Common use of Impairment of Security Clause in Contracts

Impairment of Security. (a) The validity or effectiveness of any Security Document or its transfer, grant, pledge, mortgage or assignment by the party executing it in favor of Lender is impaired; (b) any party to a Security Document asserts that any Security Document is not a legal, valid and binding obligation of it enforceable in accordance with its terms except affected by applicable bankruptcy and insolvency laws and general principles of equity (regardless of whether asserted in a proceeding in law or in equity); (c) the security interest or lien purporting to be created by any of the Security Documents ceases to be or is asserted by any party to any Security Document (other than Lender) not to be a valid, perfected lien subject to no liens other than liens not prohibited by this Agreement or any Security Document; or (d) any Security Document is amended, subordinated, terminated or discharged, or any person is released from any of its covenants or obligations except to the extent that Lender expressly consents in writing thereto;

Impairment of Security. (a) The validity or effectiveness of any Security Document or its transfer, grant, pledge, mortgage or assignment by the party executing it in favor of Lender the Collateral Agent is impaired; ; (b) any party to a Security Document asserts that any Security Document is not a legal, valid and binding obligation of it enforceable in accordance with its terms except affected by applicable bankruptcy and insolvency laws and general principles of equity (regardless of whether asserted in a proceeding in law or in equity); ; (c) the security interest or lien purporting to be created by any of the Security Documents ceases to be or is asserted by any party to any Security Document (other than Lenderthe Collateral Agent) not to be a valid, perfected lien subject to no liens other than liens not prohibited by this Agreement or any Security Document; or or (d) any Security Document is amended, subordinated, terminated or discharged, or any person is released from any of its covenants or obligations except to the extent that Lender the Required Holders expressly consents consent in writing thereto;