Common use of Removal by the Borrowers Clause in Contracts

Removal by the Borrowers. In the event that, notwithstanding the covenants contained in subsection 6.2, a Lien which is not a Permitted Lien (other than a Phase II Mall Title Defect) may encumber any Collateral or any portion thereof, the Borrowers 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 Administrative Agent’s option, and if obtainable promptly obtain title insurance against, any such Lien or mechanics’ or materialmen’s claims of Lien filed or otherwise asserted against such Collateral or any portion thereof within 60 days after the date of notice thereof; provided that, compliance with the provisions of this subsection 5.9 shall not be deemed to constitute a waiver of the provisions of subsection 6.2. The Borrowers shall exhibit to the Administrative 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 Collateral. Each Borrower and each of its Subsidiaries shall fully preserve the Lien and the priority of each Collateral Document without cost or expense to the Administrative Agent or the Lenders.

Removal by the Borrowers. In the event that, notwithstanding the covenants contained in subsection 6.27.2, a Lien which is not a Permitted Lien (other than a Phase II Mall Title Defect) may encumber any Collateral or any portion thereof, the Borrowers 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 Administrative Agent’s 's option, and if obtainable promptly obtain title insurance against, any such Lien or mechanics’ ' or materialmen’s 's claims of Lien filed or otherwise asserted against such Collateral or any portion thereof within 60 days after the date of notice thereof; provided that, compliance with the provisions of this subsection 5.9 6.9 shall not be deemed to constitute a waiver of the provisions of subsection 6.27.2. The Borrowers shall exhibit to the Administrative 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 Collateral. Each Borrower and each of its Restricted Subsidiaries shall fully preserve the Lien and the priority of each Collateral Document without cost or expense to the Administrative Agent, the Intercreditor Agent or the Lenders.

Removal by the Borrowers. In the event that, notwithstanding the covenants contained in subsection 6.27.2, a Lien which is not a Permitted Lien (other than a Phase II Mall Title Defect) may encumber any Collateral or any portion thereof, the Borrowers 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 Administrative Agent’s option, and if obtainable promptly obtain title insurance against, any such Lien or mechanics’ or materialmen’s claims of Lien filed or otherwise asserted against such Collateral or any portion thereof within 60 days after the date of notice thereof; provided that, compliance with the provisions of this subsection 5.9 6.9 shall not be deemed to constitute a waiver of the provisions of subsection 6.27.2. The Borrowers shall exhibit to the Administrative 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 Collateral. Each Borrower and each of its Restricted Subsidiaries shall fully preserve the Lien and the priority of each Collateral Document without cost or expense to the Administrative Agent or the Lenders.