Common use of Security Interests Unenforceable Clause in Contracts

Security Interests Unenforceable. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid or perfected Lien on any portion of the Collateral, with the priority required by the applicable Collateral Document, except (i) as a result of a release pursuant to Section 11.1(f) or (ii) as a result of the sale or other Disposition of the applicable Collateral or the release of the applicable Loan Party in a transaction permitted under the Loan Documents;

Appears in 4 contracts

Samples: Credit Agreement (Shenandoah Telecommunications Co/Va/), Credit Agreement (Shenandoah Telecommunications Co/Va/), Credit Agreement (Shenandoah Telecommunications Co/Va/)

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Security Interests Unenforceable. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid or perfected Lien on any portion of the Collateral, with the priority required by the applicable Collateral Document, except (i) as a result of a release pursuant to Section 11.1(f) ), or (ii) as a result of the sale or other Disposition disposition of the applicable Collateral or the release of the applicable Loan Party in a transaction permitted under the Loan Documents;

Appears in 4 contracts

Samples: Credit Agreement (Andersons, Inc.), Credit Agreement (Otelco Inc.), Credit Agreement (Alaska Communications Systems Group Inc)

Security Interests Unenforceable. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid or perfected Lien on any portion of the Collateral, with the priority required by the applicable Collateral Document, except (i) as a result of a release pursuant to Section 11.1(f) or ), (ii) as a result of the sale or other Disposition disposition of the applicable Collateral or the release of the applicable Loan Party in a transaction permitted under the Loan Documents, or (iii) as a result of the Administrative Agent or any Lenders action or inaction with respect thereto;

Appears in 3 contracts

Samples: Credit Agreement (Nuvera Communications, Inc.), Credit Agreement (Nuvera Communications, Inc.), Credit Agreement (Nuvera Communications, Inc.)

Security Interests Unenforceable. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid or perfected Lien on any portion of the Collateral, with the priority required by the applicable Collateral Document, except (i) as a result of a release pursuant to Section 11.1(f) 11.1(g), or (ii) as a result of the sale or other Disposition disposition of the applicable Collateral or the release of the applicable Loan Party in a transaction permitted under the Loan Documents;.

Appears in 2 contracts

Samples: Credit Agreement (Alaska Communications Systems Group Inc), Credit Agreement (Alaska Communications Systems Group Inc)

Security Interests Unenforceable. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid or perfected Lien on any portion of the Collateral, with the perfection and priority required by the applicable Collateral Document, except (i) as a result of a release pursuant to Section 11.1(f) ), or (ii) as a result of the sale or other Disposition disposition of the applicable Collateral or the release of the applicable Loan Party in a transaction permitted under the Loan Documents;

Appears in 2 contracts

Samples: Credit Agreement (Andersons, Inc.), Credit Agreement (Andersons, Inc.)

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Security Interests Unenforceable. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid or perfected Lien on any portion of the Collateral, with the priority required by the applicable Collateral Document, except (i) as a result of a release pursuant to Section 11.1(f) or (ii) as a result of the sale or other Disposition disposition of the applicable Collateral or the release of the applicable Loan Party or any of the Restricted Subsidiaries in a transaction permitted under the Loan Documents;

Appears in 2 contracts

Samples: Joinder, Consent, First Amendment and Reaffirmation Agreement (ATN International, Inc.), Credit Agreement (ATN International, Inc.)

Security Interests Unenforceable. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid or perfected Lien on any portion of the Collateral, with the priority required by the applicable Collateral Document, except (i) as a result of a release pursuant to Section 11.1(f11.1(g) or (ii) as a result of the sale or other Disposition of the applicable Collateral or the release of the applicable Loan Party in a transaction permitted under the Loan Documents;

Appears in 1 contract

Samples: Credit Agreement (Hawaiian Telcom Holdco, Inc.)

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