Facility Documents; Impairment Clause Samples

Facility Documents; Impairment. At any time, for any reason, (i) any Facility Document shall for any reason (other than pursuant to the express terms hereof or thereof) fail or cease to create a valid and perfected Lien on any Collateral or the Liens intended to be created or perfected thereby are invalid or unperfected with respect to any Collateral except as otherwise contemplated hereby or thereby, or (ii) Liens with respect to any Collateral in favor of the Lender contemplated by the Facility Documents shall be invalidated or otherwise cease to be in full force and effect, or such Liens shall be subordinated or shall not have the priority contemplated hereby or by the other Facility Documents (subject to Permitted Encumbrances and to the exceptions set forth in the applicable Facility Documents), or (iii) OPY Credit Corp. seeks to render the Liens intended to be created or perfected by any Loan Document invalid or unperfected except as otherwise contemplated hereby and thereby, and, in the case of clause (i) and/or (ii) such failure continues for a period of thirty (30) days after OPY Credit Corp. learns of such failure or receives written notice thereof from Lender.