Collateral Security and Guaranties Sample Clauses

Collateral Security and Guaranties. Payment of the Revolving Note and performance of the Borrower's obligations as set forth in this Extension and in the Agreement shall continue to be secured by the Security Agreement, Deed of Trust and Assignment. The Guarantors also reaffirm their guaranties of the Revolving Note and acknowledge and agree that their guaranties apply to the Revolving Note as extended and all other obligations of the Borrower to the Bank.

Collateral Security and Guaranties. The Obligations of the Borrowers shall be guaranteed equally and ratably by the Parent and each other Subsidiary (direct and indirect) of the Parent, to the extent that such other Subsidiary of the Parent is required to guaranty the obligations of the Parent under the terms of the Indentures relating to the Senior Notes. The Obligations of the Borrowers shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in (i) certain US Flag Vessels to the extent contemplated by the US Vessel Mortgage, and (ii) certain other assets of the Borrowers to the extent contemplated by the Security Documents; provided that, notwithstanding anything to the contrary contained in the Security Documents, the aggregate amount of Obligations of the Parent and the Borrowers which is secured pursuant to the Security Documents shall not, at any time, exceed the sum of (i) $65,000,000 plus (ii) fifteen percent (15%) of Consolidated Net Tangible Assets.

Collateral Security and Guaranties. Each of the Parent and the Borrower covenants and agrees that: (a) Pursuant to the terms of the Security Documents, the Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens, including, without limitation, the Lien of the Term Loan Agent on Fixed Asset Collateral) in the Collateral; (b) If at any time the Parent or any of its Subsidiaries grants any security interest to the Term Loan Agent or any lender party to Term Loan Agreement, or any of their respective successors, assigns or transferees, on any property of the Parent or such Subsidiary or any other party, then the Parent, such Subsidiary or such other party, as the case may be, shall simultaneously grant to the Administrative Agent a security interest in such property, and such security interest shall be subject to the Intercreditor Agreement. (c) The Obligations shall also be guaranteed pursuant to the terms of the Guaranties.

Collateral Security and Guaranties. Payment of the Revolving Note and performance of the Borrower's obligations as set forth in this Fifth Extension and in the Agreement shall continue to be secured by the Security Agreement, Deed of

Collateral Security and Guaranties. 70 9.1. Security of Borrower and Capital Stock of the Borrower. ...

Collateral Security and Guaranties. (a) The Obligations shall be guaranteed pursuant to the terms of the Guaranty. The Borrower shall notify the Agents of the acquisition or formation of any new Subsidiary not less than five (5) Business Days prior to such acquisition or formation. The Borrower shall, at the request of either Agent, promptly, and in any event within ten (10) Business Days of such request, cause each of its Subsidiaries which is not a Guarantor (a "Non-Guarantor Subsidiary") to (i) execute and deliver to each of the Banks and the Agents a guaranty which is substantially in the form of the Guaranty and which is satisfactory to the Banks and the Agents in all respects and (ii) execute and deliver to each of the Banks and the Agents all other documents and instruments, including, without limitation, corporate authority documents and legal opinions, as the Agents may reasonably request in connection with the delivery of such guaranty; provided, that the provisions of this ss.9 shall not apply to (i) Seabulk Chemical Carriers, Inc., so long as it shall be contractually prohibited from delivering a guaranty of the Obligations or (ii) Seabulk Offshore Chartering, Inc.. (b) The Obligations shall, to the extent required by ss.13.4 hereof, be secured by a first priority perfected preferred mortgage and security interest in favor of the Documentation Agent, for the benefit of the Banks and the Agents, (i) in each of the Vessels listed on Schedule 10.19 and on additional Vessels as may be required by ss.13.4, (ii) in certain other assets of the Borrower and its Subsidiaries relating to such Vessels, including, without limitation, accounts, chattel paper, contract rights, insurance proceeds, inventory, equipment, general intangibles and goods, whether now owned or hereafter acquired, and (iii) a first priority perfected pledge, in favor of the Documentation Agent, for the benefit of the Banks and the Agent, of the capital stock or other equity interests of each Subsidiary which owns a Vessel which is subject to a Vessel Mortgage.

Collateral Security and Guaranties. (a) The Obligations shall be secured by a perfected first priority security interest (subject only to Liens permitted by Section 7.1 entitled to priority under applicable law) in all present and future Equity Interests of each Borrower’s present and future Domestic Subsidiaries and Material Foreign Subsidiaries (limited, in the case of each Material Foreign Subsidiary that is a “controlled foreign corporation” under Section 957 of the Internal Revenue Code, to a pledge of 66% of the Equity Interests of each such first-tier Material Foreign Subsidiary to the extent the pledge of any greater percentage would result in material adverse tax consequences to the Borrowers), whether now owned or hereafter acquired and all proceeds and products thereof pursuant to the terms of the Security Documents to which such Borrower is a party. (b) The Obligations shall also be guaranteed pursuant to the terms of the Guaranty executed by each Domestic Subsidiary, and to the extent no material adverse tax consequences would result, each Material Foreign Subsidiary. The Obligations of each of the now existing and future Guarantors under its respective Guaranty shall be in turn secured by a perfected first priority security interest (subject only to Liens permitted by Section 7.1 entitled to priority under applicable law) in all present and future Equity Interests of each Guarantor’s present and future Domestic Subsidiaries and Material Foreign Subsidiaries (limited, in the case of each Material Foreign Subsidiary that is a “controlled foreign corporation” under Section 957 of the Internal Revenue Code, to a pledge of 66% of the Equity Interests of each such first-tier Material Foreign Subsidiary to the extent the pledge of any greater percentage would result in material adverse tax consequences to such Guarantor), whether now owned or hereafter acquired and all proceeds and products thereof pursuant to the terms of the Security Documents to which such Guarantor is a party.

Collateral Security and Guaranties. The Parent and the Borrowers covenant and agree as follows: The Obligations of the Borrowers shall be guaranteed equally and ratably by the Parent and each other Subsidiary (direct and indirect) of the Parent, to the extent that such other Subsidiary of the Parent is required to guaranty the Obligations in accordance with SECTION 8.14

Collateral Security and Guaranties. The Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all Accounts Receivable, Inventory and Intangibles of the Borrower, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which the Borrower is a party.