Common use of Acceptable Security Interest Clause in Contracts

Acceptable Security Interest. Cause an Acceptable Security Interest to exist at all times in all Collateral, except as to the Excluded Collateral and as otherwise contemplated by Section 5.01(g). Notwithstanding the foregoing, if TWC and its Subsidiaries, as applicable, have not entered into and duly executed a purchase and sale agreement (the "SALE AGREEMENT") for the Refineries on or before December 31, 2002, with an agreed closing date of no later than March 31, 2003, then TWC shall grant an Acceptable Security Interest over any part of the Refineries to the extent owned by TWC or any of its Subsidiaries within 15 Business Days of the earlier of (i) December 31, 2002, if the Sale Agreement in connection with such part of the Refineries has not been executed by December 31, 2002, and (ii) March 31, 2003, if the sale in connection with such part of the Refineries has not been fully and duly consummated and closed by March 31, 2003, and all filing fees, expenses, mortgage taxes and any other costs and expenses of the Collateral Agent or Collateral Trustee incurred in connection therewith shall be payable by TWC on demand.

Acceptable Security Interest. Cause an Acceptable Security Interest to exist at all times in all Collateral, except as to the Excluded Collateral and as otherwise contemplated by Section 5.01(g5.1(g). Notwithstanding the foregoing, if TWC the Borrower and its Subsidiaries, as applicable, have not entered into and duly executed a purchase and sale agreement (the "SALE AGREEMENTSale Agreement") for the Refineries on or before December 31, 2002, with an agreed closing date of no later than March 31, 2003, then TWC the Borrower shall grant an Acceptable Security Interest over any part of the Refineries to the extent owned by TWC the Borrower or any of its Subsidiaries within 15 Business Days of the earlier of (i) December 31, 2002, if the Sale Agreement in connection with such part of the Refineries has not been executed by December 31, 2002, and (ii) March 31, 2003, if the sale in connection with such part of the Refineries has not been fully and duly consummated and closed by March 31, 2003, and all filing fees, expenses, mortgage taxes and any other costs and expenses of the Collateral Agent or Collateral Trustee incurred in connection therewith shall be payable by TWC the Borrower on demand.