parcel premium payment, a declaration page confirming that flood insurance has been issued, or such other evidence of real property subject flood insurance satisfactory to a Mortgagethe Administrative Agent and naming the Administrative Agent as loss payee; and
(iv) evidence that all filing, compatible documentary, stamp, intangible and recording taxes, and fees in respect to such Mortgage Amendments have been paid in connection with the survey described below preparation, execution, filing and recordation of the Mortgage Amendments (if such survey is required) and sufficient for recording;
(iii) to it being agreed that the extent Administrative Agent shall cooperate as reasonably requested by the Administrative Agent Borrower to minimize such amounts payable by the Borrower, so long as such cooperation is not inconsistent with the foregoing provisions of this clause (m)); provided, that the foregoing shall not be required if (x) any third party consent is necessary in its sole discretion, an ALTA title insurance policy or policies insuring order to deliver such item and such third party consent cannot be obtained after commercially reasonable efforts and (y) a written agreement to sell such Material Real Property has been entered into prior to the Administrative Agent, for the benefit expiration of the Secured Parties period provided above; provided further, that in the case of the foregoing clause (including y), if such endorsements agreement is terminated, then the foregoing shall be obtained and delivered no later than 120 days following such termination (or such later date as the Administrative Agent may reasonably require), insuring each Mortgage as a valid first priority Lien upon the property subject to such Mortgage subject only to Permitted Liens which have first priority by operation of law, and such other exceptions as are reasonably acceptable to the Administrative Agent;
(iv) to the extent requested by the Administrative Agent agree in its sole reasonable discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any title policy delivered to the Administrative Agent, such survey or surveys to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral;
(v) to the extent requested by the Administrative Agent in its sole discretion, acceptable appraisals, field exams and other third party inspections, as applicable of the Loan Parties’ and their Subsidiaries’ assets, including the real property and improvements thereto constituting Collateral;
(vi) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent;
(vii) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viii) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, (b) if the improvement(s) to the improved real property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice)).”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and (c) documentation evidencing the Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery),
(ix) to the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of the Administrative Agent as the Administrative Agent may request; and
Appears in 1 contract
Samples: Credit Agreement (Chemtura CORP)
Real Estate Deliverables. (i) A Mortgage with respect to each Material Owned Property, signed by an Authorized Officer Within 90 days of the applicable Loan Party and evidence that each Amendment No. 11 Effective Date (or such Mortgage has been filed or recorded in all appropriate locations;
(ii) a legal description of each parcel of real property subject to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recording;
(iii) to the extent requested by later date as the Administrative Agent in its sole discretionreasonable discretion may agree), the Collateral Agent shall have received either:
(a) a favorable opinion, addressed to the Collateral Agent and each of the Secured Parties, or an ALTA title insurance policy email confirmation, in each case, in form and substance reasonably satisfactory to the Collateral Agent, from local counsel in the jurisdiction in which the Mortgaged Property is located substantially to the effect that:
(i) the recording of the existing Mortgage is the only filing or policies insuring recording necessary to give constructive notice to third parties of the Administrative Agentlien created by such Mortgage as security for the Obligations, including the Obligations evidenced by the Credit Agreement, as amended pursuant to this Amendment, and the other documents executed in connection therewith, for the benefit of the Secured Parties Parties; and
(including ii) no other documents, instruments, filings, recordings, re-recordings, re-filings or other actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate under applicable law in order to maintain the continued enforceability, validity or priority of the lien created by such endorsements as the Administrative Agent may reasonably require), insuring each Mortgage as a valid first priority Lien upon security for the property subject Obligations, including the Obligations evidenced by the Credit Agreement, as amended pursuant to such Mortgage subject only to Permitted Liens which have first priority by operation of lawthis Amendment, and the other documents executed in connection therewith, for the benefit of the Secured Parties; or
(b) such other exceptions as are documentation with respect to the Mortgaged Property, in each case in form and substance reasonably acceptable to the Administrative Agent;
(iv) to , as shall confirm the extent requested by enforceability, validity and perfection of the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any title policy delivered to the Administrative Agent, such survey or surveys to be certified lien in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral;Parties, including, without limitation:
(vi) an amendment to the extent requested existing Mortgage (the “Mortgage Amendment”) duly executed and acknowledged by the Administrative Agent applicable Credit Party, and in its sole discretion, acceptable appraisals, field exams and other third party inspections, as applicable of form for recording in the Loan Parties’ and their Subsidiaries’ assets, including the real property and improvements thereto constituting Collateral;
(vi) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits with respect to each of the real properties constituting Collateralrecording office where such Mortgage was recorded, together with such other environmental information certificates, affidavits, questionnaires or returns as shall be required in connection with the Administrative Agent may requestrecording or filing thereof under applicable law, including, but not limited to, completed environmental questionnaires in each case in form and substance reasonably satisfactory to the form provided by the Administrative Collateral Agent;
