Common use of New Property Clause in Contracts

New Property. With respect to any Hydrocarbon Interests, any Eligible Contract, any receivables payable under any Eligible Contract, any insurance policy and any proceeds payable thereunder and any Collection Account, in each case, acquired or owned after the Closing Date by any Borrower or any of its Subsidiaries and as to which the Collateral Agent does not have a Security Interest and in respect of which such Borrower or such Subsidiary is legally entitled to grant a Security Interest to the Collateral Agent, such Borrower or such Subsidiary shall promptly notify the Collateral Agent in writing thereof, and if requested by the Collateral Agent: (i) execute and deliver to the Collateral Agent such additional Security Documents and/or amendments to the Security Documents or such other documents (including a certified English language translation, to the extent such documents are not in the English language) as the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, a Security Interest in respect thereof; (ii) take all actions necessary or reasonably requested by the Collateral Agent, to grant in favor of the Collateral Agent a Security Interest in respect thereof and in the case of insurance policies, to include provisions naming the Collateral Agent as the sole loss payee (in the case of each property damage insurance policy) and the Lenders as additional insureds (in the case of each liability insurance policy) (iii) deliver to the Collateral Agent customary legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Collateral Agent.