Common use of Impairment of Security Interest Clause in Contracts

Impairment of Security Interest. Neither the Company nor any of its Subsidiaries is permitted to take or knowingly or negligently omit to take any action which act or omission would or could reasonably be expected to have the result of materially impairing the security interest in the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither the Company nor any of its Subsidiaries shall grant to any Person, or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL Agent), any interest whatsoever in the Collateral, other than Permitted Liens. Neither the Company nor any of its Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees and the Collateral Documents. The Company shall, and shall cause each Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral Documents.

Appears in 2 contracts

Sources: Indenture (Cleveland-Cliffs Inc.), Indenture (Cleveland-Cliffs Inc.)

Impairment of Security Interest. Neither the (a) The Company nor any of its Subsidiaries is permitted to will not (i) take or knowingly or negligently omit to take any action which act would materially and adversely affect or omission would or could reasonably be expected to have the result of materially impairing the security interest in impair the Liens in favor of the First Lien Notes Collateral Agent Trustee for the benefit of the Trustee Holders of the Notes and the Holders any future Priority Lien Debt with respect to the Collateral. Neither Collateral (which shall be without prejudice to the Company nor Company’s or any of its Subsidiaries shall Subsidiary Guarantor’s right to dispose of, or grant Liens on, the Collateral as otherwise permitted hereunder), (ii) grant to any Person, or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL AgentTrustee), any interest whatsoever Liens in the Collateral, other than Permitted Liens. Neither the Company nor any of its Subsidiaries will Liens or (iii) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by Person in a manner that conflicts with this Indenture, the Notes, Notes or the Guarantees Note Guarantees. Each of the Company and the Collateral Documents. The Company shall, and shall cause each Guarantor toSubsidiary Guarantors will, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent Trustee reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations Obligations intended to be secured by the Collateral Documents.

Appears in 2 contracts

Sources: Indenture (Altera Infrastructure L.P.), Supplemental Indenture (Altera Infrastructure L.P.)

Impairment of Security Interest. Neither Holdings, the Company nor any of its Restricted Subsidiaries is permitted to will take or knowingly or negligently omit to take any action which act would materially adversely affect or omission would or could reasonably be expected to have the result of materially impairing the security interest in impair the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither Holdings, the Company nor any of its Restricted Subsidiaries shall grant to any Person, or permit any Person to retain (other than the First Lien Notes Collateral Agent or the collateral agent under the ABL AgentCredit Facility), any interest whatsoever in the Collateral, other than Permitted Liens. Neither Holdings, the Company nor any of its Restricted Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees Note Guarantees, the Collateral Documents and the Collateral DocumentsIntercreditor Agreement. The Holdings and the Company shall, and shall cause each Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral Documents.

Appears in 2 contracts

Sources: Indenture (Edgen Group Inc.), Indenture (Edgen Murray II, L.P.)

Impairment of Security Interest. Neither None of the Company nor Parent, the Issuers or any of its their Subsidiaries is permitted to will take or knowingly or negligently omit to take any action which act or omission would or could reasonably be expected to have the result of materially impairing the security interest in impair the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders Holders, with respect to any material portion of the Collateral. Neither None of the Company Parent, the Issuers nor any of its their Domestic Restricted Subsidiaries shall grant to any PersonPerson (other than the Trustee), or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL Agent)Trustee) to retain, any interest whatsoever in the Collateral, Collateral other than Permitted Liens. Neither None of the Company nor Parent, the Issuers or any of its their respective Restricted Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees Notes and the Collateral DocumentsAgreements, including any payments required under the Senior Secured Facilities. The Company Parent and the Issuers shall, and shall cause each Guarantor to, at its their sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent shall reasonably requests, request to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral DocumentsAgreements. The Parent and the Issuers shall, and shall cause each of their respective Restricted Subsidiaries to, at their sole cost and expense, file any such notice filings or other agreements or instruments as may be required under applicable law to perfect the Liens created by the Collateral Agreements, subject to Permitted Liens.

Appears in 1 contract

Sources: Indenture (Tcby of Australia, Inc.)

Impairment of Security Interest. Neither the Company nor any of its Restricted Subsidiaries is permitted to will (a) take or knowingly or negligently omit to take any action which act would adversely affect or omission would or could reasonably be expected to have the result of materially impairing the security interest impair in any material respect the Liens (other than the incurrence of Permitted Liens) in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither the Company nor any of its Subsidiaries shall , (b) grant to any PersonPerson (other than the Collateral Agent), or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL Agent), to retain any interest whatsoever in the Collateral, Collateral other than Permitted Liens. Neither the Company nor any of its Subsidiaries will Liens or (c) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this the Indenture, the Notes, the Guarantees Notes and the Collateral DocumentsAgreements. The Company shall, and shall cause each Guarantor to, at its their sole cost and expense, (i) execute and deliver all such agreements and instruments as necessary, necessary or as the Trustee or the First Lien Notes Collateral Agent shall reasonably requests, request to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral DocumentsAgreements and (ii) file any such notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to perfect the Liens created by the Collateral Agreements at such appropriate times and at such appropriate places or as the Collateral Agent may reasonably request.

