Common use of Challenge to Agreements Clause in Contracts

Challenge to Agreements. Any Borrower shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 16 contracts

Samples: Financing and Security Agreement (Gp Strategies Corp), Financing and Security Agreement (Gp Strategies Corp), Business Loan and Security Agreement (Vse Corp)

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Challenge to Agreements. Any The Borrower or any of the Guarantors shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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

Samples: Financing and Security Agreement (Pec Solutions Inc), Financing and Security Agreement (Dcap Group Inc), Financing and Security Agreement (Dcap Group Inc)

Challenge to Agreements. Any The Borrower shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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

Samples: Financing and Security Agreement (ARGON ST, Inc.), Financing and Security Agreement (Halifax Corp), Financing and Security Agreement (Sensytech Inc)

Challenge to Agreements. Any Borrower or any Guarantor shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 2 contracts

Samples: Business Loan and Security Agreement (Vse Corp), Business Loan and Security Agreement (Vse Corp)

Challenge to Agreements. Any The Borrower shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 therebyeffective.

Appears in 1 contract

Samples: Financing Agreement (American Woodmark Corp)

Challenge to Agreements. Any Borrower or any Guarantor shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or to create a valid and perfected first priority Lien (except for Permitted as expressly permitted by Section 6.2.9 (Liens) on, or security interest in, any of the Collateral purported to be covered thereby.

Appears in 1 contract

Samples: Financing and Security Agreement (Rand Worldwide Inc)

Challenge to Agreements. Any Either Borrower shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 therebyeffective.

Appears in 1 contract

Samples: Financing Agreement (Mid Atlantic Realty Trust)

Challenge to Agreements. Any Borrower shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 therebyeffective.

Appears in 1 contract

Samples: Financing Agreement (MCG Capital Corp)

Challenge to Agreements. Any The Borrower or any Subsidiary of the Borrower shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or to create a valid and perfected first priority Lien (except for 107 Permitted Liens) on, or security interest in, any of the Collateral purported to be covered thereby.

Appears in 1 contract

Samples: Financing and Security Agreement (Chatwins Group Inc)

Challenge to Agreements. Any Borrower or any Subsidiary shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 1 contract

Samples: Financing and Security Agreement (Liquidity Services Inc)

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Challenge to Agreements. Any The Borrower or any Subsidiary of the Borrower shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 1 contract

Samples: Financing and Security Agreement (Reunion Industries Inc)

Challenge to Agreements. Any Borrower or any Guarantor shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 1 contract

Samples: Financing and Security Agreement (Gp Strategies Corp)

Challenge to Agreements. Any The Borrower or any of the Guarantors shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state in writing its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 1 contract

Samples: Financing and Security Agreement (Weston Roy F Inc)

Challenge to Agreements. Any Borrower or any Subsidiary shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 1 contract

Samples: Financing and Security Agreement (First Alert Inc)

Challenge to Agreements. Any Borrower shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents executed by any one or more of the Borrowers shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 1 contract

Samples: Financing and Security Agreement (Kimberton Enterprises Inc)

Challenge to Agreements. Any The Borrower or any Guarantor shall challenge the validity and binding effect of any provision of any of the Financing Documents or shall state its intention to make such a challenge of any of the Financing Documents or any of the Financing Documents shall for any reason (except to the extent permitted by its express terms) cease to be effective or 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 1 contract

Samples: Financing and Security Agreement (Healthextras Inc)

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