Common use of Effectiveness of Transaction Documents Clause in Contracts

Effectiveness of Transaction Documents. (a) Any Transaction Document ceases to be in full force and effect. (b) It is or becomes unlawful for any Obligor to perform any of its material obligations under the Transaction Documents. (c) Any Transaction Document is alleged by an Obligor to be ineffective for any reason. (d) A Security Document does not create the security it purports to create in a manner and to an extent reasonably considered by the Majority Lenders to be materially adverse to the interests of the Lenders under the Finance Documents. (e) An Obligor repudiates a Transaction Document or evidences an intention to repudiate a Transaction Document.

Effectiveness of Transaction Documents. (a) Any Transaction Document ceases to be in full force and effect. (b) It is or becomes unlawful for any Obligor to perform any of its material obligations under the Transaction Documents. (c) Any Transaction Document is alleged by an Obligor to be ineffective for any reason.. 104 -------------------------------------------------------------------------------- (d) A Security Document does not create the security it purports to create in a manner and to an extent reasonably considered by the Majority Lenders to be materially adverse to the interests of the Lenders under the Finance Documents. (e) An Obligor repudiates a Transaction Document or evidences an intention to repudiate a Transaction Document.