Appears in 1 contract

Sources: Indenture (Boston Gear LLC)

Impairment of Security Interest. (a) Neither the Company nor any of its Restricted Subsidiaries is permitted to will take or knowingly or negligently omit to take any action which act or omission would or could reasonably be expected to have the result of materially impairing the security interest in impair the Liens in favor of the First Lien Notes Collateral Agent for the benefit Agent, on behalf of itself, the Trustee and the Holders Holders, with respect to any material portion of the Collateral. Neither the Company nor any of its Subsidiaries Guarantor shall grant to any PersonPerson (other than the Collateral Agent), or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL Agent)) to retain, any interest whatsoever in the Collateral, Collateral other than Permitted Liens. Neither the Company nor any of its Restricted Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this the Indenture, the Notes, the Guarantees Notes and the Collateral Documents. Agreements, subject to the terms of the Intercreditor Agreement. (b) The Company shall, and shall cause each applicable Guarantor to, at its their sole cost and expense, (i) execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent shall reasonably requests, request to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral DocumentsAgreements and (ii) file any such notice filings or other agreements or instruments as may be reasonably necessary under applicable law to perfect (and maintain the perfection and priority) the Liens created by the Collateral Agreements, subject to Permitted Liens, at such times and at such places as the Collateral Agent may reasonably request, in each case subject to the terms of the Collateral Agreements.

Appears in 1 contract

Sources: Indenture (Perkins & Marie Callender's Inc)

Impairment of Security Interest. Neither The Issuers will not, and the Company nor will not permit any of its Restricted Subsidiaries is permitted to to, (i) take or knowingly or negligently omit to take any action which act would materially adversely affect or omission would or could reasonably be expected to have the result of materially impairing the security interest in impair the Liens in favor of the First Lien Notes Collateral Agent Trustee for the benefit of itself, the Trustee and the Holders Holders, and the holders of the Pari Passu Lien Hedge Agreements, the Existing Secured Notes Indenture, the Term Loan B Debt and any other future Pari Passu Notes Lien Indebtedness with respect to the Collateral. Neither the Company nor any of its Subsidiaries shall , (ii) grant to any Person, or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL AgentTrustee), any interest whatsoever Liens in the Collateral, other than Permitted Liens. Neither the Company nor any of its Subsidiaries will Liens or (iii) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by Person in a manner that conflicts with this Indenture, the Notes, the Subsidiary Guarantees and or the Collateral Security Documents. The Company shall, Each Issuer and shall cause each Guarantor towill, at its sole cost and expense, execute and deliver all such agreements and instruments as are necessary, or as the Trustee or the First Lien Notes Collateral Agent Trustee reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations Obligations intended to be secured by the Collateral Security Documents.

Appears in 1 contract

Sources: Indenture (Par Pacific Holdings, Inc.)

Impairment of Security Interest. Neither the Company nor any of its Subsidiaries is permitted to will take or knowingly or negligently omit to take any action which act would adversely affect or omission would or could reasonably be expected to have the result of materially impairing the security interest impair in any material respect the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither the Company nor any of its Subsidiaries shall grant to any PersonPerson (other than the Collateral Agent), or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL Agent)) to retain, any interest whatsoever in Lien on the Collateral, Collateral other than Permitted Liens. Neither the Company nor any of its Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees and the Collateral Documents. The Company shall, and shall cause each Subsidiary Guarantor to, at its their sole cost and expense, execute and deliver all such agreements and instruments as necessary, the Collateral Agent or as the Trustee or shall reasonably request (subject to the First Lien Notes Collateral Agent reasonably requests, terms of Section 6.02(m) hereof) to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral Documents. The Company shall, and shall cause each Subsidiary Guarantor to, at their sole cost and expense, file any such notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable Law to perfect the Liens created by the Collateral Documents at such times and at such places as the Collateral Agent or the Trustee may reasonably request (subject to the terms of Section 6.02(m) hereof).

Appears in 1 contract

Sources: Indenture (Molecular Insight Pharmaceuticals, Inc.)

