Liens. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Borrower not to be, a valid and perfected Lien on any Collateral, with the priority required by the applicable Collateral Document, except # as a result of the sale or other disposition of the applicable Collateral in a transaction permitted under the Loan Documents or # as a result of the Administrative Agent's failure to maintain possession of any stock certificates, promissory notes or other instruments delivered to it under the Collateral Documents.

Liens. AnyLiens: any Lien purported to be created under any Collateral Document shall fail or cease to be, or shall be asserted by any BorrowerCredit Party not to be, a valid and perfected Lien on any Collateral, with the priority required by the applicable Collateral Document, except # as a result of the sale or other disposition of the applicable Collateral in a transaction permitted under the Loan Documents or # as a result of the Administrative Agent's failure to maintain possession of any stock certificates, promissory notes or other instruments delivered to it under the Collateral Documents.

Liens. Anywith respect to the Collateral Documents, any Lien purported to be created under any Collateral Document shall fail or cease to be, or shall be asserted by any BorrowerLoan Party not to be, a valid and perfected Lien on any Collateral, with the priority required by the applicable Collateral Document, except # as a result ofDocuments, subject to the sale or other disposition of the applicable Collateral in a transaction permitted under the Loan Documents or # as a result of the Administrative Agent's failure to maintain possession of any stock certificates, promissory notes or other instruments delivered to it under the Collateral Documents.exceptions set forth therein;

Liens. Anyany Lien purported to be created under any Collateral Document shall fail or cease to be, or shall be asserted by any BorrowerLoan Party not to be, a valid and perfected Lien on any Collateral, with the priority required by the applicable Collateral Document, except # as a result of the saleDocuments; or other disposition of the applicable Collateral in a transaction permitted under the Loan Documents or # as a result of the Administrative Agent's failure to maintain possession of any stock certificates, promissory notes or other instruments delivered to it under the Collateral Documents.

Liens.Collateral Documents. Any Lien purported to be created under any Collateral Document after delivery thereof shall for any reason (other than pursuant to the terms thereof) cease to be, or shall be asserted by any Borrower not to be,create a valid and perfected first priority Lien on(except in the case of Permitted Liens, to the extent any Collateral, withsuch Permitted Liens would have priority over the priority required by the applicable Collateral Document, except # as a result of the sale or other disposition of the applicable CollateralLiens in a transaction permitted under the Loan Documents or # as a resultfavor of the Administrative Agent's failureAgent pursuant to maintain possessionany applicable Requirement of any stock certificates, promissory notes or other instruments delivered to it underLaw) on the Collateral Documents.purported to be covered thereby; or