Common use of Collateral Impairment Clause in Contracts

Collateral Impairment. (a) A notice of Lien (other than a Permitted Encumbrance), levy, assessment, injunction or attachment is issued against any of the Collateral which is not stayed or lifted within forty (40) days; (b) there shall occur with respect to the Collateral any material loss, theft, or damage not adequately covered by insurance; or (c) a material portion of the Collateral shall be seized or taken by a governmental body.

Appears in 4 contracts

Samples: Revolving Credit, Term Loan and Security Agreement (Air Methods Corp), Revolving Credit and Term Loan Agreement (Air Methods Corp), Revolving Credit and Term Loan Agreement (Air Methods Corp)

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