Loan Documents; Failure of Security. At any time, for any reason, (i) any Loan Document ceases to be in full force and effect or any Loan Party seeks to repudiate its obligations thereunder and the Liens intended to be created thereby are, or any Loan Party seeks to render such Liens, invalid and unperfected, or (ii) Liens in favor of the Collateral Agent and/or the Lenders contemplated by the Loan Documents shall, at any time, for any reason, be invalidated or otherwise cease to be in full force and effect, or such Liens shall be subordinated or shall not have the priority contemplated by this Agreement or the Loan Documents.
Appears in 3 contracts
Samples: Credit Agreement (Stellex Industries Inc), Credit Agreement (General Inspection Laboratories Inc), Credit Agreement (General Inspection Laboratories Inc)
Loan Documents; Failure of Security. At any time, for any reason, (i) any Loan Document ceases to be in full force and effect or either Borrower or any Loan Party Subsidiary of either Borrower party thereto seeks to repudiate its obligations thereunder and the Liens intended to be created thereby are, or either Borrower or any Loan Party such Subsidiary seeks to render such Liens, invalid and or unperfected, or (ii) Liens in favor of the Collateral Agent and/or for the Lenders benefit of the Holders contemplated by the Loan Documents shall, at any time, for any reason, be invalidated or otherwise cease to be in full force and effect, or such Liens shall be subordinated or shall not have the priority contemplated by this Agreement or the other Loan Documents.
Appears in 2 contracts
Samples: Credit Agreement (Freedom Chemical Co), Credit Agreement (Freedom Chemical Co)
Loan Documents; Failure of Security. At any time, for any reason, (i) any Loan Document ceases to be in full force and effect (except in accordance with its terms) or any Loan Party party thereto seeks to repudiate its obligations thereunder and the Liens intended to be created thereby are, or any Loan Party seeks to render such Liens, invalid and or unperfected, or (ii) Liens in favor of the Collateral Agent and/or the Lenders Lender contemplated by the Loan Documents shall, at any time, for any reason, be invalidated or otherwise cease to be in full force and effect, or such Liens shall be subordinated or shall not have the priority contemplated hereby or by this Agreement or the other Loan Documents.
Appears in 2 contracts
Samples: Credit Agreement (Muehlstein Holding Corp), Credit Agreement (Muehlstein Holding Corp)
Loan Documents; Failure of Security. At any time, for any reason, (i) any Loan Document ceases to be in full force and effect or any Loan Credit Party party thereto seeks to repudiate its obligations thereunder and the Liens intended to be created thereby are, or any Loan Credit Party seeks to render such Liens, invalid and unperfected, or (ii) Liens in favor of the Collateral Agent and/or the Lenders contemplated by the Loan Documents shall, at any time, for any reason, be invalidated or otherwise cease to be in full force and effect, or such Liens shall be subordinated or shall not have the priority contemplated by this Agreement or the Loan Documents.
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Loan Documents; Failure of Security. At any time, for any reason, (i) any Loan Document ceases to be in full force and effect or any Loan Credit Party party thereto seeks to repudiate its obligations thereunder and the Liens intended to be created thereby are, or any Loan Credit Party seeks to render such Liens, invalid and unperfected, or (ii) Liens in favor of the Collateral Agent and/or the Lenders contemplated by the Loan Documents shall, at any time, for any reason, be invalidated or [EXECUTION VERSION] otherwise cease to be in full force and effect, or such Liens shall be subordinated or shall not have the priority contemplated by this Agreement or the Loan Documents.
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Loan Documents; Failure of Security. At any time, for any reason, (i) any Loan Document ceases to be in full force and effect or any Loan Party the Borrower seeks to repudiate its obligations thereunder and or the Liens intended to be created thereby are, or any Loan Party the Borrower seeks to render such Liens, invalid and or unperfected, or (ii) Liens in favor of the Collateral Agent and/or the Lenders Lender contemplated by the Loan Documents shall, at any time, for any reason, be invalidated or otherwise cease to be in full force and effect, or such Liens shall be subordinated or shall not have the priority contemplated hereby or by this Agreement or the other Loan Documents.
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