Failure of Lien. Any Security Document, after delivery thereof pursuant to this Agreement, for any reason shall cease to create a valid Lien on any of the Collateral purported to be covered thereby or, after recordation of such Security Document as provided in this Agreement, shall cease to be a perfected and first priority Lien on such Collateral, subject only to Permitted Liens.
Appears in 6 contracts
Samples: Credit Agreement (Nn Inc), Credit Agreement (Nn Inc), Credit Agreement (Cti Inc /Tn)
Failure of Lien. Any Security Document, after delivery thereof pursuant to this Agreement, for any reason shall cease ceases to create a valid Lien on any of the Collateral purported to be covered thereby or, after recordation of such Security Document as provided in this Agreement, shall cease ceases to be a perfected and first priority Lien on such Collateral, subject only to Permitted Liens.
Appears in 3 contracts
Samples: Credit Agreement (America Service Group Inc /De), Credit Agreement (America Service Group Inc /De), Credit Agreement (America Service Group Inc /De)
Failure of Lien. Any Security Document, after delivery thereof pursuant to this Agreement, for any reason shall cease ceases to create a valid Lien on any of the Collateral purported to be covered thereby or, after recordation of such Security Document as provided in this Agreement, shall cease ceases to be a perfected 103 105 and first priority Lien on such Collateral, subject only to Permitted Liens.
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