Special Louisiana Provisions. Insofar as the validity or perfection of the security interest hereunder or the remedies hereunder are governed by the laws of the State of Louisiana, Borrower agrees as follows:
(i) For purposes of Louisiana executory process, Borrower acknowledges the Obligations secured hereby, whether now existing or to arise hereafter, and confesses judgment thereon if not paid when due. Upon the occurrence of an Event of Default and at any time thereafter so long as the same shall be continuing, and in addition to all of the rights and remedies granted the Lender hereunder, it shall be lawful for and Borrower hereby authorizes Lender without making a demand or putting Borrower in default, a putting in default being expressly waived, to cause all and singular the Collateral to be seized and sold after due process of law, Borrower waiving the benefit of any and all laws or parts of laws relative to appraisement of property seized and sold under executory process or other legal process, and consenting that the Collateral be sold without appraisement, either in its entirety or in lots or parcels, as Lender may determine, to the highest bidder for cash or on such other terms as the plaintiff in such proceedings may direct. In addition, Lender shall have all of the-rights and remedies available to it under this Agreement or under the Louisiana Commercial Laws (Louisiana Revised Statutes, Title 10), then in effect (La. R.S. 10:9-101 et seq.).
(ii) Borrower hereby waives:
(a) the benefit of appraisement provided for in Articles 2332, 2336, 2723 and 2724 of the Louisiana Code of Civil Procedure and all other laws conferring the same;
(b) the demand and three (3) days notice of demand as provided in Articles 2639 and 2721 of the Louisiana Code of Civil Procedure;
Special Louisiana Provisions. (i) Without limiting the generality of the foregoing, should one or more Events of Default occur or exist and be continuing under this Mortgage, as provided above, the Mortgagee, at its option, may exercise any one or more of this following rights and remedies, in addition to any other rights and remedies provided by law and under this Mortgage to the greatest extent permitted by applicable Louisiana law. Nothing contained herein shall be construed as constituting the Mortgagee as mortgagee in possession in absence of the actual taking of possession of the Premises by the Mortgagee.
(ii) The Mortgagee shall have the right, at its sole option, to accelerate the maturity and demand immediate payment in full of any and all of the Secured Obligations. The Mortgagee shall then have the right to commence appropriate foreclosure proceedings against the Mortgaged Property and against the Mortgagor's rights as provided in this Mortgage.
(iii) In the event that the Mortgagee elects to commence appropriate Louisiana foreclosure proceedings under this Mortgage, the Mortgagee may cause the Mortgaged Property, or any part or parts thereof, to be immediately seized and sold, whether in term of court or in vacation, under ordinary or executory process, in accordance with applicable Louisiana law, to the highest bidder for cash, with or without appraisement, and without the necessity of making additional demand upon or notifying the Mortgagor or placing the Mortgagor in default, all of which are expressly waived.
(iv) For purposes of foreclosure under Louisiana executory process procedures, the Mortgagor confesses judgment and acknowledges to be indebted to the Mortgagee, up to the full amount of the indebtedness in principal, interest, costs, expenses, reasonable attorney's fees and other fees and charges and amounts contemplated hereunder. The Mortgagor further confesses judgment and acknowledges to be indebted unto and in favor of the Mortgagee in the amount of all future advances that the Mortgagee may make on the Mortgagor's behalf pursuant to this Mortgage, together with interest thereon. To the extent permitted under applicable Louisiana law, the Mortgagor additionally waives: (1) the benefit of appraisal as provided in Articles 2332, 2336, 2723, and 2724 of the Louisiana Code of Civil Procedure, and all other laws with regard to appraisal upon judicial sale; (2) the demand and three (3) days' delay provided under Articles 22639 and 2721 of the Louisiana Code of Civ...
Special Louisiana Provisions. In accordance with the provisions of La. R.S. 9:4401 and any successor or replacement statute, Assignor further agrees that this Assignment shall also constitute a conditional or collateral assignment or pledge of the Leases and Rents to secure the Secured Obligations, up to the maximum amount or limit of $450,000,000 outstanding at any time or from time to time, which conditional or collateral assignment or pledge shall become absolute upon the occurrence of an Event of Default pursuant to the Credit Agreement.
Special Louisiana Provisions. 13 SECURITY AGREEMENT SECURITY AGREEMENT, dated as of May 22, 1998, made by RIVER ROAD REALTY CORPORATION, a Louisiana corporation, the Federal taxpayer identification number of which is 72-1162713 (the "COMPANY"), in favor of FIRST NATIONAL BANK OF COMMERCX, xx xxxxtee (in such capacity, the "TRUSTEE"), the Federal Employer Identification Number of which is 72-0269760, under the Indenture dated May 22, 1998, among Bayou Steel Xxxxxxxxxxn, Bayou Steel Corporation (Tennessee), the Company, and the Trustee (as amended, supplemented or otherwise modified from time to time, the "INDENTURE"), and as collateral agent (in such capacity and together with any successors in such capacity, the "COLLATERAL AGENT") for the benefit of the Holders of all securities issued under the Indenture (the "SECURITIES").
Special Louisiana Provisions. SECURITY AGREEMENT SECURITY AGREEMENT, dated as of February 18, 2004, made by BAYOU STEEL CORPORATION, a Delaware corporation, the Federal taxpayer identification number of which is 72-1125783 (the "Company"), in favor of J.P. MORGAN TRUST COMPANY, N.A., xxx Xxxeral Employer Identification Nxxxxx xx xxich is 72-0269760, as trustee and as collateral agent (in such capacity, and xxxxxxxx xith any successors in such capacity, collectively the "Trustee"), under the Indenture dated February 18, 2004, between the Trustee and the Company (as amended, supplemented or otherwise modified from time to time, the "Indenture"), for the benefit of the Holders of all securities issued under the Indenture (the "Securities").
