Failure of Lien. If any Loan Document shall at any time after its execution and delivery and for any reason (other than as a result of any action or inaction by the Agent or the Lenders) cease (i) to create a valid and perfected first priority Lien (except for Permitted Liens) in and to the Collateral covered thereby; or (ii) to be in full force and effect or shall be declared null and void, or the validity or enforceability thereof shall be contested or any Borrower shall deny it has any further liability or obligation under any Loan Document, or any Borrower shall fail to perform any of its obligations under any Loan Document beyond any applicable grace period.
Appears in 3 contracts
Sources: Credit Agreement (Stericycle Inc), Credit Agreement (Stericycle Inc), Credit Agreement (Continental Waste Industries Inc)
Failure of Lien. If any Loan Document shall at any time after its execution and delivery and for any reason (other than as a result of any action or inaction by the Agent or the LendersLender) cease (i) to create a valid and perfected first priority Lien (except for Permitted Liens) in and to the Collateral covered thereby; or (ii) to be in full force and effect or shall be declared null and void, or the validity or enforceability thereof shall be contested or any the Borrower shall deny it has any further liability or obligation under any Loan Document, or any the Borrower shall fail to perform any of its obligations under any Loan Document beyond any applicable grace period.
Appears in 1 contract
Sources: Credit Agreement (Zebu)