(viiii) written opinions of counsel for A date down endorsement to the Loan Partiesexisting Title Policy, duly executed, dated which shall be in form and substance reasonably satisfactory to the Collateral Agent and reasonably assures the Collateral Agent as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viii) evidence endorsement that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be Mortgaged Property subject to the lien of such Mortgage is free and clear of all defects and encumbrances except those Liens permitted under such Mortgage;
(B) obtaining or providing the following documents: (aiii) a completed standard “life-of-loan” flood hazard determination formfavorable opinion, (b) if the improvement(s) addressed to the improved real property is located Collateral Agent and the Secured Parties covering, among other things, the due authorization, execution, delivery and enforceability of the applicable Mortgage as amended by the Mortgage Amendment, and shall otherwise be in a special flood hazard area, a notification form and substance reasonably satisfactory to the Borrower Collateral Agent; and
(“Borrower Notice”iv) such customary title affidavits, certificates, information and (if applicable) notification instruments of indemnification as shall be required to induce the title insurance company to issue the endorsement to the Borrower that flood Title Policy contemplated in this Schedule 8 and evidence of payment by the Borrowers of all applicable title insurance coverage under premiums, search and examination charges escrow charges and related charges, mortgage recording taxes, fees, charges, costs and expenses required for the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and (c) documentation evidencing the Borrower’s receipt recording of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt Mortgage Amendment and issuance of certified U.S. Mail, or overnight delivery),
(ix) the endorsement to the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior Title Policy referred to such property, structures and contents becoming Collateral, together with such endorsements in favor of the Administrative Agent as the Administrative Agent may request; andabove.
Appears in 1 contract
Samples: Credit Agreement (GoDaddy Inc.)
Real Estate Deliverables. The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent no later than the date occurring sixty (60) days after the Third Amendment Effective Date (or such later date as may be acceptable to the Administrative Agent in its reasonable discretion), to the extent determined by the Administrative Agent to be reasonably necessary or desirable, each of the following items:
(i) A to the extent reasonably necessary, fully executed and notarized mortgage modifications (each, a “Mortgage with respect to each Material Owned PropertyModification”), signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed or recorded in proper form for recording in all appropriate locationsplaces in all applicable jurisdictions, encumbering each applicable Mortgaged Property;
(ii) a legal description an opinion of each parcel of real property subject counsel (which counsel shall be reasonably satisfactory to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recording;
(iii) to the extent requested by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent) in each state in which a Mortgaged Property for which a Mortgage Modification is required, for is located with respect to the benefit enforceability of such Mortgage as modified by the Secured Parties (including applicable Mortgage Modification, and such endorsements other customary matters with regards to each such Mortgage Modification as the Administrative Agent may reasonably require)request, insuring in each Mortgage as a valid first priority Lien upon the property subject to such Mortgage subject only to Permitted Liens which have first priority by operation of law, case in form and such other exceptions as are substance reasonably acceptable satisfactory to the Administrative Agent;
(iviii) with respect to the extent requested lender’s title insurance policy insuring each Mortgaged Property for which a Mortgage Modification is required, a mortgage modification endorsement with respect to such Mortgaged Property, issued by the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any a title policy delivered company reasonably satisfactory to the Administrative Agent, such survey or surveys in form and substance reasonably satisfactory to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral;
(v) Agent, insuring, to the extent requested that such coverage is available by endorsement in the Administrative Agent in its sole discretionapplicable jurisdiction, acceptable appraisalsthat the validity, field exams enforceability and other third party inspections, as applicable priority of the Loan Parties’ applicable Mortgage, and their Subsidiaries’ assetsthe effectiveness of such title policy, including shall remain unchanged following recordation of the real property and improvements thereto constituting Collateral;related Mortgage Modification; and
(viiv) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits (a) an updated Flood Determination Form with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent;
(vii) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viii) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, Mortgaged Property; (b) if the improvement(s) to the improved real property it is located in a special flood hazard areaFlood Hazard Property, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and ; (c) documentation evidencing the Borrower’s written acknowledgment of receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery),
(ix) to the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of from the Administrative Agent as to the fact that such Mortgaged Property is a Flood Hazard Property and as to whether the community in which each such Flood Hazard Property is located is participating in the NFIP; and (d) if the Borrower Notice is required to be given and flood insurance is available in the community in which the applicable Mortgaged Property is located, Evidence of Flood Insurance. UNOFFICIAL EXECUTION COPYVERSION Added text shown underscored; deleted text shown strikethrough. (conformed to CREDIT SUISSE SECURITIES (USA)LOAN FUNDING LLC
(1) RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its affiliates.
