Common use of Ineffectiveness of Transaction Documents Clause in Contracts

Ineffectiveness of Transaction Documents. (i) Any Transaction Document or any lien or security interest granted thereunder by the Seller, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Seller; (ii) any Transaction Document or any lien or security interest granted thereunder by the Borrower, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower; (iii) the Borrower or the Seller shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability; (iv) any assignment or security interest granted by the Seller to the Borrower under or in connection with the Purchase and Sale Agreement and the transactions contemplated thereby shall, in whole or in part, cease to be a perfected, first priority assignment or security interest, as the case may be, against the Seller and in favor of the Borrower; (v) any assignment or security interest securing any Obligations shall, in whole or in part, cease to be a perfected first priority security interest against the Borrower and in favor of the Lender; or (vi) any assignment or security interest securing any Obligations shall, in whole or in part, cease to be a first priority security interest against the Borrower and in favor of the Lender.

Ineffectiveness of Transaction Documents. (i) Any Transaction Document or any lien or security interest granted thereunder by the Seller, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Seller; (ii) any Transaction Document or any lien or security interest granted thereunder by BWF, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of BWF; (iii) any Transaction Document or any lien or security interest granted thereunder by the Borrower, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower; (iiiiv) the Borrower Borrower, BWF, or the Seller shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability; (ivv) any assignment or security interest granted by the Seller to the Borrower BWF under or in connection with the Purchase and Sale Agreement and the transactions contemplated thereby shall, in whole or in part, cease to be a perfected, first priority assignment or security interest, as the case may be, against the Seller and in favor of BWF; (vi) any assignment or security interest granted by BWF to the Borrower under or in connection with the Participation Agreement and the transactions contemplated thereby shall, in whole or in part, cease to be a perfected, first priority assignment or security interest, as the case may be, against BWF and in favor of the Borrower; or (v) any assignment or security interest securing any Obligations shall, in whole or in part, cease to be a perfected first priority security interest against the Borrower and in favor of the Lender; or (vi) any assignment or security interest securing any Obligations shall, in whole or in part, cease to be a first priority security interest against the Borrower and in favor of the Lender.