Impairment of Security Interest. Neither the Company Subject to an Intercreditor Agreement, neither PES nor any of its Restricted Subsidiaries is permitted to will take or knowingly or negligently omit to take any action which act would adversely affect or omission would or could reasonably be expected to have the result of materially impairing the security interest impair in any material respect the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral, except as otherwise permitted or required by the Security Documents or this Indenture. Neither the Company PES nor any of its Subsidiaries shall grant to any Person, or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL Agent), any interest whatsoever in the Collateral, other than Permitted Liens. Neither the Company nor any of its Restricted Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted the First Lien Obligations and any other Obligations which are secured by this Indenturea Permitted Lien that is senior to the Lien securing the Second Lien Obligations, the Notes, the Guarantees Notes and the Collateral Security Documents, unless such agreement permits PES or such Restricted Subsidiary to first repay, or offer to repay, First Lien Obligations and the Notes. The Company PES shall, and shall cause each Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, the Collateral Agent or as the Trustee or the First Lien Notes Collateral Agent shall reasonably requests, request to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Security Documents. PES shall, and shall cause each Guarantor to, at its sole cost and expense, file any such notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to perfect the Liens created by the Security Documents at such times and at such places as the Collateral DocumentsAgent or the Trustee may reasonably request.

Appears in 1 contract

Sources: Indenture (Platinum Pressure Pumping, Inc.)

Impairment of Security Interest. Neither the Company nor any of its Subsidiaries is permitted to take or knowingly or negligently omit to take any action which act or omission would or could reasonably be expected to have the result of materially impairing the security interest in the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither the Company nor any of its Subsidiaries shall grant to any Person, or permit any Person to retain (other than the First Lien Notes Collateral Agent Agent, the other First Lien Collateral Agents or the ABL Agent), any interest whatsoever in the Collateral, other than Permitted Liens. Neither the Company nor any of its Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees and the Collateral Documents. The Company shall, and shall cause each Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral Documents.

Appears in 1 contract

Sources: Indenture (Cleveland-Cliffs Inc.)

Impairment of Security Interest. Neither the Company No Issuer nor any of its Subsidiaries is permitted to Guarantor may take or knowingly or negligently omit to take any action which act or omission would or could reasonably be expected to have the result of materially impairing the security interest in impair the Liens in favor of the First Lien Notes Collateral Agent for the benefit Agent, on behalf of itself, the Trustee and the Holders Holders, with respect to any material portion of the Collateral. Neither Collateral securing the Notes or any Guarantee either the U.S. Notes, the Domestic Guarantees and the Company Guarantee or the Dutch Notes and the Foreign Guarantees. No Issuer nor any of its Subsidiaries shall Guarantor may grant to any PersonPerson (other than the Collateral Agent), or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL Agent), ) to retain any interest whatsoever in the Collateral, Collateral other than Permitted LiensLiens or as otherwise permitted by this Indenture. Neither the Company No Issuer nor any of its Subsidiaries will Guarantor may enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees Notes and the Collateral DocumentsAgreements, subject to the terms of the Intercreditor Agreement (as it relates to the Domestic Collateral). The Company shall, Each Issuer and shall cause each Guarantor towill, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, the Collateral Agent or as the Trustee or the First Lien Notes Collateral Agent shall reasonably requests, request to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral DocumentsAgreements. Each Issuer and each Guarantor will, at its sole cost and expense, file any such notice filings or other agreements or instruments as may be required under applicable law to perfect the Liens created by the Collateral Agreements, subject to Permitted Liens.

Appears in 1 contract

Sources: Indenture (Phibro Animal Health Corp)

Impairment of Security Interest. Neither Subject to the Intercreditor Agreement, neither the Company nor any of its Subsidiaries is permitted to Subsidiary Guarantors will take or knowingly or negligently omit to take any action which act would adversely affect or omission would or could reasonably be expected to have the result of materially impairing the security interest in impair the Liens in favor of the First Lien Notes Collateral Agent for the benefit Agent, on behalf of itself, the Trustee and the Holders of the Notes, with respect to the Collateral. Neither the Company nor any of its Restricted Subsidiaries shall grant to any Person, or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL a sub-Collateral Agent), any interest whatsoever in the Collateral, Collateral other than Permitted Liens. Neither the Company nor any of its Restricted Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees Intercreditor Agreement and the Collateral DocumentsAgreements (including, without limitation, the Intercreditor Agreement). The Company shall, and shall cause each Subsidiary Guarantor to, at its their sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral DocumentsAgreements. The Company shall, and shall cause each Restricted Subsidiary to, at their sole cost and expense, file any such notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to perfect the Liens created by the Collateral Agreements at such times and at such places as necessary.

