Lien waiver clause samples

7.4.2 Certain After-Acquired Collateral. Borrowers shall promptly notify Agent in writing if, after the Closing Date, any Borrower obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, Intellectual Property, Investment Property or Letter-of-Credit Rights, in each case having a fair market value in excess of $250,000, and shall promptly take such actions as Agent deems appropriate to effect Agent’s duly perfected, first priority Lien upon such Collateral, including using commercially reasonable efforts to obtain any appropriate possession, control agreement or Lien Waiver. If any Collateral having a fair market value in excess of $100,000 is in the possession of a third party, at Agent’s request, Borrowers shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

7.4.2. Certain After-Acquired Collateral. Borrowers shall promptly notify Lender in writing if, after the Original Closing Date, any Borrower obtains any interest in any Collateral and shall promptly take such actions as Lender deems appropriate to effect Lender'’s duly perfected, first priority Lien upon such Collateral, including obtaining any appropriate possession, control agreement or Lien Waiver. If any Collateral is in the possession of a third party, at Lender'’s request, Borrowers shall obtain an acknowledgment that such third party holds the Collateral for the benefit of Lender.

(h) Seller shall promptly pay all subcontractors working on the Facilities delivered and installed under this Agreement (including, for clarification, subcontractors working off-Site), and shall, at the time of each payment made to any such subcontractor, obtain a partial or final lien waiver, as applicable, in a form approved by Buyer, and promptly provide Buyer with a copy of each such lien waiver.Seller shall discharge any Liens by such subcontractors within thirty (30) days of receiving notice thereof.Seller shall release all Liens in favor of Seller on each Facility upon final payment of the Purchase Price for such Facility.Upon the failure of Seller to discharge a Lien required to be discharged under this Section 2.2, or else promptly to provide a bond in an amount and from a surety acceptable to Buyer to protect against such Lien, in each case, within thirty (30) days after Seller is aware of the existence thereof, Buyer may, but shall not be obligated to, pay, discharge or obtain a bond or security for such Lien and, upon such payment, discharge or posting of security therefor, shall be entitled immediately to recover from Seller the amount thereof, together with all reasonable and necessary expenses actually incurred by Buyer in connection with such payment or discharge, or to set off all such amounts against any amounts owed by Buyer to Seller hereunder.After receipt of the portions of the Purchase Price for each Facility as provided in Section 2.2(a)(i) and Section 2.2(a)(ii), Seller will issue a statement of the balance of the Purchase Price for such Facility, being the amount which, once paid to Seller, will cause Seller to release its lien on the Facility. Seller hereby agrees that third parties, such as, without limitation, Buyer’s Lenders, may rely on each such statement.