Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (and each other holder of any Obligations) of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Administrative Agent with written notice of all commercial tort claims promptly upon 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 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 Administrative Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 2 contracts
Sources: Revolving Credit, Term Loan and Security Agreement (A.S.V., LLC), Revolving Credit, Term Loan and Security Agreement (Manitex International, Inc.)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer each other Secured Party and each Lender (and each other holder of any Obligations) , of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured PartyParty 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 Administrative 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 Administrative Agent with written notice (as required under Section 9.17) of all commercial tort claims promptly upon of such Loan Party (other than unasserted commercial tort claims) where the occurrence of any events giving rise amount claimed or under dispute is equal to any such claim(s) (regardless of whether legal proceedings have yet been commenced)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 may be 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 Administrative Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Administrative Agent with written notice promptly (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 rightsrights having an undrawn face amount of $500,000 or more, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 2 contracts
Sources: Revolving Credit and Security Agreement and Guaranty (Viant Technology Inc.), Revolving Credit and Security Agreement (Viant Technology Inc.)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (Agent and each other holder of any Obligations) Secured Party of the Obligations, each Domestic Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Domestic Loan Party shall provide Administrative Agent with written notice of all each commercial tort claim which involves or would reasonably be expected to involve claims in excess of $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 claim(s) claims (regardless 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 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 Administrative 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 Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Agent’s reasonable request shall take such actions as any such Agent they may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 2 contracts
Sources: Revolving Credit, Term Loan, Guaranty and Security Agreement (Dasan Zhone Solutions Inc), Export Import Revolving Credit, Guaranty and Security Agreement (Dasan Zhone Solutions Inc)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (and each other holder of any Obligations) of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s 's security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Administrative Agent with written notice 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 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 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 Administrative Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Agent’s reasonable 's request shall take such actions as any such Agent may reasonably request for the perfection of Administrative Agent’s 's security interest therein.
Appears in 1 contract
Sources: Revolving Credit, Term Loan and Security Agreement (Ampco Pittsburgh Corp)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (and each other holder of any Obligations) of the Obligations, each Loan Party Borrower hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer Lender and each other Secured Party, Party 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 Administrative AgentLender’s and any other Secured Party’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party Borrower shall provide Administrative Agent Lender with written notice of all commercial tort claims promptly upon 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 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 Administrative 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 Administrative Agent Lender with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any AgentL▇▇▇▇▇’s reasonable request shall take such actions as any such Agent Lender may reasonably request for the perfection of Administrative AgentL▇▇▇▇▇’s and each other Secured Party’s security interest therein.
Appears in 1 contract
Sources: Revolving Credit, Term Loan and Security Agreement (Quality Gold Holdings, Inc.)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (Agent and each other holder of any Obligations) Secured Party of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Administrative Agent with written notice of all commercial tort claims promptly upon the occurrence of any events giving rise to any such claim(s) claims (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) claims arose and the parties against which such claims 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 Administrative 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 Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection and priority of Administrative Agent’s security interest therein.
Appears in 1 contract
Sources: Reimbursement, Guaranty and Security Agreement (Babcock & Wilcox Enterprises, Inc.)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (and each other holder of any Obligations) of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’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 Administrative Agent with written notice of all commercial tort claims constituting Collateral promptly upon the occurrence of any events giving rise to any such claim(s) claims (regardless 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 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 Administrative 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 Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Perma-Pipe International Holdings, Inc.)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (and each other holder of any Obligations) of the Obligations, each Loan Party hereby collaterally assigns, and pledges and grants grants, to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Administrative Agent with written notice of all commercial tort claims in excess of $250,000 promptly upon 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 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 Administrative Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rightsrights in excess of $250,000, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 1 contract
Sources: Revolving Credit, Term Loan and Security Agreement (Universal Logistics Holdings, Inc.)
Security Interest in the Collateral. To secure the prompt payment and performance in full to each Agent, Issuer Administrative Agent and each Lender (and each other holder of any Obligations) of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent (and its successors and assigns) for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each the other Secured PartyParties, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Administrative Agent with written notice of (and a supplement to the Collateral Information Certificate) all commercial tort claims that constitute Collateral promptly upon the occurrence of any events giving rise to any such claim(s) (regardless of whether legal proceedings have yet been commenced), such notice (and Collateral Information Certificate supplement) 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 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 noticenotice (and Collateral Information Certificate supplement), such Loan Party shall be deemed to thereby grant to Administrative Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Administrative Agent with written notice (and a supplement to the Collateral Information Certificate with respect to) promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Administrative Agent’s reasonable request shall take such actions as any such Administrative Agent may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 1 contract
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (Agent and each other holder of any Obligations) Secured Party of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Administrative Agent with written notice of all commercial tort claims promptly upon the occurrence of any events giving rise to any such claim(s) claims (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) claims arose and the parties against which such claims 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 Administrative Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 1 contract
Sources: Revolving Credit, Guaranty and Security Agreement (Babcock & Wilcox Enterprises, Inc.)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (and each other holder of any Obligations) Secured Party of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Administrative Agent with written notice 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 claim(s) claims (regardless 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 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 Administrative Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Ugi Corp /Pa/)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer Issuer, Swing Loan Lender and each Lender (and each other holder of any Obligations) of the Obligations, each Loan US Credit Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Loan US Credit Party shall provide Administrative Agent with written notice 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 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 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 Administrative 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 Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, in each case involving an individual amount in excess of $1,000,000, and at any Agent’s reasonable 's request shall take such actions as any such Agent may reasonably request for the perfection of Administrative 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.
Appears in 1 contract
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (Agent and each other holder of any Obligations) Secured Party of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Administrative Agent with written notice of all commercial tort claims promptly upon the occurrence of any events giving rise to any such claim(s) claims (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) claims arose and the parties against which such claims 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 Administrative 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 Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection and priority of Administrative Agent’s security interest therein.
Appears in 1 contract
Sources: Reimbursement, Guaranty and Security Agreement (Babcock & Wilcox Enterprises, Inc.)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer and each Lender (Agent and each other holder of any Obligations) Secured Party of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured Party, 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 Administrative Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Loan Party shall provide Administrative Agent with written notice of all commercial tort claims promptly upon the occurrence of any events giving rise to any such claim(s) claims (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) claims arose and the parties against which such claims 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 Administrative Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Administrative Agent with written notice promptly upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 1 contract
Sources: Revolving Credit, Guaranty and Security Agreement (Babcock & Wilcox Enterprises, Inc.)
Security Interest in the Collateral. To secure the prompt payment and performance to each Agent, Issuer each other Secured Party and each Lender (and each other holder of any Obligations) , of the Obligations, each Loan Party hereby assigns, pledges and grants to Administrative Agent for its benefit and for the ratable benefit of Term Loan B Agent, each Lender, Issuer and each other Secured PartyParty 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 Administrative 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 Administrative Agent with written notice (as required under Section 9.17) of all commercial tort claims promptly upon of such Loan Party (other than unasserted commercial tort claims) where the occurrence of any events giving rise amount claimed or under dispute is equal to any such claim(s) (regardless of whether legal proceedings have yet been commenced)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 may be 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 Administrative Agent a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof. Each Loan Party shall provide Administrative Agent with written notice promptly (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 rightsrights having an undrawn face amount of $500,000 or more, and at any Agent’s reasonable request shall take such actions as any such Agent may reasonably request for the perfection of Administrative Agent’s security interest therein.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement and Guaranty (Viant Technology Inc.)