Common use of General Maintenance of Collateral Clause in Contracts

General Maintenance of Collateral. Borrower: (i) shall keep the Collateral free from all Liens (other than the Liens of ad valorem property taxes which are not delinquent, any statutory landlords' liens which are covered by lien waivers satisfactory to Required Lenders, mechanic's liens, Permitted Liens, and any Liens in favor of Collateral Agent for the benefit of the Lenders); (ii) shall defend the Collateral against all claims and legal proceedings by persons other than Collateral Agent and Lenders;

Appears in 2 contracts

Samples: Senior Secured Loan Agreement (Drivetime Automotive Group Inc), Senior Secured Loan Agreement (Ugly Duckling Corp)

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General Maintenance of Collateral. Borrower: : (i) shall keep the Collateral free from all Liens (other than the Liens of ad valorem property taxes which are not delinquent, any statutory landlords' liens which are covered by lien waivers satisfactory to Required Lenders, mechanic's liens, Permitted Liens, and any Liens in favor of Collateral Agent for the benefit of the Lenders); (ii) shall defend the Collateral against all claims and legal proceedings by persons other than Collateral Agent and Lenders;

Appears in 1 contract

Samples: Senior Secured Loan Agreement (Ugly Duckling Corp)

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General Maintenance of Collateral. Borrower: (i) shall keep the Collateral free from all Liens (other than the Liens of ad valorem property taxes which are not delinquent, any statutory landlords' liens which are covered by lien waivers satisfactory to Required LendersLien Waivers, mechanic's liens, Permitted Liens, and any Liens in favor of Collateral Agent for the benefit of the LendersLender); (ii) shall defend the Collateral against all claims and legal proceedings by persons other than Collateral Agent Lender; (iii) shall pay and Lenders;discharge when due all taxes, levies

Appears in 1 contract

Samples: Credit and Security Agreement (Ugly Duckling Corp)

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