Common use of Guaranties and Collateral Clause in Contracts

Guaranties and Collateral. any provision of any Collateral Document, Guaranty or any Parent Collateral Document shall for any reason cease to be valid and binding on or enforceable against any Loan Party or any Subsidiary of any Loan Party or any Guarantor party thereto or any Loan Party or any Subsidiary of any Loan Party or any Guarantor shall so state in writing or bring an action to limit its obligations or liabilities thereunder; or (ii) any Collateral Document or Parent Collateral Documents shall for any reason (other than pursuant to the terms thereof) cease to create a valid security interest in the Collateral purported to be covered thereby or such security interest shall for any reason cease to be a perfected and first priority security interest subject only to Permitted Liens and such failure shall continue unremedied for a period of 10 days after the earlier of (i) the date upon which a Responsible Officer knew or should have known of such failure or (ii) the date upon which written notice thereof is given to any Loan Party by the Agent or any Bank; and provided that such failure is remedied with no loss of priority and that the Banks or the Agent on behalf of the Banks are returned to the position they would have been in had no lapse of the security interest, or the priority or perfection thereof ever occurred;

Guaranties and Collateral. (i) any provision of any Collateral Document, Guaranty or any Parent Collateral Document shall for any reason cease to be valid and binding on or enforceable against any Loan Party or any Subsidiary of any Loan Party or any Guarantor party thereto or any Loan Party or any Subsidiary of any Loan Party or any Guarantor shall so state in writing or bring an action to limit its obligations or liabilities thereunder; or or (ii) any Collateral Document or Parent Collateral Documents shall for any reason (other than pursuant to the terms thereof) cease to create a valid security interest in the Collateral purported to be covered thereby or such security interest shall for any reason cease to be a perfected and first priority security interest subject only to Permitted Liens and such failure shall continue unremedied for a period of 10 days after the earlier of (i) the date upon which a Responsible Officer knew or should have known of such failure or (ii) the date upon which written notice thereof is given to any Loan Party by the Agent or any BankLender; and provided that such failure is remedied with no loss of priority and that the Banks Lenders or the Agent on behalf of the Banks Lenders are returned to the position they would have been in had no lapse of the security interest, or the priority or perfection thereof ever occurred;