Failure of Credit Documents Clause Samples
The 'Failure of Credit Documents' clause defines the consequences and procedures that apply if any required credit-related documents are not properly executed, delivered, or maintained as stipulated in an agreement. In practice, this clause typically covers situations where a borrower or another party fails to provide necessary guarantees, security agreements, or other financial documents by specified deadlines or in the required form. Its core function is to protect the lender or beneficiary by outlining remedies or default consequences, thereby ensuring that all critical credit documentation is in place to support the underlying transaction and mitigate risk.
Failure of Credit Documents. This Credit Agreement (including the Guaranty) or any other Credit Document or any provision hereof or thereof shall cease to be in full force and effect (other than in accordance with its terms) or to give the Administrative Agent and/or the Lenders the security interests, liens, rights, powers and privileges purported to be created thereby, or any Credit Party or any Person acting by or on behalf of any Credit Party shall (i) deny or disaffirm any Credit Party’s obligations under this Credit Agreement or any other Credit Document or (ii) assert the invalidity or lack of perfection or priority of any Lien granted to the Administrative Agent pursuant to the Security Documents.
Failure of Credit Documents. This Credit Agreement or any other Credit Document shall for any reason cease to be valid and binding obligations of the Borrower and each Credit Party thereto or any Person acting by or on behalf of any Credit Party shall deny or disaffirm such Person’s obligations under this Credit Agreement or any other Credit Document.
Failure of Credit Documents. This Credit Agreement (including the Guaranty) or any other Credit Document or any provision hereof or thereof shall cease to be in full force and effect or to give the Administrative Agent and/or the Lenders the security interests, liens, rights, powers and privileges purported to be created hereby or thereby, or any Credit Party or any Person acting by or on behalf of any Credit Party shall deny or disaffirm such Person’s obligations under this Credit Agreement or any other Credit Document.
Failure of Credit Documents. Any other Credit Document shall fail to be in full force and effect or to give the Administrative Agent and/or the Lenders the security interests, liens, rights, powers, priority and privileges purported to be created thereby (except as such documents may be terminated or no longer in force and effect in accordance with the terms thereof, other than those indemnities and provisions which by their terms shall survive), or any Credit Party or any Person acting by or on behalf of any Credit Party shall assert in writing any of the foregoing or shall (i) deny or disaffirm such Person’s obligations under this Credit Agreement or any other Credit Document or (ii) assert the invalidity or lack of perfection or priority of any Lien granted to the Administrative Agent pursuant to the Security Documents; or
Failure of Credit Documents. This Agreement or any other Credit Document or any provision hereof or thereof shall cease to be in full force and effect or to give the Administrative Agent and/or the Lenders the rights, powers and privileges purported to be created thereby in any material respect, or any Loan Party or any Person acting by or on behalf of any Loan Party shall deny or disaffirm any of such Person’s obligations under this Agreement or any other Credit Document; or any Lien created by any of the Security Documents on any material portion of the Collateral shall cease to be enforceable and of the same effect and priority purported to be created thereby.
Failure of Credit Documents. Any other Credit Document shall fail to be in full force and effect in accordance with the terms thereof or to give the Administrative Agent and/or the Lenders the security interests, liens, rights, powers and privileges purported to be created thereby (except as such documents may be terminated or no longer in force and effect in accordance with the terms thereof, other than those indemnities and provisions which by their terms shall survive);
Failure of Credit Documents. This Credit Agreement or any other Credit Document or any provision hereof or thereof shall cease to be in full force and effect or to give the Administrative Agent and/or the Lenders the rights, powers and privileges purported to be created thereby, or Borrower or any Person acting by or on behalf of any Borrower shall deny or disaffirm such Person's obligations under this Credit Agreement or any other Credit Document.
Failure of Credit Documents. The Pledge and Security Agreement or any provision thereof shall cease to be in full force and effect for any reason other than the satisfaction in full of all Obligations and the termination of this Agreement, or is declared to be null and void, or shall cease to give the Agent for the benefit of the Banks the Liens, rights, powers and privileges purported to be created thereby; or any Credit Party party to the Pledge and Security Agreement shall default in the due performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant thereto; or any Credit Party party to the Pledge and Security Agreement denies that it has any further liability or obligations thereunder or gives notice to such effect; or there shall not exist in favor of the Agent for the benefit of the Banks a first priority Lien in any of the rights or property of the Borrower purported to be encumbered under the Pledge and Security Agreement; or