Common use of Security; Guaranties Clause in Contracts

Security; Guaranties. (i) Any of the Collateral Documents, shall, except as the direct result of the acts of Collateral Agent and other than with respect to an immaterial portion of the Collateral, fail to provide to Collateral Agent, for the benefit of the Secured Parties, the Liens, security interest having the priority required by this Agreement or the relevant Collateral Documents, rights, titles, interest, remedies permitted by law, powers or privileges intended to be created thereby or, except in accordance with its terms, cease to be in full force and effect or be declared null and void, or the validity thereof having the priority required by this Agreement or the relevant Collateral Documents or the applicability thereof to the Loans, the Notes (if any) or any other obligations purported to be secured or guaranteed thereby or any part thereof shall be disaffirmed by or on behalf of a Co-Borrower or, in respect of the Guaranty and Security Agreement, Holdings (other than following the satisfaction in full of the Obligations or any other termination of a Collateral Document in accordance with the terms hereof and thereof); or (ii) any Guaranty for any reason, other than the Discharge of First Lien Secured Obligations, shall cease to be in full force and effect (other than in accordance with its express terms) or shall be declared to be null and void or any Guarantor shall repudiate its obligations thereunder, or any Guarantor or Affiliate thereof shall contest the validity or enforceability of any Guaranty;

Security; Guaranties. (i) Any of the Collateral Documents, shall, except as the direct result of the acts of Collateral Agent and other than with respect to an immaterial portion of the Collateral, fail to provide to Collateral Agent, for the benefit of the Secured Parties, the Liens, security interest having the priority required by this Agreement or the relevant Collateral Documents, rights, titles, interest, remedies permitted by law, powers or privileges intended to be created thereby or, except in accordance with its terms, cease to be in full force and effect or be declared null and void, or the validity thereof having the priority required by this Agreement or the relevant Collateral Documents or the applicability thereof to the Loans, the Notes (if any) or any other obligations purported to be secured or guaranteed thereby or any part thereof shall be disaffirmed by or on behalf of a Co-Borrower or, in respect of the Guaranty and Security Agreement, Holdings (other than following the satisfaction in full of the Obligations or any other termination of a Collateral Document in accordance with the terms hereof and thereof); or (ii) any Guaranty for any reason, other than the Discharge of First Second Lien Secured Obligations, shall cease to be in full force and effect (other than in accordance with its express terms) or shall be declared to be null and void or any Guarantor shall repudiate its obligations thereunder, or any Guarantor or Affiliate thereof shall contest the validity or enforceability of any Guaranty;.