Common use of Security Disclaimer Clause in Contracts

Security Disclaimer. If any Lender determines, acting reasonably, that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender to hold or benefit from a Lien over real property pursuant to any law of the United States or any state thereof, then such Lender may notify the Agent that such Lender disclaims any and all benefit of such Lien under the Security Documents to the extent of such illegality; provided that such determination or disclaimer shall not (a) invalidate or render unenforceable such Lien for the benefit of the Agent or any other Lender or Swap Lender or (b) result in any redistribution of any payments under Section 15.14 as a consequence of the Agent, the other Lenders and the Swap Lenders receiving realization proceeds from such Lien in excess of their respective Applicable Percentages of such realization proceeds.

Security Disclaimer. If any Lender determines, acting reasonably, that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender to hold or benefit from a Lien over real property pursuant to any law of the United States or any state thereof, then such Lender may notify the Agent that such Lender disclaims any and all benefit of such Lien under the Security Documents to the extent of such illegality; provided that such determination or disclaimer shall not (a) invalidate or render unenforceable such Lien for the benefit of the Agent or any other Lender or Swap Lender Secured Party or (b) result in any redistribution of any payments under Section 15.14 as a consequence of the Agent, the any other Lenders and the Swap Lenders Lender Secured Parties receiving realization proceeds from such Lien in excess of their respective Applicable Percentages Rateable shares of such realization proceeds.