Common use of Impairment of Security, etc Clause in Contracts

Impairment of Security, etc. If any of the following events occurs: (i) Any Lien created by any of the Security Documents, shall at any time not constitute a valid and perfected Lien on the applicable Collateral in favor of the Secured Parties, free and clear of all other Liens (other than Permitted Liens or other Liens on Collateral not exceeding $100,000 in the aggregate) to the extent required by the Loan Documents, except due to the action or inaction of the Administrative Agent, (ii) except for expiration in accordance with its terms, any of the Security Documents or any Guarantee of any of the Obligations (including that contained in Section 12) shall for whatever reason cease to be in full force and effect, or (iii) any Obligor shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability of any such Lien or any Loan Document.

Impairment of Security, etc. If any of the following events occursoccurs other than, the case of clause (i) or (ii) below, as a result of the acts or omissions of the Administrative Agent or any Lender: (i) Any any Lien created by any of the Security Documents, Documents shall at any time not constitute a valid and perfected Lien on the applicable Collateral in favor of the Secured Parties, free and clear of all other Liens (other than Permitted Liens or other Liens on Collateral not exceeding $100,000 in the aggregateLiens) to the extent perfection is required by the Loan Documents, except due to the action herein or inaction of the Administrative Agenttherein, (ii) except for expiration in accordance with its terms, any of the Security Documents or any Guarantee of any of the Obligations (including that contained in Section 1213) shall for whatever reason cease to be in full force and effect, or (iii) any Obligor shall, directly of the Security Documents or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability Guarantee of any such Lien of the Obligations, or the enforceability thereof, shall be repudiated or contested by any Loan DocumentObligor.