Special Louisiana Provisions. 16 Exhibit "F" SECURITY AGREEMENT SECURITY AGREEMENT, dated as of [________], 200[_], made by [_____________], a [________] corporation, the Federal taxpayer identification number of which is [_______] (the "Company"), in favor of [J.P. MORGAN TRUST COMPANY, N.A.], as trustee and as collateral agent (xx xxxx xxxacity, the "Trustee"), the Federal Employer Identification Number of which is 72-0269760, under the Indenture dated February __, 2004, between the Txxxxxx xxx Bayou Steel Company, the parent of the Company ("Bayou Steel") (as amended, supplemented or otherwise modified from time to time, the "Indenture"), for the benefit of the Holders of all securities issued under the Indenture (the "Securities").
Special Louisiana Provisions. Insofar as the validity or perfection of a security interest hereunder or the remedies hereunder are governed by the laws of the State of Louisiana, the following provisions shall apply: Borrower specifically acknowledges the obligations secured hereby, whether now existing or to arise hereafter, and confesses judgment thereon in favor of Lender if the same are not paid at maturity. Upon and after the occurrence of an Event of Default, it shall be lawful for and Borrower does hereby authorize Lender without making a demand or putting Borrower in default, the making of demand and a putting in default being expressly waived, to cause all and singular the Collateral to be seized and sold after due process of law, Borrower waiving the benefit of any and all laws or parts of laws relative to the appraisement of the property seized and sold, under executory process or other legal process, and consenting that the Collateral be sold without appraisement, either in its entirety or in lots or parcels, as Lender may determine, to the highest bidder for cash or on such other terms as the plaintiff in such proceeding may direct. Furthermore, upon the occurrence of an Event of Default, if Lender employs an attorney to enforce Lender's rights in Louisiana against Borrower or any other Person which may be obligated to Lender under this Agreement or any of the other Agreements, Borrower agrees to pay Lender's reasonable attorney's fees in an amount equal to 5% of the unpaid obligations then due and owing.
Special Louisiana Provisions. 18 Section 6.01 Maximum Amount.............................................................. 18 Section 6.02 Keeper...................................................................... 18 Section 6.03
Special Louisiana Provisions. For purposes of foreclosure under Louisiana executory process procedures, Grantors confess judgment and acknowledges to be indebted to Secured Parties up to the full amount of the Secured Obligations, in principal, interest, costs, expenses, attorney's fees and other fees and charges, and all other amounts secured by this Agreement. To the extent permitted under applicable Louisiana law, Grantors additionally waive: (A) the benefit of appraisal as provided under Articles 2332, 2336, 2723 and 2724 of the Louisiana Code of Civil Procedure, and all other laws with regard to the appraisal upon judicial sale; (B) the demand and three days' delay as provided under Articles 2639 and 2721 of the Louisiana Code of Civil Procedure; (C) the notice of seizure as provided under Articles 2293 and 2721 of the Louisiana Code of Civil Procedure; (D) for three (3) days' delay provided under Articles 2331 and 2722 of the Louisiana Code of Civil Procedure; and (E) all other benefits provided under Articles 2331, 2722 and 2723 of the Louisiana Code of Civil Procedure and all other Articles not specifically mentioned above. Grantors further agree that any declaration of fact made by authentic act before a Notary Public and two witnesses by a person declaring that such facts are within his or her knowledge shall constitute authentic evidence of such facts for purposes of foreclosure under applicable Louisiana law. Grantors further agree that Administrative Agent may appoint a keeper of the Collateral in the event of foreclosure.
Special Louisiana Provisions. (a) The assignment of Lease and Rent provided in this Indenture is made pursuant to La. R.S. 9:4401 et seq.
(b) Pursuant to the provisions of La. R.S. 9:5301 et seq., each of the Holders has appointed the Indenture Trustee as agent, fiduciary and mortgagee in the exercise of all of the Holder's rights and remedies under this Indenture.
(c) The Secured Notes and other Indenture Indebtedness have not been paraphed for identification with this Indenture.
(d) The taxpayer identification number of the Corporate Grantor Trustee is 00-0000000, and the taxpayer identification number of the Individual Grantor Trustee is 000-000000. The taxpayer identification number of the Corporate Indenture Trustee is 00-0000000 and the taxpayer identification number of the Individual Indenture Trustee is 156-343716.
(e) The maximum amount of the Indenture Indebtedness that this Indenture (including the assignment of Lease and Rent contained herein) secures that may be outstanding at any time and from time to time is fixed at $1,000,000,000, and the maximum amount which the Indenture Trustee or the Holders may claim for damages that the Indenture Trustee or the Holders may suffer from a breach of any covenant, condition or agreement secured by this Indenture (other than for the payment of money) is fixed at $1,000,000,000.
(f) For purposes of executory process, the Grantor Trustee acknowledges the Indenture Indebtedness secured hereby, whether now existing or to arise hereafter, and confesses judgment thereon if not paid when due. Upon the occurrence of an Indenture Event of Default and at any time thereafter so long as the same shall be continuing, and, so long as the Indenture Trustee has complied with all of its obligations hereunder, including those set forth in Section 5.04, in addition to all other rights and remedies granted to the Indenture Trustee hereunder, it shall be lawful for and the Grantor Trustee hereby authorizes the Indenture Trustee, without making a demand or putting the Grantor Trustee into default, such putting in default being expressly waived, to cause all and singular the Indenture Estate to be seized and sold after due process of law, the Grantor Trustee waiving the benefit of any and all laws or parts of laws relative to appraisement of property seized and sold under executory process or other legal process, and consenting that the 66 Indenture Estate be sold without appraisement, either in its entirety or in lots or parcels, as the Indenture Trustee m...