Appears in 1 contract

Sources: Indenture (MSX International Inc)

Impairment of Security Interest. Neither the Company nor any of its Subsidiaries is permitted to take or knowingly or negligently omit to take any action which act or omission would or could reasonably be expected to have the result of materially impairing the security interest in the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither the Company nor any of its Subsidiaries shall grant to any Person, or permit any Person to retain (other than the Notes Collateral Agent, the First Lien Notes Collateral Agent or the ABL Agent), any interest whatsoever in the Collateral, other than Permitted Liens. Neither the Company nor any of its Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees and the Collateral Documents. The Company shall, and shall cause each Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral Documents.

Appears in 1 contract

Sources: Indenture (Cliffs Natural Resources Inc.)

Impairment of Security Interest. Neither the Company nor any of its Subsidiaries the Guarantors is permitted to take or knowingly or negligently omit to take any action which act or omission would or could reasonably be expected to have the result of materially impairing the security interest in the Liens in favor of the Junior First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither the Company nor any of its Subsidiaries the Guarantors shall grant to any Person, or permit any Person to retain (other than the First Lien Notes Collateral Agent, the Junior First Lien Notes Collateral Agent, the Second Lien Notes Collateral Agent or the ABL Agent), any interest whatsoever in the Collateral, other than Permitted Liens. Neither the Company nor any of its Subsidiaries the Guarantors will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness Debt of any Person, other than as permitted by this Indenture, the Notes, the Guarantees and the Collateral Documents. The Company shall, and shall cause each Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the Junior First Lien Notes Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral Documents.

Appears in 1 contract

Sources: Indenture (Cliffs Natural Resources Inc.)

Impairment of Security Interest. Neither None of the Company nor Company, Parent or any of its Restricted Subsidiaries is permitted to will take or knowingly or negligently omit to take any action which act would materially adversely affect or omission would or could reasonably be expected to have the result of materially impairing the security interest in impair the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither None of the Company nor Company, Parent or any of its Restricted Subsidiaries shall grant to any Person, or permit any Person to retain (other than the First Lien Notes Collateral Agent or the collateral agent under the ABL AgentCredit Facilities), any interest whatsoever in the Collateral, other than Permitted Liens. Neither None of the Company nor Company, Parent or any of its Restricted Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees Note Guarantees, the Collateral Documents and the Collateral DocumentsIntercreditor Agreements. The Parent and the Company shall, and shall cause each Guarantor other than Parent to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral Documents.

Appears in 1 contract

Sources: Indenture (EM Holdings LLC)

Impairment of Security Interest. Neither the Company Issuer nor any of its Restricted Subsidiaries is permitted to will (a) take or knowingly or negligently omit to take any action which act would adversely affect or omission would or could reasonably be expected to have the result of materially impairing the security interest impair in any material respect the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither the Company nor any of its Subsidiaries shall , (b) grant to any PersonPerson (other than the Collateral Agent), or permit any Person to retain (other than the First Lien Notes Collateral Agent or the ABL Agent), to retain any interest whatsoever in the Collateral, Collateral other than Permitted Liens. Neither the Company nor any of its Subsidiaries will Liens or (c) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees Notes and the Collateral DocumentsAgreements and subject to the terms of the Intercreditor Agreement. The Company Issuer shall, and shall cause each Guarantor to, at its their sole cost and expense, (i) execute and deliver all such agreements and instruments as necessary, the Collateral Agent or the Trustee shall reasonably request or as the Trustee or the First Lien Notes Collateral Agent reasonably requests, necessary to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral DocumentsAgreements and (ii) file any such notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to perfect the Liens created by the Collateral Agreements as necessary or at such times and at such places as the Collateral Agent or the Trustee may reasonably request.

Appears in 1 contract

Sources: Indenture (Verrazano,inc.)

Impairment of Security Interest. Neither the Company nor any of its Subsidiaries is permitted to take or knowingly or negligently omit to take any action which act or omission would or could reasonably be expected to have the result of materially impairing the security interest in the Liens in favor of the First Lien Notes Collateral Agent for the benefit of the Trustee and the Holders with respect to the Collateral. Neither the Company nor any of its Subsidiaries shall grant to any Person, or permit any Person to retain (other than the First Notes Collateral Agent, the Second Lien Notes Collateral Agent or the ABL Agent), any interest whatsoever in the Collateral, other than Permitted Liens. Neither the Company nor any of its Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes, the Guarantees and the Collateral Documents. The Company shall, and shall cause each Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the First Lien Notes Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Collateral Documents.

Appears in 1 contract

Sources: Indenture (Cliffs Natural Resources Inc.)