Common use of Collateral and Liens Clause in Contracts

Collateral and Liens. (i) Any Lien in any of the Collateral, granted or intended by the International Loan Documents to be granted to the Bank, ceases to be a valid, enforceable, perfected, first priority Lien (or lesser priority if expressly permitted pursuant to Section 6 of the Loan Authorization Agreement) subject only to Permitted Liens; or (ii) any levy, assessment, attachment, seizure or Lien, other than a Permitted Lien, is made against any of the Collateral which is not stayed or lifted within thirty (30) calendar days; or