Security on all Assets. (1) The Secured Obligations (including, for certainty, all Obligations, Cash Management Obligations and Lender Financial Instrument Obligations) shall be secured, equally and rateably, by first priority Security Interests on, to and against all present and future property, assets and undertaking of the Borrower and each of its Material Subsidiaries (collectively, the “Collateral”).
Security on all Assets. (a) The Notes shall be secured, equally and rateably, by first priority security interests (the “Security”) on, to and against all present and future property, assets and undertaking of the Company and each of its Subsidiaries (collectively, the "Collateral"), subject to the Intercreditor Agreement and to Section 7.2 hereof.
Security on all Assets. (a) The Obligations of the Loan Parties under the Loan Documents (the “Secured Obligations”) shall be secured, equally and rateably, by perfected Security Interests on, to and against all present and future property, assets and undertaking of the Borrower and each of its Material Subsidiaries, second in priority only to (i) the Security Interests in favor of the lenders or the First Lien Agent under the First Lien Facility, (ii) Permitted Encumbrances existing as of the Effective Date and (iii) Permitted Encumbrances that are Security Interests that by the operation of law are granted priority ahead of all other Security Interests existing over the property by which they are secured.
Security on all Assets. (1) The Obligations and Lender Financial Instrument Obligations shall be secured, equally and rateably, by first priority Security Interests on, to and against, subject as provided in the last sentence of this paragraph, (a) all present and future property, assets and undertaking of the Borrowers and each of their Material Subsidiaries (other than the Baytex LuxCos), and (b) all bank accounts (including, for certainty, all amounts and financial assets held therein) of each Baytex LuxCo. The Borrowers and their Material Subsidiaries shall: (a) in the case of U.S. P&NG Assets in existence on the date hereof, within 30 days of the date hereof (or such later date as the Agent may agree to in its sole discretion) provide mortgage liens over such U.S. P&NG Assets representing not less than the U.S. Fixed Charge Threshold; and (b) thereafter, ensure that, at all times, they have provided mortgage liens over U.S. P&NG Assets representing not less than the U.S. Fixed Charge Threshold; provided that, in respect of U.S. P&NG Assets which are created, acquired, purchased or otherwise becomes held, or beneficially held, by a Borrower or any Material Subsidiary after the date hereof, the Borrowers shall have provided, or caused to be provided, mortgage liens over such U.S. P&NG Assets within 45 days (or within such longer period as the Agent may agree to in its sole discretion) of the date such U.S. P&NG Assets were created, acquired, purchased, held or beneficially held by such Borrower or such Material Subsidiary to the extent necessary to comply with the foregoing requirement.
Security on all Assets. (1) The Secured Obligations shall be secured, equally and rateably, by first priority Security Interests on, to and against, subject as provided in the last sentence of this paragraph, (a) all present and future property, assets and undertaking of the Borrowers and each of their Material Subsidiaries (other than the Baytex LuxCo), and (b) all bank accounts (including, for certainty, all amounts and financial assets held therein) of the Baytex LuxCo, and all equity interests held by the Baytex LuxCo in the U.S. Borrower (and following the Post-Closing Reorganization, BTE USA Topco, Inc.), and any other Subsidiary of the Baytex LuxCo as the Agent may request from time to time. The Borrowers shall ensure that, at all times, the Borrowers and the Material Subsidiaries have provided mortgage liens over U.S. P&NG Assets representing not less than the U.S. Fixed Charge Threshold; provided that, in respect of U.S. P&NG Assets which are created, acquired, purchased or otherwise becomes held, or beneficially held, by a Borrower or any Material Subsidiary after the date hereof, the Borrowers shall have provided, or caused to be provided, mortgage liens over such U.S. P&NG Assets within (subject to Section 11.1(7)) 45 days (or within such longer period as the Agent may agree to in its sole discretion) of the date such U.S. P&NG Assets were created, acquired, purchased, held or beneficially held by such Borrower or such Material Subsidiary to the extent necessary to comply with the foregoing requirement.
Security on all Assets. (1) The Secured Obligations shall be secured, equally and rateably, by first priority Security Interests on, to and against, subject as provided in the last sentence of this paragraph, (a) all present and future property, assets and undertaking of the Borrowers and each of their Material Subsidiaries (other than the Baytex LuxCo), and (b) all bank accounts (including, for certainty, all amounts and financial assets held therein) of the Baytex LuxCo. The Borrowers and their Material Subsidiaries shall ensure that, at all times, they have provided mortgage liens over U.S. P&NG Assets representing not less than the U.S. Fixed Charge Threshold; provided that, in respect of U.S. P&NG Assets which are created, acquired, purchased or otherwise becomes held, or beneficially held, by a Borrower or any Material Subsidiary after the date hereof, the Borrowers shall have provided, or caused to be provided, mortgage liens over such U.S. P&NG Assets within 45 days (or within such longer period as the Agent may agree to in its sole discretion) of the date such U.S. P&NG Assets were created, acquired, purchased, held or beneficially held by such Borrower or such Material Subsidiary to the extent necessary to comply with the foregoing requirement.
Security on all Assets. The Obligations and the Lender Hedge Obligations shall be secured, equally and rateably, by first priority Liens, subject to certain Permitted Liens which under Applicable Law or agreement with the Required Lenders, rank in priority thereto, on, to and against all present and future property, assets and undertaking of the Borrower.
Security on all Assets. (1) The Secured Obligations shall be secured, equally and rateably, by first priority Security Interests on, to and against, subject as provided in the last sentence of this paragraph, (a) all present and future property, assets and undertaking of the Borrowers and each of their Material Subsidiaries (other than the Baytex LuxCo), and (b) all bank accounts (including, for certainty, all amounts and financial assets held therein) of the Baytex LuxCo, and all equity interests held by the Baytex LuxCo in BTE USA Topco, Inc., and any other Subsidiary of the Baytex LuxCo as the Agent may request from time to time. The Borrowers shall ensure that, at all times, the Borrowers and the Material Subsidiaries have provided mortgage liens over U.S. P&NG Assets representing not less than the U.S. Fixed Charge Threshold; provided that, in respect of U.S. P&NG Assets which are created, acquired, purchased or otherwise becomes held, or beneficially held, by a Borrower or any Material Subsidiary after the date hereof, the Borrowers shall have provided, or caused to be provided, mortgage liens over such U.S. P&NG Assets within 45 days (or within such longer period as the Agent may agree to in its sole discretion) of the date such U.S. P&NG Assets were created, acquired, purchased, held or beneficially held by such Borrower or such Material Subsidiary to the extent necessary to comply with the foregoing requirement.