1.01 Defined Terms 1 1.02 Other Interpretive Provisions 5556 1.03 Accounting Terms 5557
1.04 Rounding 5658
1.05 References to Agreements and Laws 5658
1.06 Times of Day 5658
1.07 Timing of Payment or Performance 5658
1.08 Currency Equivalents Generally 5658
1.09 Pro Forma Calculations 5658
1.10 Basket Calculations 5759 1.11 Classification of Term Loans and Term Borrowings 5759
2.01 The Term Loans 5759 2.02 Term Borrowings, Conversions and Continuations of Term Loans 5759 2.03 Prepayments 5961 2.04 Termination or Reduction of Term Commitments 6869 2.05 Repayment of Term Loans 6870 2.06 Interest 7072 2.07 Fees 7072
2.08 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate 7072 2.09 Evidence of Indebtedness 7173
2.10 Payments Generally; Administrative Agent may request; andAgent’s Clawback 7173 2.11 Sharing of Payments 7375 2.12 Incremental First Lien Term Facilities 7476 2.13 Defaulting Lenders 7981
Appears in 1 contract
Real Estate Deliverables. (i) A a Mortgage with respect to each Material Owned Property, signed duly executed by an Authorized Officer of the applicable each Loan Party and evidence that with respect to each parcel of real property owned by such Mortgage has been filed or recorded in all appropriate locationsLoan Party;
(ii) a legal description of each parcel of real property subject commitment to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recording;
(iii) to the extent requested by the Administrative Agent in its sole discretion, issue an ALTA title insurance policy or policies insuring the Administrative Agent, for the benefit of the Secured Parties Parties, and in form acceptable to the Administrative Agent (including such endorsements as the Administrative Agent may reasonably require), insuring that each Mortgage as described in the foregoing clause (i) creates a valid first priority Lien upon the property subject to each such Mortgage Mortgage, subject only to Permitted Liens which have first priority by operation of law, and such other exceptions as are reasonably acceptable to the Administrative Agent; provided, notwithstanding the foregoing, the requirements of this Section 4.1(l)(ii) shall not apply to the Mortgage in respect of the Albion, Michigan Property;
(iii) a copy of any existing Phase I reports with respect to any parcel of real property owned by such Loan Party;
(iv) to the extent requested by the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any title policy delivered to the Administrative Agent, such survey or surveys to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral[reserved];
(v) to the extent requested by the Administrative Agent in its sole discretion, acceptable appraisals, field exams and other third party inspections, as applicable of the Loan Parties’ and their Subsidiaries’ assets, including the real property and improvements thereto constituting Collateral;
(vi) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent;
(vii) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viii) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the a Mortgage;
(B) obtaining or providing the following documents: (ax) a completed standard “life-of-loan” flood hazard determination form, (by) if the improvement(s) to the improved real property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and (cz) documentation evidencing the Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery),
(ixC) to the extent required under Section 6.5(b6.4(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral;
(vi) true, together with such endorsements in favor correct and complete copies of the Administrative Agent as the Administrative Agent may request; andeach Specified Lease Agreement;
Appears in 1 contract
Samples: Credit Agreement (Andersons, Inc.)
