Document ID: 1006305

Text:
Excluded Property means (a) any feeowned real property with a fair market value of less than $2,000,000, unless requested by the Administrative Agent; (b)(i) the Excluded Leased Property and (ii) any other leased real property with a fair market value of less than $1,000,000 , unless requested by the Administrative Agent; (c) any goods securing purchase money indebtedness or Capitalized Lease Obligations if the granting of a Lien to any third party is prohibited by the agreement(s) setting forth the terms and conditions applicable to such Indebtedness, but only if such Indebtedness and the Liens securing the same are permitted by Sections 7.1(d) and 7.2(h) of the Credit Agreement; provided that if and when the prohibition which prevents the granting of a Lien in any such Property is removed, terminated or otherwise becomes unenforceable as a matter of law (including, without limitation, the termination of any such security interest resulting from the satisfaction of the Indebtedness secured thereby), and notwithstanding any previous release of Lien provided by the Administrative Agent requested in connection with respect to any such Indebtedness, the Excluded Property will no longer include such Property and the Administrative Agent will be deemed to have, and at all times to have had, a security interest in such property and the Collateral will be deemed to include, and at all times to have included, such Property without further action or notice by any Person; (d) any permit or license issued to any Loan Party as the permit holder or licensee thereof or any lease to which any Loan Party is lessee thereof, in each case only to the extent and for so long as the terms of such permit, license, or lease effectively (after giving effect to Sections 9406 through 9409, inclusive, of the Uniform Commercial Code in the applicable state (or any successor provision or provisions) or any other applicable Legal Requirements) prohibit the creation by such Loan Party of a security interest in such permit, license, or lease in favor of the Administrative Agent or would result in an effective invalidation, termination or breach of the terms of any such permit, license or lease (after giving effect to Sections 9406 through 9409, inclusive, of the Uniform Commercial Code in the applicable state (or any successor provision or provisions) or any other applicable Legal Requirements), in each case unless and until any required consents are obtained; provided that the Excluded Property will not include, and the Collateral shall include and the security interest granted in the Collateral shall attach to, (x) all proceeds, substitutions or replacements of any such excluded items referred to herein unless such proceeds, substitutions or replacements would constitute excluded items hereunder, (y) all rights to payment due or to become due under any such excluded items referred to herein, and (z) if and when the prohibition which prevents the granting of a security interest in any such Property is removed, terminated, or otherwise becomes unenforceable as a matter of law, the Administrative Agent will be deemed to have, and at all times to have had, a security interest in such property, and the Collateral will be deemed to include, and at all times to have included, such Property without further action or notice by any Person; (e) Ownership Interests of any Foreign Subsidiary which, if granted, would have material adverse tax consequences for a Borrower or result in a violation of applicable Legal Requirements, unless requested by the Administrative Agent after the occurrence and during the continuation of an Event of Default; provided that Excluded Property shall not include, and the Collateral shall include, (x) nonvoting Ownership Interests of a First Tier Foreign Subsidiary owned by any Loan Party and (y) voting Ownership Interests of a First Tier Foreign Subsidiary owned by any Loan Party representing not more than sixty-five percent (65%) of the total voting power of all outstanding Ownership Interests of such Foreign Subsidiary, with Ownership Interests of such Foreign Subsidiary constituting stock entitled to vote within the meaning of Treasury regulation section 1.9562(c)(2) being treated as voting equity interests of such Foreign Subsidiary for purposes of this clause (e); and (f) Excluded Deposit Accounts.

Named Entities:
18
23
Principal
59
64
Principal
145
146
Title
742
749
Percentage
781
789
Regulation

