Common use of Security Interest in the Collateral Clause in Contracts

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, each other Secured Party and each holder of any Obligations, of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each other Secured Party and holder of any Obligations, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party shall ▇▇▇▇ its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims of such Loan Party (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000, such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose and the parties against which such claims have been asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or more, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Agent and each Lender (and each other Secured Party and each holder of any Obligations, ) of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each Lender and each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party shall ▇▇▇▇ its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims in an aggregate amount in excess of $500,000 promptly upon the occurrence of any events giving rise to any such Loan Party claims (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s)claims, the events out of which such claim(s) claims arose and the parties against which such claims have been may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) claims have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having in an undrawn face aggregate amount in excess of $500,000 or more500,000, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Agent and each other Secured Party and each holder of any Obligations, of the Obligations, each Domestic Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever wherever located. Each Domestic Loan Party shall ▇m▇▇▇ its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Domestic Loan Party shall provide Agent with written notice (as required under Section 9.17) of all each commercial tort claim which involves or would reasonably be expected to involve claims in excess of such $500,000 promptly upon any senior executive officer of any Domestic Loan Party becoming aware of the occurrence of any events giving rise to any such claims (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s)claims, the events out of which such claim(s) claims arose and the parties against which such claims have been may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) claims have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Domestic Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Domestic Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or morerights, and at Agent’s request shall take such actions as Agent they may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, each other Secured Party and each holder of any Obligations, of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each other Secured Party and holder of any Obligations, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party shall ▇▇▇▇ mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims of such Loan Party (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000, such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose and the parties against which such claims have been asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or more, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Lender (and each other Secured Party and each holder of any Obligations, ) of the Obligations, each Loan Party Borrower hereby assigns, pledges and grants to Agent for its benefit Lender and for the ratable benefit of each other Secured Party and holder of any Obligations, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party Borrower shall ▇▇▇▇ mark its books and records as may be necessary or appropriate to evidence, protect and perfect AgentLender’s and each any other Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party Borrower shall provide Agent Lender with written notice (as required under Section 9.17) of all commercial tort claims promptly upon the occurrence of any events giving rise to any such Loan Party claim(s) (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose and the parties against which such claims have been may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party Borrower shall be deemed to thereby grant to Agent Lender and each other Secured Party a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party Borrower shall provide Agent Lender with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or morerights, and at AgentL▇▇▇▇▇’s request shall take such actions as Agent Lender may reasonably request for the perfection of AgentL▇▇▇▇▇’s and each other Secured Party’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Agent and each other Secured Party and each holder of any Obligations, of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party shall ▇▇▇▇ mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims promptly upon the occurrence of any events giving rise to any such Loan Party claims (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) claims arose and the parties against which such claims have been claim(s) may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby number and a grant to Agent of a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof, such security interest to be Collateral under the terms of this Agreement. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or morerights, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection and priority of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, each other Secured Party and each holder of any Obligations, of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each Lender, Issuer and each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever wherever located. Each Loan Party shall ▇▇▇▇ mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims with a value in excess of $5,000,000 promptly upon the occurrence of any events giving rise to any such Loan Party claims (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s)claims, the events out of which such claim(s) claims arose and the parties against which such claims have been may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) claims have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or morerights, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Issuer and each Lender (and each other Secured Party and each holder of any Obligations, ) of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each Lender, Issuer and each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party shall ▇▇▇▇ its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims in favor of such Loan Party and with a potential value in excess of $50,000 promptly upon the occurrence of any events giving rise to any such claim(s) (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose and the parties against which such claims have been may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount with a potential value in excess of $500,000 or more50,000, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Issuer and each Lender (and each other Secured Party and each holder of any Obligations, ) of the