Real Estate Deliverables. (i) A Mortgage with respect to each Material Owned Property, signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed or recorded in all appropriate locations;
(iiA) a legal description of each parcel of real property subject to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recordingconstituting Collateral;
(iiiB) to the extent requested by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent, for the benefit of the Secured Parties (including such endorsements as the Administrative Agent may reasonably require), insuring each Mortgage as a valid first priority Lien (subject to the Intercreditor Agreement) upon the property subject to such Mortgage subject only to Permitted Liens which have first priority by operation of lawlaw and the Prior Security Interest (as defined in the First Lien Credit Agreement) of the First Lien Administrative Agent to the extent provided in the Intercreditor Agreement, and such other exceptions as are reasonably acceptable to the Administrative Agent; provided that, the amount of insurance under each title insurance policy shall not exceed the lesser of (1) the aggregate assessed current tax value of the encumbered property under the Mortgages corresponding to such title insurance policy and (2) the higher of (a) the aggregate of the Maximum Debt Limits for each Mortgage corresponding to such title insurance policy in a state with a mortgage, transfer or similar tax and (b) 50% of the highest Maximum Debt Limit for any Mortgage corresponding to such title insurance policy in a state without a mortgage, transfer or similar tax;
(iv) to the extent requested by the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any title policy delivered to the Administrative Agent, such survey or surveys to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral;
(v) to the extent requested by the Administrative Agent in its sole discretion, acceptable appraisals, field exams and other third party inspections, as applicable of the Loan Parties’ and their Subsidiaries’ assets, including the real property and improvements thereto constituting Collateral;
(viC) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits Environmental Site Assessments with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent;
(viiD) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17Closing Date, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viiiE) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A1) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B2) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, (b) if the improvement(s) to the improved real property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and (c) documentation evidencing the Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mailmail, or overnight delivery),
(ix3) to the extent required under Section 6.5(b6.4(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of the Administrative Agent as the Administrative Agent may request; and;
Appears in 1 contract
Samples: Second Lien Credit Agreement (Alaska Communications Systems Group Inc)
Real Estate Deliverables. Within sixty (i60) A Mortgage with respect to each Material Owned Propertydays after the Amendment No. 1 Effective Date, signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed unless waived or recorded in all appropriate locations;
(ii) a legal description of each parcel of real property subject to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recording;
(iii) to the extent requested extended by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent shall have received either:
(a) email correspondence provided to the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent, from local counsel in the jurisdiction in which the Mortgaged Property is located substantially to the effect that:
(i) the recording of the existing Mortgage is the only filing or recording necessary to give constructive notice to third parties of the lien created by such Mortgage as security for the Secured Obligations (as defined in the Mortgage), including the Secured Obligations evidenced by the Credit Agreement, as amended pursuant to this Amendment, and the other documents executed in connection therewith, for the benefit of the Secured Parties; and
(ii) no other documents, instruments, filings, recordings, re-recordings, re-filings or other actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate under applicable law in order to maintain the continued enforceability, validity or priority of the lien created by such Mortgage as security for the Secured Obligations, including the Secured Obligations evidenced by the Credit Agreement, as amended pursuant to this Amendment, and the other documents executed in connection therewith, for the benefit of the Secured Parties; or
(b) such other documentation with respect to each Mortgaged Property, in each case in form and substance reasonably acceptable to the Administrative Agent, as shall confirm the validity and perfection of the lien in favor of the Secured Parties, including, without limitation:
(i) With respect to each Mortgage, an amendment thereof (each a “Mortgage Amendment”) duly executed and acknowledged by the applicable Loan Party, and in form for recording in the recording office where each such Mortgage was recorded, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof under applicable law;
(ii) With respect to each Mortgage Amendment, opinions of local counsel to the Loan Parties, which opinions (a) shall be addressed to the Administrative Agent and each of the Secured Parties and (including b) shall cover the due authorization, execution, delivery and enforceability of the respective Mortgage as amended by the Mortgage Amendment and such endorsements other matters incident to the transactions contemplated herein as the Administrative Agent may reasonably require), insuring request;