Tokenized Text:
Excluded
Property
means
(
a
)
any
feeowned
real
property
with
a
fair
market
value
of
less
than
$
2
,
000
,
000
,
unless
requested
by
the
Administrative
Agent
;
(
b
)
(
i
)
the
Excluded
Leased
Property
and
(
ii
)
any
other
leased
real
property
with
a
fair
market
value
of
less
than
$
1
,
000
,
000
,
unless
requested
by
the
Administrative
Agent
;
(
c
)
any
goods
securing
purchase
money
indebtedness
or
Capitalized
Lease
Obligations
if
the
granting
of
a
Lien
to
any
third
party
is
prohibited
by
the
agreement
(
s
)
setting
forth
the
terms
and
conditions
applicable
to
such
Indebtedness
,
but
only
if
such
Indebtedness
and
the
Liens
securing
the
same
are
permitted
by
Sections
7
.
1
(
d
)
and
7
.
2
(
h
)
of
the
Credit
Agreement
;
provided
that
if
and
when
the
prohibition
which
prevents
the
granting
of
a
Lien
in
any
such
Property
is
removed
,
terminated
or
otherwise
becomes
unenforceable
as
a
matter
of
law
(
including
,
without
limitation
,
the
termination
of
any
such
security
interest
resulting
from
the
satisfaction
of
the
Indebtedness
secured
thereby
)
,
and
notwithstanding
any
previous
release
of
Lien
provided
by
the
Administrative
Agent
requested
in
connection
with
respect
to
any
such
Indebtedness
,
the
Excluded
Property
will
no
longer
include
such
Property
and
the
Administrative
Agent
will
be
deemed
to
have
,
and
at
all
times
to
have
had
,
a
security
interest
in
such
property
and
the
Collateral
will
be
deemed
to
include
,
and
at
all
times
to
have
included
,
such
Property
without
further
action
or
notice
by
any
Person
;
(
d
)
any
permit
or
license
issued
to
any
Loan
Party
as
the
permit
holder
or
licensee
thereof
or
any
lease
to
which
any
Loan
Party
is
lessee
thereof
,
in
each
case
only
to
the
extent
and
for
so
long
as
the
terms
of
such
permit
,
license
,
or
lease
effectively
(
after
giving
effect
to
Sections
9406
through
9409
,
inclusive
,
of
the
Uniform
Commercial
Code
in
the
applicable
state
(
or
any
successor
provision
or
provisions
)
or
any
other
applicable
Legal
Requirements
)
prohibit
the
creation
by
such
Loan
Party
of
a
security
interest
in
such
permit
,
license
,
or
lease
in
favor
of
the
Administrative
Agent
or
would
result
in
an
effective
invalidation
,
termination
or
breach
of
the
terms
of
any
such
permit
,
license
or
lease
(
after
giving
effect
to
Sections
9406
through
9409
,
inclusive
,
of
the
Uniform
Commercial
Code
in
the
applicable
state
(
or
any
successor
provision
or
provisions
)
or
any
other
applicable
Legal
Requirements
)
,
in
each
case
unless
and
until
any
required
consents
are
obtained
;
provided
that
the
Excluded
Property
will
not
include
,
and
the
Collateral
shall
include
and
the
security
interest
granted
in
the
Collateral
shall
attach
to
,
(
x
)
all
proceeds
,
substitutions
or
replacements
of
any
such
excluded
items
referred
to
herein
unless
such
proceeds
,
substitutions
or
replacements
would
constitute
excluded
items
hereunder
,
(
y
)
all
rights
to
payment
due
or
to
become
due
under
any
such
excluded
items
referred
to
herein
,
and
(
z
)
if
and
when
the
prohibition
which
prevents
the
granting
of
a
security
interest
in
any
such
Property
is
removed
,
terminated
,
or
otherwise
becomes
unenforceable
as
a
matter
of
law
,
the
Administrative
Agent
will
be
deemed
to
have
,
and
at
all
times
to
have
had
,
a
security
interest
in
such
property
,
and
the
Collateral
will
be
deemed
to
include
,
and
at
all
times
to
have
included
,
such
Property
without
further
action
or
notice
by
any
Person
;
(
e
)
Ownership
Interests
of
any
Foreign
Subsidiary
which
,
if
granted
,
would
have
material
adverse
tax
consequences
for
a
Borrower
or
result
in
a
violation
of
applicable
Legal
Requirements
,
unless
requested
by
the
Administrative
Agent
after
the
occurrence
and
during
the
continuation
of
an
Event
of
Default
;
provided
that
Excluded
Property
shall
not
include
,
and
the
Collateral
shall
include
,
(
x
)
nonvoting
Ownership
Interests
of
a
First
Tier
Foreign
Subsidiary
owned
by
any
Loan
Party
and
(
y
)
voting
Ownership
Interests
of
a
First
Tier
Foreign
Subsidiary
owned
by
any
Loan
Party
representing
not
more
than
sixty
-
five
percent
(
65
%
)
of
the
total
voting
power
of
all
outstanding
Ownership
Interests
of
such
Foreign
Subsidiary
,
with
Ownership
Interests
of
such
Foreign
Subsidiary
constituting
stock
entitled
to
vote
within
the
meaning
of
Treasury
regulation
section
1
.
9562
(
c
)
(
2
)
being
treated
as
voting
equity
interests
of
such
Foreign
Subsidiary
for
purposes
of
this
clause
(
e
)
;
and
(
f
)
Excluded
Deposit
Accounts
.