Common use of Collateral Document Clause in Contracts

Collateral Document. Any Collateral Document after delivery thereof pursuant to Section 4.01 or 6.12 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority (subject to Permitted Liens) lien on and security interest in the Collateral purported to be covered thereby, except as a result of the action or inaction of Collateral Agent or Administrative Agent or any Lender, or any Loan Party contests (in writing) in any manner the validity, perfection or priority of any lien or security interest in the Collateral purported to be covered thereby; provided, that it shall not be an Event of Default under this paragraph (l) if the security interests purported to be created by the Collateral Documents shall cease to be a valid, perfected, first priority security interest in any Collateral, individually or in the aggregate, having a fair market value of less than $5,000,000 (unless the Borrowers or Subsidiary Guarantor, as applicable, has failed to promptly take action requested by the Administrative Agent to cause such security interest to be a valid and perfected first priority Lien).

Collateral Document. Any Collateral Document after delivery thereof pursuant to Section 4.01 or 6.12 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority (subject to Permitted Liens) lien on and security interest in the Collateral purported to be covered thereby, except as a result of the action or inaction of Collateral Agent or Administrative Agent or any Lender, or any Loan Party contests (in writing) in any manner the validity, perfection or priority of any lien or security interest in the Collateral purported to be covered thereby; provided, that it shall not be an Event of Default under this paragraph (l1) if the security interests purported to be created by the Collateral Documents shall cease to be a valid, perfected, first priority security interest in any Collateral, individually or in the aggregate, having a fair market value of less than $5,000,000 6,000,000 (unless the Borrowers or Subsidiary Guarantor, as applicable, has failed to promptly take action requested by the Administrative Agent to cause such security interest to be a valid and perfected first priority Lien).

Collateral Document. Any Collateral Document after delivery thereof pursuant to Section 4.01 or 6.12 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority (subject to Permitted Liens) lien on and security interest in the Collateral purported to be covered thereby, except as a result of the action or inaction of Collateral Agent or Administrative Agent or any Lender, or any Loan Party contests (in writing) in any manner the validity, perfection or priority of any lien or security interest in the Collateral purported to be covered thereby; provided, that it shall not be an Event of Default under this paragraph (l) if the security interests purported to be created by the Collateral Documents shall cease to be a valid, perfected, first priority security interest in any Collateral, individually or in the aggregate, having a fair market value of less than $5,000,000 50,000,000 (unless the Borrowers Borrower or Subsidiary Guarantor, as applicable, has failed to promptly take action requested by the Administrative Agent to cause such security interest to be a valid and perfected first priority Lien).

Collateral Document. Any Collateral Document after delivery thereof pursuant to Section 4.01 or 6.12 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority (subject to Permitted Liens) lien on and security interest in the Collateral purported to be covered thereby, except as a result of the action or inaction of Collateral Agent or Administrative Agent or any Lender, or any Loan Party contests (in writing) in any manner the validity, perfection or priority of any lien or security interest in the Collateral purported to be covered thereby; provided, that it shall not be an Event of Default under this paragraph (l) if the security interests purported to be created by the Collateral Documents shall cease to be a valid, perfected, first priority security interest in any Collateral, individually or in the aggregate, having a fair market value of less than $5,000,000 40,000,000 (unless the Borrowers Borrower or Subsidiary Guarantor, as applicable, has failed to promptly take action requested by the Administrative Agent to cause such security interest to be a valid and perfected first priority Lien).