(iii) With respect to each Mortgage Amendment, a date down endorsement to the existing Mortgage Policy, which shall reasonably assure the Administrative Agent as a valid first priority Lien upon of the date of such endorsement that the real property subject to the lien of such Mortgage subject only to is free and clear of all defects and encumbrances except Permitted Liens which have first priority by operation of law, and such other exceptions Encumbrances (as are reasonably acceptable to defined in the Administrative AgentMortgages);
(iv) to the extent requested evidence of payment by the Administrative Agent in its sole discretionLoan Parties of all search and examination charges escrow charges and related charges, an “as-built” survey or surveys adequate to delete mortgage recording taxes, fees, charges, costs and expenses required for the standard survey exception from any title policy delivered to the Administrative Agent, such survey or surveys to be certified in favor recording of the Administrative Agent for the benefit of the Secured Parties as Mortgage Amendment referred to each of the real properties constituting Collateral;
(v) to the extent requested by the Administrative Agent in its sole discretion, acceptable appraisals, field exams and other third party inspections, as applicable of the Loan Parties’ and their Subsidiaries’ assets, including the real property and improvements thereto constituting Collateral;
(vi) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits with respect to each of the real properties constituting Collateral, above together with such other environmental affidavits, certificates, information and instruments of indemnification as shall be required to induce the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in title insurance company to issue the form provided by the Administrative Agent;
(vii) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect endorsement to the Mortgages as may be requested by the Administrative Agent;
(viii) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist title policy contemplated in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, (b) if the improvement(s) to the improved real property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and (c) documentation evidencing the Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery),
(ix) to the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of the Administrative Agent as the Administrative Agent may request; andthis Section.
Appears in 1 contract
Samples: Credit Agreement (JOANN Inc.)
Real Estate Deliverables. (i) A Mortgage with respect to each Material Owned Property, signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed or recorded in all appropriate locations;
(iiA) a legal description of each parcel of real property subject to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recordingconstituting Collateral;
(iiiB) to the extent requested by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent, for the benefit of the Secured Parties (including such endorsements as the Administrative Agent may reasonably require), insuring each Mortgage as a valid first priority Lien upon the property subject to such Mortgage subject only to Permitted Liens which have first priority by operation of law, and such other exceptions as are reasonably acceptable to the Administrative Agent; provided that the amount of insurance under each title insurance policy shall not exceed the lesser of (1) the aggregate current tax assessed value of the encumbered property under the Mortgages corresponding to such title insurance policy and (2) the higher of (a) the aggregate of the Maximum Debt Limits for each Mortgage corresponding to such title insurance policy in a state with a mortgage, transfer or similar tax and (b) 50% of the highest Maximum Debt Limit for any Mortgage corresponding to such title insurance policy in a state without a mortgage, transfer or similar tax;
(iv) to the extent requested by the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any title policy delivered to the Administrative Agent, such survey or surveys to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral;
(v) to the extent requested by the Administrative Agent in its sole discretion, acceptable appraisals, field exams and other third party inspections, as applicable of the Loan Parties’ and their Subsidiaries’ assets, including the real property and improvements thereto constituting Collateral;
(viC) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits Environmental Site Assessments with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent;
(viiD) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17Funding Date, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viiiE) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A1) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B2) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, (b) if the improvement(s) to the improved real property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and (c) documentation evidencing the Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mailmail, or overnight delivery),;
(ix3) to the extent required under Section 6.5(b6.4(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of the Administrative Agent as the Administrative Agent may request; and;
Appears in 1 contract
Samples: Credit Agreement (Alaska Communications Systems Group Inc)
Real Estate Deliverables. The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent no later than the date occurring sixty (60) days after the New Incremental First Lien Term Commitments Effective Date (or such later date as may be acceptable to the Administrative Agent in its reasonable discretion), to the extent determined by the Administrative Agent to be reasonably necessary or desirable, each of the following items:
(i) A to the extent reasonably necessary, fully executed and notarized mortgage modifications (each, a “Mortgage with respect to each Material Owned PropertyModification”), signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed or recorded in proper form for recording in all appropriate locationsplaces in all applicable jurisdictions, encumbering each applicable Mortgaged Property;
(ii) a legal description an opinion of each parcel of real property subject counsel (which counsel shall be reasonably satisfactory to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recording;
(iii) to the extent requested by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent) in each state in which a Mortgaged Property for which a Mortgage Modification is required, for is located with respect to the benefit enforceability of such Mortgage as modified by the Secured Parties (including applicable Mortgage Modification, and such endorsements other customary matters with regards to each such Mortgage Modification as the Administrative Agent may reasonably require)request, insuring in each Mortgage as a valid first priority Lien upon the property subject to such Mortgage subject only to Permitted Liens which have first priority by operation of law, case in form and such other exceptions as are substance reasonably acceptable satisfactory to the Administrative Agent;
(iviii) with respect to the extent requested lender’s title insurance policy insuring each Mortgaged Property for which a Mortgage Modification is required, a mortgage modification endorsement with respect to such Mortgaged Property, issued by the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any a title policy delivered company reasonably satisfactory to the Administrative Agent, such survey or surveys in form and substance reasonably satisfactory to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral;
(v) Agent, insuring, to the extent requested that such coverage is available by endorsement in the Administrative Agent in its sole discretionapplicable jurisdiction, acceptable appraisalsthat the validity, field exams enforceability and other third party inspections, as applicable priority of the Loan Parties’ applicable Mortgage, and their Subsidiaries’ assetsthe effectiveness of such title policy, including shall remain unchanged following recordation of the real property and improvements thereto constituting Collateral;related Mortgage Modification; and
(viiv) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits (a) an updated Flood Determination Form with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent;
(vii) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viii) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, Mortgaged Property; (b) if the improvement(s) to the improved real property it is located in a special flood hazard areaFlood Hazard Property, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and ; (c) documentation evidencing the Borrower’s written acknowledgment of receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery),
(ix) to the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of from the Administrative Agent as to the Administrative Agent may requestfact that such Mortgaged Property is a Flood Hazard Property and as to whether the community in which each such Flood Hazard Property is located is participating in the NFIP; andand (d) if the Borrower Notice is required to be given and flood insurance is available in the community in which the applicable Mortgaged Property is located, Evidence of Flood Insurance.
Appears in 1 contract
Samples: Incremental First Lien Term Commitments Amendment (GMS Inc.)
Real Estate Deliverables. Within sixty (i60) A Mortgage with respect to each Material Owned Propertydays after the Amendment No. 2 Effective Date, signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed unless waived or recorded in all appropriate locations;
(ii) a legal description of each parcel of real property subject to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recording;
(iii) to the extent requested extended by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent shall have received either:
(a) email correspondence provided to the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent, from local counsel in the jurisdiction in which the Mortgaged Property is located substantially to the effect that:
(i) the recording of the existing Mortgage is the only filing or recording necessary to give constructive notice to third parties of the lien created by such Mortgage as security for the Secured Obligations (as defined in the Mortgage), including the Secured Obligations evidenced by the Credit Agreement, as amended pursuant to this Amendment, and the other documents executed in connection therewith, for the benefit of the Secured Parties; and
(ii) no other documents, instruments, filings, recordings, re-recordings, re-filings or other actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate under applicable law in order to maintain the continued enforceability, validity or priority of the lien created by such Mortgage as security for the Secured Obligations, including the Secured Obligations evidenced by the Credit Agreement, as amended pursuant to this Amendment, and the other documents executed in connection therewith, for the benefit of the Secured Parties; or
(b) such other documentation with respect to each Mortgaged Property, in each case in form and substance reasonably acceptable to the Administrative Agent, as shall confirm the validity and perfection of the lien in favor of the Secured Parties, including, without limitation:
(i) With respect to each Mortgage, an amendment thereof (each a “Mortgage Amendment”) duly executed and acknowledged by the applicable Loan Party, and in form for recording in the recording office where each such Mortgage was recorded, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof under applicable law;
