Common use of New Property Clause in Contracts

New Property. Promptly after the acquisition by the Borrower or any of its Subsidiaries of any Property which when combined with all other Property acquired in the same transaction or series of transactions is Material, (a) the Borrower will, or will cause the Subsidiary which acquired such Property to, execute and deliver to Agent for the ratable benefit of the Secured Parties (i) a Mortgage, Security Agreement, or any other Security Documents granting a Lien in such Property to the Collateral Agent to secure the Secured Obligations and (ii) such evidence of corporate authority to enter into such Mortgage, Security Agreement, or other Security Documents as the Agent may reasonably request, and (b) the Borrower authorizes the filing of UCC financing statements or any other filings or recordings, and agrees to deliver to Collateral Agent any documents or other items, reasonably necessary to create an Acceptable Security Interest in such Property.

New Property. Promptly after the acquisition by the Borrower or any of its Subsidiaries Subsidiary Guarantors of any Property which when combined with all other Property acquired in the same transaction or series of transactions is Material, (a) the Borrower will, or will cause the Subsidiary Guarantor which acquired such Property to, execute and deliver to Agent for the ratable benefit of the Secured Parties (i) a Mortgage, Security Agreement, or any other Security Documents granting a Lien in such Property to the Collateral Agent to secure the Secured Obligations and (ii) such evidence of corporate authority to enter into such Mortgage, Security Agreement, or other Security Documents as the Agent may reasonably request, and (b) the Borrower authorizes the filing of UCC financing statements or any other filings or recordings, and agrees to deliver to Collateral Agent any documents or other items, reasonably necessary to create an Acceptable Security Interest in such Property.