Examples of Material Owned Property in a sentence
Each Grantor agrees to notify the Administrative Agent on or before the Borrower’s next submission of a Compliance Certificate of the acquisition of any Material Owned Property or Material Leased Property.
Neither the Borrower nor any of its Subsidiaries owns or holds, or is obligated under or a party to, any option, right of first refusal or any other contractual right to purchase, acquire, sell, assign or dispose of any of its Material Leased Property or Material Owned Property.
The Administrative Agent may elect not to request any documents or instruments as contemplated by this Section 2.6 regarding such Material Owned Property or Material Leased Property if it determines in its sole discretion that the costs to the Loan Parties of perfecting a security interest or lien in such Material Owned Property or Material Leased Property exceed the relative benefit afforded the Secured Parties.
Each of the Borrower and its Subsidiaries owns good and marketable fee simple title to all of its Material Owned Property, and none of its respective Material Owned Property is subject to any Liens, except for Permitted Liens.
No later than thirty (30) days following Administrative Agent’s written request to Grantor, each Grantor will furnish the Administrative Agent with a Mortgage under Applicable Law covering any parcel of (i) Material Owned Property owned or acquired by it, or (ii) Material Leased Property leased by it.