Collateral Undertakings Sample Clauses

The Collateral Undertakings clause sets out the obligations of a party to provide and maintain collateral as security for its obligations under an agreement. Typically, this clause details the types of acceptable collateral, the process for delivering or perfecting the security interest, and the conditions under which the collateral must be replaced or supplemented. Its core practical function is to reduce the risk of non-performance by ensuring that the secured party has recourse to specific assets if the other party defaults.
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Collateral Undertakings a. Borrower will take, and cause each Subsidiary to take, such actions as are necessary or as Administrative Agent or the Required Lenders may reasonably request from time to time (including the execution and delivery of guaranties, security agreements, pledge agreements, mortgages, deeds of trust, financing statements and other agreements and documents, the filing or recording of any of the foregoing, and the delivery of stock certificates and other collateral with respect to which perfection is obtained by possession) to ensure that (x) the Obligations are (i) secured by substantially all of the assets of Borrower, except to the extent provided in subsection 4.15.4.b or c. and (ii) guaranteed by all of its Subsidiaries, except to the extent provided in subsection 14.15.4.b. including, promptly upon the acquisition or creation thereof, any Subsidiary acquired or created after the date hereof with the consent of the Required Lenders) by execution of a guaranty substantially in the form of that certain Amended and Restated Domestic Subsidiary Guaranty, dated as of the date hereof (as may hereafter be amended or otherwise modified), issued by certain Domestic Subsidiaries to Administrative Agent (each, a "Subsidiary Guaranty") and (y) the obligations of each such Subsidiary under the applicable Subsidiary Guaranty are secured by substantially all of the assets of such Subsidiary except to the extent provided in subsection 4.15.4.b or c. b. Borrower shall not be required to cause any UK Subsidiary to guaranty the Obligations or to pledge its assets for so long as such UK Subsidiary is not operating other than in connection with the wind down and dissolution of such UK Subsidiary. Borrower shall not be required to pledge more than 65% of the capital stock of any Foreign Subsidiary created or acquired after the date of this Agreement with the consent of the Required Lenders if such pledge would have material adverse tax consequences, and such Foreign Subsidiary shall not be required to guaranty the Obligations or pledge its assets to secure the Obligations to the extent (i) such guaranty or pledge would have material adverse tax consequences, or (ii) such guaranty or pledge would violate any law applicable to such Foreign Subsidiary. c. Neither Borrower nor its Subsidiaries shall be required to pledge, or grant of a security interest in their respective equity interests in Info4Cars or ChannelPoint so long as (i) the Organic Documents of such entity prohibit su...
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Collateral Undertakings. The Parties agree to use best efforts to achieve the following within the timeframes indicated: 1. The Parties agree to execute documents as necessary to achieve the acquisition of the Seller's assets and liabilities by the Buyer. 2. The Parties agree to focus on marijuana services, supply, manufacturing and distribution businesses in those jurisdictions where the production, processing and sale of marijuana and marijuana based products is legal, and to operate as 420 International until such time as the Company’s board of directors elect to change the Company’s operating name. 3. ▇▇▇▇▇▇▇ ▇▇▇▇▇ agrees to stand as a director of the Company, the Board reserves one position on the Board for a nominee mutually acceptable to the Parties and the Board agrees to appoint ▇▇▇ ▇▇▇▇▇▇ as CEO and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ as Chairman of the Board of Directors of the Company, such appointments to become effective as soon as possible and not later than 30 days following closing. 4. At the earliest feasible date post execution of this Letter of Intent, the Board of Occidental Development Group, Inc. will authorize and direct the preparation of a business plan outlining ways and means to achieve an annual revenue target of at least $10MM within the second anniversary of the closing date. 5. The Parties agree to undertake all necessary regulatory, legal and accounting filings required to support the acquisition, share issuances and Board appointments. 6. The Parties agree to execute a Memorandum of Agreement defining mutually acceptable terms for revenue splitting, issuance of Options, any and all other related financial and pertinent issues. The memorandum to be drafted and adopted as a condition subsequent to this Letter of Intent.
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Collateral Undertakings. The Parties agree to use best efforts to achieve the following within the timeframes indicated: 1. The Parties agree to execute documents as necessary to achieve the acquisition of the Seller's assets and liabilities by the Buyer. 2. The Parties agree to focus on the aviation sector as the Corporation's principal area of business and to continue to operate Integrity Aviation and Leasing LLC until such time as the Company is able to effect a name change (see item 5 below). 3. ▇▇▇▇▇▇ ▇▇▇▇▇▇ agrees to stand as director and the Board of Directors of the Occidental Development Group, Inc. agree to appoint ▇▇▇▇▇▇ Ferias as director of Occidental Development Group, Inc., such appointment to become effective not later than 30 days following closing. 4. At the earliest feasible date post closure, the Board of Occidental Development Group, Inc. will prepare a business plan outlining ways and means to achieve an annual revenue target of at least $20MM within the second anniversary of the closing date. 5. At the earliest feasible date post closure, Occidental Development Group, Inc. will undertake a consent resolution to achieve a name change to Integrity Aviation and Leasing, or such other name to be agreed by the Board, and to increase in the Corporation's authorized capital sufficient to support the Company's business plan. 6. Occidental Development Group, Inc. will immediately post closure undertakes the preparation of a Registration Statement for a combined equity and debt instrument to support the Company's business plan, and expedite the filing of the registration statement with the SEC. 7. Post closing the current accounts and capital assets of the Seller shall remain under the control of ▇▇▇▇▇▇ ▇▇▇▇▇▇ until such time as the Company raises $2 million of equity.
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Collateral Undertakings. (a) Borrower will take, and cause each Subsidiary to take, such actions as are necessary or as the Administrative Agent or the Required Lenders may reasonably request from time to time (including the execution and delivery of guaranties, security agreements, pledge agreements, mortgages, deeds of trust, financing statements and other agreements and documents, the filing or recording of any of the foregoing, and the delivery of stock certificates and other collateral with respect to which perfection is obtained by possession) to ensure that (x) the Obligations are (i) secured by substantially all of the assets of the Borrower and (ii) guaranteed by all of its Subsidiaries, (except to the extent provided in subsection "(b)" below) (including, promptly upon the acquisition or creation thereof, any Subsidiary acquired or created after the date hereof) by execution of a guaranty substantially in the form of Exhibit 4.
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Related to Collateral Undertakings

