Common use of Sections 7 Clause in Contracts

Sections 7. 12 and 7.14 or any Loan Document need not be satisfied with respect to any Excluded Assets. In addition, notwithstanding anything to the contrary herein or in any other Loan Document, the Collateral and Guarantee requirement and the provisions of the Loan Documents shall not require (i) any account control agreements, lockbox arrangements or the taking of any other actions to perfect by control any security interest in any deposit accounts, securities accounts or commodities accounts or (ii) any collateral access agreements (including, without limitation, any access, waiver, subordination, or other agreement from any landlord, bailee, consignee, warehousemen, customs broker, or other Person in possession of any Collateral). Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, (i) the Administrative Agent may grant extensions of time for or waivers of the requirements of creating or perfecting security interests in or the obtaining of title insurance, legal opinions, appraisals, flood insurance and surveys with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) where it reasonably determines, in consultation with Holdings, that perfection or obtaining of such items cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the other Loan Documents, (ii) Liens required to be granted from time to time pursuant to this Agreement and the Collateral Documents shall be subject to exceptions and limitations set forth in the Collateral Documents and (iii) the Administrative Agent and Holdings may make such modifications to the Mortgages, and execute and/or consent to such easements, covenants, rights of way or similar instruments (and Administrative Agent may agree to subordinate the lien of any Mortgage to any such easement, covenant, right of way or similar instrument of record or may agree to recognize any tenant pursuant to an agreement in a form and substance reasonably acceptable to the Administrative Agent), as are reasonable or necessary and otherwise permitted by this Agreement and the other Loan Documents.

Sections 7. 12 and 7.14 or any Loan Document need not be satisfied with respect to any Excluded Assets. In addition, notwithstanding anything to the contrary herein or in any other Loan Document, the Collateral and Guarantee requirement and the provisions of the Loan Documents shall not require (i) any account control agreements, lockbox arrangements or the taking of any other actions to perfect by control any security interest in any deposit accounts, securities accounts or commodities accounts or (ii) any collateral access agreements (including, without limitation, any access, waiver, subordination, or other agreement from any landlord, bailee, consignee, warehousemen, customs broker, or other Person in possession of any Collateral)accounts. Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, (i) the Administrative Agent may grant extensions of time for or waivers of the requirements of creating or perfecting security interests in or the obtaining of title insurance, legal opinions, appraisals, flood insurance and surveys with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) where it reasonably determines, in consultation with Holdings, that perfection or obtaining of such items cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the other Loan Documents, (ii) Liens required to be granted from time to time pursuant to this Agreement and the Collateral Documents shall be subject to exceptions and limitations set forth in the Collateral Documents and (iii) the Administrative Agent and Holdings may make such modifications to the Mortgages, and execute and/or consent to such easements, covenants, rights of way or similar instruments (and Administrative Agent may agree to subordinate the lien of any Mortgage to any such easement, covenant, right of way or similar instrument of record or may agree to recognize any tenant pursuant to an agreement in a form and substance reasonably acceptable to the Administrative Agent), as are reasonable or necessary and otherwise permitted by this Agreement and the other Loan Documents.