Common use of Collateral Representations Clause in Contracts

Collateral Representations. After the execution and delivery of the Collateral Documents following the occurrence of the Trigger Event in accordance with Section 5.12: (a) The provisions of the Collateral Documents are effective to create in favor of the Administrative Agent, for the benefit of the holders of the Obligations, a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 7.2) on all right, title and interest of the respective Loan Parties in the Collateral described therein. Except for filings completed prior to the occurrence of the Trigger Event and as contemplated hereby and by the Collateral Documents, no filing or other action will be necessary to perfect such Liens that are required to be perfected under the terms of the Collateral Documents. (b) No Mortgage encumbers improved real property that is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, except to the extent that the applicable Loan Party maintains flood insurance with respect to such improved real property in compliance with the requirements of Section 4.19(c). (c) Each Loan Party maintains, if available, fully paid flood hazard insurance on all Flood Hazard Properties, with such deductibles as are commercially acceptable for Persons of established reputation engaged in similar business as the Loan Parties and on such terms and in such amounts as required by Flood Insurance Laws or as otherwise reasonably required by the Administrative Agent.

Collateral Representations. After the execution and delivery of the Collateral Documents following the occurrence of the Trigger Event in accordance with Section 5.126.12: (a) The provisions of the Collateral Documents are effective to create in favor of the Administrative AgentServicer, for the benefit of the holders of the ObligationsParticipants, a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 7.28.2) on all right, title and interest of the respective Loan Credit Parties in the Collateral described therein. Except for filings completed prior to the occurrence of the Trigger Event and as contemplated hereby and by the Collateral Documents, no filing or other action will be necessary to perfect or protect such Liens that are required to be perfected under the terms of the Collateral DocumentsLiens. (b) No Mortgage encumbers improved real property that is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, except to the extent that the applicable Loan Credit Party maintains flood insurance with respect to such improved real property in compliance with the requirements of Section 4.19(c)5.20(c) and the definition of Real Estate Documents. (c) Each Loan Credit Party maintains, if available, fully paid flood hazard insurance on all Flood Hazard Properties, with such deductibles as are commercially acceptable for Persons of established reputation engaged in similar business as the Loan Credit Parties and on such terms and in such amounts as required by Flood Insurance Laws or as otherwise reasonably required by the Administrative AgentServicer.

Collateral Representations. After the execution and delivery of the Credit Party Collateral Documents following the occurrence of the Trigger Event in accordance with Section 5.126.12: (a) The provisions of the Credit Party Collateral Documents are effective to create in favor of the Administrative AgentServicer, for the benefit of the holders of the ObligationsParticipants, a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 7.28.2) on all right, title and interest of the respective Loan Credit Parties in the Collateral described therein. Except for filings completed prior to the occurrence of the Trigger Event and as contemplated hereby and by the Credit Party Collateral Documents, no filing or other action will be necessary to perfect such Liens that are required to be perfected under the terms of the Credit Party Collateral Documents. (b) No Mortgage encumbers improved real property that is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, except to the extent that the applicable Loan Credit Party maintains flood insurance with respect to such improved real property in compliance with the requirements of Section 4.19(c)5.20(c) and the definition of Real Estate Documents. (c) Each Loan Credit Party maintains, if available, fully paid flood hazard insurance on all Flood Hazard Properties, with such deductibles as are commercially acceptable for Persons of established reputation engaged in similar business as the Loan Credit Parties and on such terms and in such amounts as required by Flood Insurance Laws or as otherwise reasonably required by the Administrative AgentServicer.