Common use of Invalidity of Collateral Documents, etc Clause in Contracts

Invalidity of Collateral Documents, etc. (a) Any Collateral Document shall cease to be in full force and effect; or the Company or any Subsidiary (or any Person by, through or on behalf of the Company or any Subsidiary) shall contest in any manner the validity, binding nature or enforceability of any Collateral Document; (b) the entry of any judgment, decree, levy, attachment, garnishment or other process, or the filing of any Lien against, any of the Collateral or any collateral under a separate security agreement securing any of the Obligations; or (c) the loss, theft, destruction, seizure or forfeiture, or the occurrence of any material deterioration or impairment of any of the Collateral which Agent, in its sole discretion, deems material, or any of the collateral under any security agreement securing any of the Obligations; or (d) any material decline or depreciation in the value or market price thereof (whether actual or reasonably anticipated), which causes the Collateral, in the sole opinion of the Agent acting in good faith, to become unsatisfactory as to value or character, or which causes the Agent to reasonably believe that it is insecure and that the likelihood for repayment of the Obligations is or will soon be impaired, time being of the essence (the cause of such deterioration, impairment, decline or depreciation shall include, but is not limited to, the failure by the Company to do any act deemed necessary by the Agent to preserve and maintain the value and collectability of the Collateral).