(ii) With respect to each Mortgage Amendment, opinions of local counsel to the Loan Parties, which opinions (a) shall be addressed to the Administrative Agent and each of the Secured Parties and (including b) shall cover the due authorization, execution, delivery and enforceability of the respective Mortgage as amended by the Mortgage Amendment and such endorsements other matters incident to the transactions contemplated herein as the Administrative Agent may reasonably require), insuring request;
(iii) With respect to each Mortgage Amendment, a date down endorsement to the existing Mortgage Policy, which shall reasonably assure the Administrative Agent as a valid first priority Lien upon of the date of such endorsement that the real property subject to the lien of such Mortgage subject only to is free and clear of all defects and encumbrances except Permitted Liens which have first priority by operation of law, and such other exceptions Encumbrances (as are reasonably acceptable to defined in the Administrative AgentMortgages);
(iv) to the extent requested evidence of payment by the Administrative Agent in its sole discretionLoan Parties of all search and examination charges escrow charges and related charges, an “as-built” survey or surveys adequate to delete mortgage recording taxes, fees, charges, costs and expenses required for the standard survey exception from any title policy delivered to the Administrative Agent, such survey or surveys to be certified in favor recording of the Administrative Agent for the benefit of the Secured Parties as Mortgage Amendment referred to each of the real properties constituting Collateral;
(v) to the extent requested by the Administrative Agent in its sole discretion, acceptable appraisals, field exams and other third party inspections, as applicable of the Loan Parties’ and their Subsidiaries’ assets, including the real property and improvements thereto constituting Collateral;
(vi) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits with respect to each of the real properties constituting Collateral, above together with such other environmental affidavits, certificates, information and instruments of indemnification as shall be required to induce the Administrative Agent may request, including, but not limited to, completed environmental questionnaires title insurance company to issue the endorsement to the title policy contemplated in the form provided by the Administrative Agent;
(vii) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viii) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, (b) if the improvement(s) to the improved real property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and (c) documentation evidencing the Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery),
(ix) to the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of the Administrative Agent as the Administrative Agent may request; and5.1.
Appears in 1 contract
Samples: Credit Agreement (JOANN Inc.)
Real Estate Deliverables. (i) A Mortgage with respect to each Material Owned Property, signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed or recorded in all appropriate locations;
(iiA) a legal description of each parcel of real property subject to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recordingconstituting Collateral;
(iiiB) to the extent requested by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent, for the benefit of the Secured Parties (including such endorsements as the Administrative Agent may reasonably require), insuring each Mortgage as a valid first priority Lien upon the property subject to such Mortgage subject only to Permitted Liens which have first priority by operation of law, and such other exceptions as are reasonably acceptable to the Administrative Agent; provided that, the amount of insurance under each title insurance policy shall not exceed the lesser of (1) the aggregate current tax assessed value of the encumbered property under the Mortgages corresponding to such title insurance policy and (2) the higher of (a) the aggregate of the Maximum Debt Limits for each Mortgage corresponding to such title insurance policy in a state with a mortgage, transfer or similar tax and (b) 50% of the highest Maximum Debt Limit for any Mortgage corresponding to such title insurance policy in a state without a mortgage, transfer or similar tax;
(iv) to the extent requested by the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any title policy delivered to the Administrative Agent, such survey or surveys to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral;
(v) to the extent requested by the Administrative Agent in its sole discretion, acceptable appraisals, field exams and other third party inspections, as applicable of the Loan Parties’ and their Subsidiaries’ assets, including the real property and improvements thereto constituting Collateral;
(viC) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits Environmental Site Assessments with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent;
(viiD) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17Closing Date, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viiiE) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A1) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B2) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, (b) if the improvement(s) to the improved real property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and (c) documentation evidencing the Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mailmail, or overnight delivery),
(ix3) to the extent required under Section 6.5(b6.4(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of the Administrative Agent as the Administrative Agent may request; and;
Appears in 1 contract
