Common use of Nonavoidability of Liens Clause in Contracts

Nonavoidability of Liens. The pari passu treatment of all Liens specified in Section 2.1 is expressly conditioned upon the nonavoidability and perfection of the Lien to which another Lien is made pari passu and, if the Lien to which another Lien is made pari passu is not perfected or is avoided, for any reason, then the pari passu treatment provided for in Section 2.1 shall not be effective as to the particular Collateral which is the subject of the unperfected or avoided lien.

Nonavoidability of Liens. The pari passu treatment of all Liens specified in Section 2.1 (S)2.1 is expressly conditioned upon the nonavoidability and perfection of the Lien to which another Lien is made pari passu and, if the Lien to which another Lien is made pari passu is not perfected or is avoided, for any reason, then the pari passu treatment provided for in Section 2.1 (S)2.1 shall not be effective as to the particular Collateral which is the subject of the unperfected or avoided lien.