  • GENERAL UNDERTAKINGS The undertakings in this Clause 22 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

  • Financial Undertakings The Borrower will not enter into or remain liable upon, nor will it permit any Subsidiary to enter into or remain liable upon, any Financial Undertaking, except to the extent required to protect the Borrower and its Subsidiaries against increases in interest payable by them under variable interest Indebtedness.

  • Additional Undertakings Pledgor will not, without the prior written consent of Pledgee: (a) enter into any agreement amending, supplementing or waiving any provision of any Pledged Interests (including any Organizational Documents or regulations to which such Pledged Interests relate) or compromising or releasing or extending the time for payment of any obligation of the maker thereof, provided that the foregoing shall not be deemed to prohibit any amendment to an Organizational Documents which would not result in impairment of any Collateral or which would not have a material adverse effect; (b) take or omit to take any action the taking or the omission of which would result in any impairment or alteration of (i) any obligation in respect of any Pledged Interests constituting Collateral or (ii) any other instrument constituting Collateral; (c) cause or permit any change to be made in its name, identity, corporate structure or state of incorporation or formation, or any change to be made to a jurisdiction other than as represented in (i) the location of any Collateral, (ii) the location of any records concerning any Collateral or (iii) in the location of its place of business (or, if it has more than one place of business, its chief executive office), unless Pledgor shall have notified Pledgee of such change at least 5 business days prior to the effective date of such change, and shall have first taken all action, if any, reasonably required by Pledgee for the purpose of further perfecting or protecting the security interest in favor of Pledgee in the Collateral; (d) permit the issuance of (i) any additional stock, membership, partnership or other equity interests or units of any class of additional stock, membership, partnership or other equity interests or units of any Pledged Interests Issuer (unless immediately upon such issuance the same are pledged and delivered to Pledgee pursuant to the terms hereof), (ii) any securities convertible voluntarily by the holder thereof or automatically upon the occurrence or nonoccurrence of any event or condition into, or exchangeable for, any additional stock, membership, partnership or other equity interests or units of any Pledged Interests Issuer (unless immediately upon such issuance the same are pledged and delivered to Pledgee pursuant to the terms hereof) or (iii) any warrants, options, contracts or other commitments entitling any Person to purchase or otherwise acquire any such interests or units; or (e) enter into any agreement creating, or otherwise permit to exist, any restriction or condition upon the transfer, voting or control of any Pledged Interests, except as contained in the Organizational Documents in effect as of the date hereof, or restrictions on transfers imposed by federal and state securities laws.

  • INFORMATION UNDERTAKINGS The undertakings in this Clause 20 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

  • Negative undertakings The Borrowers jointly and severally undertake with each Creditor that, from the date of this Agreement and so long as any moneys are owing under the Security Documents and while all or any part of the Total Commitment remains outstanding, they will not, without the prior written consent of the Agent (acting on the instructions of the Majority Banks): 8.3.1 Negative pledge permit any Encumbrance (other than a Permitted Encumbrance) to subsist, arise or be created or extended over all or any part of their respective present or future undertakings, assets, rights or revenues to secure or prefer any present or future Indebtedness or other liability or obligation of any Relevant Party or any other person;