Samples: Credit Agreement (Alaska Communications Systems Group Inc)
Real Estate Deliverables. The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent no later than the date occurring sixty (60) days after the Fourth Amendment Effective Date (or such later date as may be acceptable to the Administrative Agent in its reasonable discretion), to the extent determined by the Administrative Agent to be reasonably necessary or desirable, each of the following items:
(i) A to the extent reasonably necessary, fully executed and notarized mortgage modifications (each, a “Mortgage with respect to each Material Owned PropertyModification”), signed by an Authorized Officer of the applicable Loan Party and evidence that each such Mortgage has been filed or recorded in proper form for recording in all appropriate locationsplaces in all applicable jurisdictions, encumbering each applicable Mortgaged Property;
(ii) a legal description an opinion of each parcel of real property subject counsel (which counsel shall be reasonably satisfactory to a Mortgage, compatible with the survey described below (if such survey is required) and sufficient for recording;
(iii) to the extent requested by the Administrative Agent in its sole discretion, an ALTA title insurance policy or policies insuring the Administrative Agent) in each state in which a Mortgaged Property for which a Mortgage Modification is required, for is located with respect to the benefit enforceability of such Mortgage as modified by the Secured Parties (including applicable Mortgage Modification, and such endorsements other customary matters with regards to each such Mortgage Modification as the Administrative Agent may reasonably require)request, insuring in each Mortgage as a valid first priority Lien upon the property subject to such Mortgage subject only to Permitted Liens which have first priority by operation of law, case in form and such other exceptions as are substance reasonably acceptable satisfactory to the Administrative Agent;
(iviii) with respect to the extent requested lender’s title insurance policy insuring each Mortgaged Property for which a Mortgage Modification is required, a mortgage modification endorsement with respect to such Mortgaged Property, issued by the Administrative Agent in its sole discretion, an “as-built” survey or surveys adequate to delete the standard survey exception from any a title policy delivered company reasonably satisfactory to the Administrative Agent, such survey or surveys in form and substance reasonably satisfactory to be certified in favor of the Administrative Agent for the benefit of the Secured Parties as to each of the real properties constituting Collateral;
(v) Agent, insuring, to the extent requested that such coverage is available by endorsement in the Administrative Agent in its sole discretionapplicable jurisdiction, acceptable appraisalsthat the validity, field exams enforceability and other third party inspections, as applicable priority of the Loan Parties’ applicable Mortgage, and their Subsidiaries’ assetsthe effectiveness of such title policy, including shall remain unchanged following recordation of the real property and improvements thereto constituting Collateral;related Mortgage Modification; and
(viiv) to the extent requested by the Administrative Agent in its sole discretion, acceptable Phase I environmental audits (a) an updated Flood Determination Form with respect to each of the real properties constituting Collateral, together with such other environmental information as the Administrative Agent may request, including, but not limited to, completed environmental questionnaires in the form provided by the Administrative Agent;
(vii) written opinions of counsel for the Loan Parties, duly executed, dated as of the date of delivery of each of the items required pursuant to this Section 6.17, and covering such matters with respect to the Mortgages as may be requested by the Administrative Agent;
(viii) evidence that the Loan Parties have taken all actions required under the Flood Laws and/or requested by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to:
(A) providing the Administrative Agent with the address and/or GPS coordinates of each structure on any improved real property that will be subject to the Mortgage;
(B) obtaining or providing the following documents: (a) a completed standard “life-of-loan” flood hazard determination form, Mortgaged Property; (b) if the improvement(s) to the improved real property it is located in a special flood hazard areaFlood Hazard Property, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, and ; (c) documentation evidencing the Borrower’s written acknowledgment of receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery),
(ix) to the extent required under Section 6.5(b), obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral, together with such endorsements in favor of from the Administrative Agent as to the Administrative Agent may requestfact that such Mortgaged Property is a Flood Hazard Property and as to whether the community in which each such Flood Hazard Property is located is participating in the NFIP; andand (d) if the Borrower Notice is required to be given and flood insurance is available in the community in which the applicable Mortgaged Property is located, Evidence of Flood Insurance. Adjusted marked version reflecting changes made pursuant to the ThirdFourth Amendment. Added text shown underscored; deleted text shown strikethrough.
1.01 Defined Terms 1 1.02 Other Interpretive Provisions 5660 1.03 Accounting Terms 5761 1.04 Rounding 5861
1.05 References to Agreements and Laws 5861 1.06 Times of Day 5861 1.07 Timing of Payment or Performance 5862
1.08 Currency Equivalents Generally 5862
1.09 Pro Forma Calculations 5862 1.10 Basket Calculations 5962 1.11 Classification of Term Loans and Term Borrowings 5962
Appears in 1 contract