Common use of Newly Acquired Property Clause in Contracts

Newly Acquired Property. The Borrower shall (i) notify the Collateral Agent with respect to any interest acquired by the Borrower or any of its Consolidated Subsidiaries in any Property after the date hereof (including by acquisition of any Person which becomes a Consolidated Subsidiary of the Borrower, but excluding any Property acquired in a transaction or a series of transactions where the consideration paid or delivered in exchange therefor is or has a value less than $500,000 or such Property consists of Mobile Equipment) not less than five (5) Business Days after such acquisition, and (ii) not later than sixty (60) days after request by the Collateral Agent or the Lenders, cause the Borrower or such Consolidated Subsidiary which acquires such Property to mortgage, assign or grant a security interest in such Property to the Collateral Agent, for the benefit of the Lenders, and, after, and to execute and deliver such other documentation, evidence of ownership interests and other information regarding such Property as the Collateral Agent may reasonably request, including Code financing statements, environmental assessments, corporate resolutions and other corporate documentation, opinions of counsel and evidence of title, all in form and substance reasonably satisfactory to the Collateral Agent [; provided, however, that unless an Event of Default is in existence, if the consent of a third party is necessary to the granting of a security interest, mortgage or assignment, the Borrower or Consolidated Subsidiary which acquires such Property shall not be required to grant a security interest, mortgage or assignment in such Property to the Collateral Agent if the Borrower or Consolidated Subsidiary, as the case may be, has used commercially reasonable efforts to obtain such consent and the consent has not been granted].

Newly Acquired Property. The Borrower shall (i) notify the Collateral Agent with respect to any interest acquired by the Borrower or any of its Consolidated Subsidiaries in any Property after the date hereof (including including, without limitation, by acquisition of any Person which becomes a Consolidated Subsidiary of the Borrower, but excluding any Property acquired in a transaction or a series of transactions where the consideration paid or delivered in exchange therefor is or has a value less than $500,000 1,000,000 or such Property consists of Mobile Equipment) not less than five (5) Business Days after such acquisition, and (ii) not later than sixty (60) days after request by the Collateral Agent or the LendersBanks, cause the Borrower or such Consolidated Subsidiary which acquires such Property to mortgage, assign or grant a security interest in such Property to the Collateral Agent, for the benefit of the LendersBanks, and, after, and to execute and deliver such other documentation, evidence of ownership interests and other information regarding such Property as the Collateral Agent may reasonably request, including including, without limitation, Code financing statements, environmental assessments, corporate resolutions and other corporate documentation, opinions of counsel and evidence of title, all in form and substance reasonably satisfactory to the Collateral Agent [Agent; provided, however, that unless an Event of Default is in existence, if the consent of a third party is necessary to the granting of a security interest, mortgage or assignment, the Borrower or Consolidated Subsidiary which acquires such Property shall not be required to grant a security interest, mortgage or assignment in such Property to the Collateral Agent if the Borrower or Consolidated Subsidiary, as the case may be, has used commercially reasonable efforts to obtain such consent and the consent has not been granted].