Failure of Agreements. Any Obligor shall challenge the validity and binding effect of any provision of any Loan Document after delivery thereof or shall state its intention to make such a challenge in writing, or any Loan Document, after delivery thereof hereunder, shall for any reason (except to the extent permitted by the terms thereof) cease to create a valid and perfected first priority Lien (except for Permitted Liens) on, or security interest in, any of the Collateral purported to be covered thereby.
Appears in 6 contracts
Sources: Loan and Security Agreement (Safety Components International Inc), Loan and Security Agreement (Tultex Corp), Loan and Security Agreement (American Aircarriers Support Inc)
Failure of Agreements. Any Obligor A Borrower shall challenge the validity and binding effect of any provision of any Loan Document after delivery thereof hereunder or shall state in writing its intention to make such a challenge in writingchallenge, or any Loan Security Document, after delivery thereof hereunder, shall for any reason (except to the extent permitted by the terms thereof) cease to create a valid and perfected first priority Lien (except for Permitted Liens) on, or security interest in, any of the Collateral purported to be covered thereby.
Appears in 3 contracts
Sources: Loan and Security Agreement (American Tire Distributors Inc), Loan Agreement (Offshore Tool & Energy Corp), Loan and Security Agreement (Phoenix Racing Inc)
Failure of Agreements. Any Obligor The Borrower shall challenge the validity and binding effect of any provision of any Loan Document after delivery thereof hereunder or shall state in writing its intention to make such a challenge in writingchallenge, or any Loan Security Document, after delivery thereof hereunder, shall for any reason (except to the extent permitted by the terms thereof) cease to create a valid and perfected first priority Lien (except for Permitted Liens) on, or security interest in, any of the Collateral purported to be covered thereby.
Appears in 3 contracts
Sources: Loan and Security Agreement (Texfi Industries Inc), Loan and Security Agreement (Synthetic Industries Inc), Loan and Security Agreement (Texfi Industries Inc)
Failure of Agreements. Any Obligor The Borrower shall challenge the validity and binding effect of any provision of any Loan Document after delivery thereof hereunder or shall state its intention to make such a challenge in writing, or any Loan Document, after delivery thereof hereunder, shall for any reason (except to the extent permitted by the terms thereof) cease to create a valid and perfected first priority Lien (except for Permitted Liens) on, or security interest in, any of the Collateral purported to be covered thereby.
Appears in 3 contracts
Sources: Loan and Security Agreement (Ithaca Industries Inc), Loan and Security Agreement (Meadowcraft Inc), Loan and Security Agreement (Ithaca Industries Inc)