Common use of Security Interests and Liens Clause in Contracts

Security Interests and Liens. Neither the Borrower nor any of its Subsidiaries will create or permit to exist any mortgage, pledge, security interest, recorded or unrecorded leases or other lien or encumbrance on any of its property, except for the following ("Permitted Liens"): (a) liens and other encumbrances arising from attachments or similar proceedings, pending litigation, judgments or taxes or assessments or government charges in any such event whose validity or amount is being contested in good faith by appropriate proceedings and for which adequate reserves have been established and are maintained in accordance with Generally Accepted Accounting Principles, or taxes and assessments which are not due and delinquent; (b) liens of carriers, warehousemen, mechanics and materialmen and other like liens and liens imposed by law, created in the ordinary course of business, for amounts not yet due or which are being contested in good faith by appropriate proceedings and as to which adequate reserves or other appropriate provisions are being maintained in accordance with Generally Accepted Accounting Principles; (c) pledges or deposits made in connection with workmen's compensation, employee benefit plans, unemployment or other insurance, old age pensions, or other Social Security benefits; and (d) security interests on Developed Land or Developed Lots excluding Developed Lots containing Units, securing indebtedness issued in accordance with Section 9.3(e).

Security Interests and Liens. Neither None of the Borrower nor any of its Subsidiaries Consolidated Group will create or permit to exist any mortgage, pledge, security interest, recorded or unrecorded leases or other lien or encumbrance on any of its property, property except for the following by a member of the Consolidated Group where designated ("Permitted Liens"): (a) liens and other encumbrances arising from attachments or similar proceedings, pending litigation, judgments or taxes or assessments or government charges in any such event whose validity or amount is being contested in good faith by appropriate proceedings and for which adequate reserves have been established and are maintained in accordance with Generally Accepted Accounting Principlesgenerally accepted accounting principles, or taxes and assessments which are not due and delinquent; (b) liens of carriers, warehousemen, mechanics and materialmen and other like liens and liens imposed by law, created in the ordinary course of business, for amounts not yet due or which are being contested in good faith by appropriate proceedings and as to which adequate reserves or other appropriate provisions are being maintained in accordance with Generally Accepted Accounting Principlesgenerally accepted accounting principles; (c) pledges or deposits made in connection with workmen's compensation, employee benefit plans, unemployment or other insurance, old age pensions, or other Social Security benefits; and; (d) all mortgages, pledges, security interests on Developed Land or Developed Lots excluding Developed Lots containing Unitsinterests, securing indebtedness issued in accordance with Section 9.3(e).liens and other