Common use of REMOVAL BY LOAN PARTIES Clause in Contracts

REMOVAL BY LOAN PARTIES. If a Lien not permitted under this Agreement may encumber any Mortgaged Property or other item of Collateral or any portion thereof, the Loan Parties shall promptly discharge or cause to be discharged by payment to the lienor or lien claimant or promptly secure removal by bonding or deposit with the county clerk or otherwise or, at the Agent's option, promptly obtain insurance against, any such Lien or mechanics' or materialmen's claims of lien filed or otherwise asserted against any Mortgaged Property or any other item of Collateral or any portion thereof within 60 days after the date of notice thereof, but compliance with the provisions of this Section 5.9.1 shall not be deemed to constitute a waiver of the provisions of Section 6.2. The Loan Parties shall exhibit to the Agent upon request all receipts or other satisfactory evidence of payment, bonding, deposit of taxes, assessments, Liens or any other item which may cause any such Lien to be filed against any Mortgaged Property or other item of Collateral of Borrower or, if applicable, a Mortgaged Property Subsidiary. Borrower shall fully preserve the Lien and the priority of each of the Mortgages and the other Security Documents without cost or expense to the Agent or the Lenders.

REMOVAL BY LOAN PARTIES. If In the event that, notwithstanding the covenants contained in subsection 6.2, a Lien not otherwise permitted under this Agreement subsection 6.2 may encumber any Mortgaged Property or Property, other item of Collateral or Restricted Asset or any portion thereof, the Loan Parties Company shall promptly discharge or cause to be discharged by payment to the lienor or lien claimant or promptly secure removal by bonding or deposit with the county clerk or otherwise or, at the Agent's option, promptly obtain insurance against, any such Lien or mechanics' or materialmen's claims of lien filed or otherwise asserted against any Mortgaged Property or any Property, other item of Collateral or Restricted Asset or any portion thereof or against any funds due any contractor, subcontractor, materials supplier or laborer within 60 30 days after the date of notice thereof, but compliance with the provisions of ; provided that this Section 5.9.1 subsection 5.9A shall not be deemed to constitute be a consent to any such Lien or an waiver of the provisions any Event of Section 6.2Default or Potential Event of Default resulting therefrom. The Loan Parties Company shall exhibit to the Agent upon request all receipts or other satisfactory evidence of payment, bonding, deposit payment of taxes, assessments, Liens or any other item which may cause any such Lien to be filed against any Mortgaged Property or Property, other item items of Collateral or Restricted Asset of Borrower or, if applicable, a Mortgaged Property Subsidiaryany Loan Party or any of its Subsidiaries. Borrower Each Loan Party and each of its Subsidiaries shall fully preserve the Lien and the priority of each of the Mortgages and the other Security Documents without cost or expense to the Agent or the Lenders.