Common use of Impairment of Security Clause in Contracts

Impairment of Security. If any Security Instrument, agreement, guaranty or other instrument given to Lender to evidence or secure the payment and performance of the Indebtedness hereunder shall be revoked by any party thereto or shall cease to be in full force and effect, or the protection or security interest afforded Lender in any pmiion of the Collateral secured thereby is unperfected or impaired for any reason; or there shall be a default in any material respect in the performance or observance of any term, covenant, condition or agreement on its part to be performed or observed under any Security Instrument and such default shall not have been cured or waived in any applicable grace period contained therein; or any representation or warranty of any pledgor made in any Security Instrument shall be false in any material respect on the date as of which made; or tor any reason (except for acts or omissions of Lender) Lender shall tail to have a valid, perfected and enforceable Security Interest lien in the Collateral (or any of them) as required under this Agreement or if any pledgor shall contest in any manner that any Security Instrument constitutes its valid and enforceable agreement or any Borrower shall assert in any manner that it has no further obligation or liability under any Loan Document.

Impairment of Security. If any Security Instrument, agreement, guaranty or other instrument given to Lender to evidence or secure the payment and performance of the Indebtedness hereunder shall be revoked by any party thereto Borrower or shall cease to be in full force and effect, or the protection or security interest afforded Lender in any pmiion portion of the Collateral secured thereby is unperfected or impaired for any reason; or there Borrower shall be a default in any material respect in the performance or observance of any term, covenant, condition or agreement on its part to be performed or observed under any Security Instrument and such default shall not have been cured or waived in any applicable grace period contained therein; or any representation or warranty of any pledgor Borrower made in any Security Instrument shall be false in any material respect on the date as of which made; or tor for any reason (except for acts or omissions of Lender) Lender shall tail fail to have a valid, perfected and enforceable Security Interest lien in the Collateral (or any of them) as required under this Agreement or if any pledgor Borrower shall contest in any manner that any Security Instrument constitutes its valid and enforceable agreement or any Borrower shall assert in any manner that it has no further obligation or liability under any Loan Document.

Impairment of Security. If any Security Instrument, agreement, guaranty or other instrument given to Lender the Associations to evidence or secure the payment and performance of the Indebtedness Obligations hereunder shall be revoked by any party thereto Borrower or shall cease to be in full force and effect, or the protection or security interest afforded Lender the Associations in any pmiion portion of the Collateral secured thereby is unperfected or impaired for any reason; or there any Borrower shall be a default in any material respect in the performance or observance of any term, covenant, condition or agreement on its part to be performed or observed under any Security Instrument and such default shall not have been cured or waived in any applicable grace period contained therein; or any representation or warranty of any pledgor Borrower made in any Security Instrument shall be false in any material respect on the date as of which made; or tor for any reason (except for acts or omissions of Lenderthe Associations) Lender the Associations shall tail fail to have a valid, perfected and enforceable Security Interest security interest, lien in or mortgage encumbering the Collateral (or any of them) as required under this Agreement or if any pledgor Borrower shall contest in any manner that any Security Instrument constitutes its valid and enforceable agreement or any Borrower shall assert in any manner that it has no further obligation or liability under any Loan Document.such agreement;

Impairment of Security. If any Security Instrumentsecurity document, mortgage, agreement, guaranty or other instrument given to the Lender to evidence or secure the payment and performance perfo1111ance of the Indebtedness Obligations hereunder shall be revoked by any party thereto the Borrower or shall cease to be in full force and effect, or the protection or security interest afforded the Lender in any pmiion p01iion of the Collateral secured thereby is unperfected or in any material respect impaired for any reason; or there the B01Tower shall be a default in any material respect in the performance or observance of any termtenn, covenant, condition or agreement on its part xxxx to be performed or observed under any Security Instrument security document and such default shall not have been cured or waived in any applicable grace period contained therein; or any representation or warranty of any pledgor the Borrower made in any Security Instrument security document shall be false in any material respect on the date as of which made; or tor for any reason (except for acts or omissions of the Lender) the Lender shall tail fail to have a valid, perfected and enforceable Security Interest first priority security interest, lien in or mo1tgage encumbering the Collateral (or any of them) as required under this Agreement or if any pledgor the Borrower shall contest in any manner that any Security Instrument security document constitutes its valid and enforceable agreement or any the Borrower shall assert asse1t in any manner that it has no further obligation or liability under any Loan Documentsuch agreement.

Impairment of Security. If any Security Instrumentsecurity document, mortgage, agreement, guaranty or other instrument given to the Lender to evidence or secure the payment and performance of the Indebtedness Obligations hereunder shall be revoked by any party thereto the Borrower or shall cease to be in full force and effect, or the protection or security interest afforded the Lender in any pmiion portion of the Collateral secured thereby is unperfected or in any material respect impaired for any reason; or there the Borrower shall be a default in any material respect in the performance or observance of any term, covenant, condition or agreement on its part to be performed or observed under any Security Instrument security document and such default shall not have been cured or waived in any applicable grace period contained therein; or any representation or warranty of any pledgor the Borrower made in any Security Instrument security document shall be false in any material respect on the date as of which made; or tor for any reason (except for acts or omissions of the Lender) the Lender shall tail fail to have a valid, perfected and enforceable Security Interest first priority security interest, lien in or mortgage encumbering the Collateral (or any of them) as required under this Agreement or if any pledgor the Borrower shall contest in any manner that any Security Instrument security document constitutes its valid and enforceable agreement or any the Borrower shall assert in any manner that it has no further obligation or liability under any Loan Documentsuch agreement.