Common use of Creation of Lien Clause in Contracts

Creation of Lien. The garnishment or creation of a lien against or security interest in any of the Collateral (other than existing security interests as of the date hereof or liens otherwise permitted herein) in which Borrower has granted a security interest to Lender pursuant to the terms hereof which is otherwise not released or cured by Borrower in some other manner acceptable to Lender within ten days following the date upon which Borrower knew or in good faith should have known of the existence of the interest at issue.

Creation of Lien. The garnishment or creation of a lien against or security interest in any of the Collateral (other than existing security interests as of the date hereof or liens otherwise and permitted hereinliens) in which Borrower the Debtor has granted a security interest to Lender the Secured Party pursuant to the terms hereof which is otherwise not released released, bonded or cured by Borrower in some other manner acceptable to Lender removed within ten (10) days following after notice thereof to Debtor. Except as set forth herein, the date upon which Borrower knew or in good faith should have known Debtor waives presentment, demand and protest and the right to assert any statute of the existence of the interest at issuelimitations.