Obligations, each Loan Party hereby collaterally assigns, and pledges and grants grants, to Agent for its benefit and for the ratable benefit of each Lender, Issuer and each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party shall ▇▇▇▇ its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims in excess of $250,000 promptly upon the occurrence of any events giving rise to any such Loan Party claim(s) (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose and the parties against which such claims have been may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount in excess of $500,000 or more250,000, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Issuer, Swing Loan Lender and each Lender (and each other Secured Party and each holder of any Obligations, ) of the Obligations, each Loan US Credit Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever wherever located. Each Loan Party shall ▇▇▇▇ its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan US Credit Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims with an individual amount in excess of $1,000,000 promptly upon the occurrence of any events giving rise to any such Loan Party claim(s) (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose and the parties against which such claims have been may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan US Credit Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan US Credit Party shall provide Agent with written notice (as required under Section 9.17) upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having rights, in each case involving an undrawn face individual amount in excess of $500,000 or more1,000,000, and at Agent’s 's request shall take such actions as Agent may reasonably request for the perfection of Agent’s 's security interest thereintherein subject to Section 4.2. Notwithstanding anything to the contrary in this Section 4.1, absent the occurrence and continuance of any Event of Default, the US Credit Parties shall only be required to provide the notices required by this Section 4.1 on a quarterly basis in connection with the delivery of a Compliance Certificate with respect to the applicable quarter or year.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Agent and each other Secured Party and each holder of any Obligations, of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party shall ▇m▇▇▇ its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims promptly upon the occurrence of any events giving rise to any such Loan Party claims (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) claims arose and the parties against which such claims have been claim(s) may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or morerights, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Agent and each other Secured Party and each holder of any Obligations, of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party shall ▇▇▇▇ mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims promptly upon the occurrence of any events giving rise to any such Loan Party claims (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) claims arose and the parties against which such claims have been claim(s) may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or morerights, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Issuer and each Lender (and each other Secured Party and each holder of any Obligations, ) of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each Lender, Issuer and each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever wherever located. Each Loan Party shall ▇▇▇▇ its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interestinterest to the extent required by GAAP. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims constituting Collateral promptly upon the occurrence of any events giving rise to any such Loan Party claims (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s)claims, the events out of which such claim(s) claims arose and the parties against which such claims have been may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) claims have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and 074658.18062/111245555v.10 to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or morerights, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Issuer and each Lender (and each other Secured Party and each holder of any Obligations, ) of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each Lender, Issuer and each other Secured Party and holder of any ObligationsParty, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever located. Each Loan Party shall ▇▇▇▇ mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s 's security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all commercial tort claims in which damages sought exceeds Two Million and 00/100 Dollars ($2,000,000.00) promptly upon the occurrence of any events giving rise to any such Loan Party claim(s) (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater than $500,000regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose and the parties against which such claims have been may be asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn face amount of $500,000 or morerights, and at Agent’s 's request shall take such actions as Agent may reasonably request for the perfection of Agent’s 's security interest therein.

Security Interest in the Collateral. To secure the prompt payment and performance to Agent, Issuer and each Lender (and each other Secured Party and each holder of any Obligations, ) of the Obligations, each Loan Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each Lender, Issuer and each other Secured Party and holder of any Obligations, a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising and wheresoever wherever located. Each Loan Party shall ▇▇▇▇ its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s and each Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) of all any individual commercial tort claims claim with a reasonably estimated value of such Loan Party (other than unasserted commercial tort claims) where the amount claimed or under dispute is equal to or greater more than $500,0002,500,000 promptly after the occurrence of any events giving rise to any such claim(s) (regardless of whether legal proceedings have yet been commenced), such notice to contain a brief description of the claim(s), the events out of which such claim(s) arose and the parties against which such claims have been asserted and, if applicable in any case where legal proceedings regarding such claim(s) have been commenced, the case title together with the applicable court and docket number. Upon delivery of each such notice, such Loan Party shall be deemed to thereby grant to Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Agent with written notice (as required under Section 9.17) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights having an undrawn rights, in either case with respect to any letter of credit with a face amount in excess of $500,000 or more2,500,000, and at Agent’s request shall take such actions as Agent may reasonably request for the perfection of Agent’s security interest therein.