Common use of Impairment of Collateral; Invalidation of any Loan Document Clause in Contracts

Impairment of Collateral; Invalidation of any Loan Document. (a) A ----------------------------------------------------------- creditor of the Borrower shall obtain possession of any collateral for the Obligations by any means, including, without limitation, levy, distraint, replevin or self-help, or any creditor shall establish or obtain any right in such collateral which is equal or senior to a Lien of the Bank in such collateral; or (b) the Bank shall cease to have a first priority perfected lien (except for Permitted Liens) in all of the Receivables of the Borrower or any Lien granted or created or purported to be granted or created by this Agreement or any Collateral Document shall cease or fail to be perfected with respect to any significant portion of the collateral purported to be covered thereby; (c) this Agreement, the Note or any Collateral Document ceases to be a legal, valid and binding agreement or obligation enforceable against any party thereto (including the Bank) in accordance with its terms, or shall be terminated, invalidated, set aside or declared ineffective or inoperative; or

Impairment of Collateral; Invalidation of any Loan Document. (a) A ----------------------------------------------------------- creditor of the Borrower Borrower, of any of its Subsidiaries, of Holdco or of any other party to a Collateral Document shall obtain possession of any of the collateral for the Obligations or in any other material property of the Borrower, any of its Subsidiaries or Holdco by any means, including, without limitation, attachment, levy, distraint, replevin or self-help, or any creditor shall establish or obtain any right in such collateral which is equal or senior to a Lien of the Bank in such collateralother property; or (b) the Bank Agent shall cease to have a perfected, first priority perfected lien (except for Permitted Liens) in Lien on all of the Receivables issued and outstanding Membership Interests of the Borrower and of each Subsidiary of the Borrower; or (c) any Lien granted or created or purported to be granted or created by this Agreement or any Collateral Document shall cease or fail to be perfected with respect to any significant portion of the collateral purported to be covered thereby; or (cd) any material portion of the property of the Borrower or any of its Subsidiaries shall be lost, stolen, damaged or destroyed for which there is either no insurance coverage; or (e) this Agreement, the any Note or any Collateral Document ceases to be a legal, valid and valid, binding agreement or obligation enforceable against any party thereto (including the BankAgent and the Banks) in accordance with its terms, or shall be terminated, invalidated, set aside or declared ineffective or inoperative; oror (f) any party to any Collateral Document shall contest or deny the validity or enforceability of such Collateral Document or any lien, security interest or obligation purported to be created thereby.

Impairment of Collateral; Invalidation of any Loan Document. (ai) A ----------------------------------------------------------- creditor of the Borrower any Loan Party shall obtain possession of any a material portion of the collateral for the Obligations by any means, including, without limitation, levy, distraint, replevin or self-help, or any creditor shall establish or obtain any right in a material portion of such collateral which is equal or senior to a Lien of the Bank Administrative Agent, for the benefit of the Lenders, in such collateral; or (bii) any material damage to, or loss, theft or destruction of, any material collateral for the Loans shall occur, except to the extent such loss, damage or injury is covered by insurance; or (iii) the Bank Administrative Agent, for the benefit of the Lenders, shall cease to have a first priority perfected lien (except for Permitted Liens) in all of the Receivables issued and outstanding Membership Interests of the Borrower Borrower, in all (or, in the case of Excluded Foreign Subsidiaries, 65%) of the membership interests, capital stock, partnership interests and other equity interests and securities of each of the Borrower's Subsidiaries and in substantially all of the properties and assets of each Loan Party (other than an Excluded Foreign Subsidiary); or (iv) any Lien granted or created or purported to be granted or created by this Agreement or any Collateral Document shall cease or fail to be a first priority (subject to Permitted Liens) perfected Lien with respect to any significant portion of the collateral purported to be covered therebythereby (as reasonably determined by the Required Lenders); or (cv) this Agreement, the any Note or any Collateral Document ceases to be a legal, valid and binding agreement or obligation enforceable against any party thereto (including the Bank) Loan Party in accordance with its terms, or shall be terminated, invalidated, set aside or declared ineffective or inoperativeinoperative and such cessation, termination, invalidity, set aside or declaration could reasonably be expected to have a Material Adverse Effect; oror (vi) any Loan Party shall contest or deny the validity or enforceability of this Agreement or any Collateral Document to which it is a party or any lien or security interest purported to be created thereby.

Impairment of Collateral; Invalidation of any Loan Document. (a) ----------------------------------------------------------- A ----------------------------------------------------------- creditor of the Borrower either Borrower, any of their Subsidiaries, Holdco or any other party to a Collateral Document shall obtain possession of any of the collateral for the Obligations by any means, including, without limitation, attachment, levy, distraint, replevin or self-help, or any creditor shall establish or obtain any right in such collateral which is equal or senior to a Lien of the Bank in such collateral; or (b) the Bank Administrative Agent shall cease to have a perfected, first priority perfected lien (except for Permitted Liens) in Lien on all of the Receivables issued and outstanding capital stock of the each Borrower and of each Subsidiary of each Borrower; or (c) any Lien granted or created or purported to be granted or created by this Agreement or any Collateral Document shall cease or fail to be perfected with respect to any significant portion of the collateral purported to be covered thereby; or (cd) any material portion of such collateral shall be lost, stolen, damaged or destroyed for which there is either no insurance coverage or in, in the reasonable opinion of the Administrative Agent, there is insufficient insurance coverage; or (e) this Agreement, the any Note or any Collateral Document ceases to be a legal, valid and valid, binding agreement or obligation enforceable against any party thereto (including the BankAdministrative Agent and the Banks) in accordance with its terms, or shall be terminated, invalidated, set aside or declared ineffective or inoperative; oror (f) any party to any Collateral Document shall contest or deny the validity or enforceability of such Collateral Document or any lien, security interest or obligation purported to be created thereby.

Impairment of Collateral; Invalidation of any Loan Document. (a) ----------------------------------------------------------- A ----------------------------------------------------------- creditor of the Borrower or any other party to a Collateral Document shall obtain possession of any of the collateral for the Obligations by any means, including, without limitation, attachment, levy, distraint, replevin or self-self- help, or any creditor shall establish or obtain any right in such collateral which is equal or senior to a Lien of the Bank in such collateral; or (b) the Bank Agent shall cease to have a perfected, first priority perfected lien (except for Permitted Liens) in Lien on all of the Receivables issued and outstanding capital stock of the Borrower Borrower; or (c) any Lien granted or created or purported to be granted or created by this Agreement or any Collateral Document shall cease or fail to be perfected with respect to any significant portion of the collateral purported to be covered thereby; or (cd) any material portion of such collateral shall be lost, stolen, damaged or destroyed for which there is either no insurance coverage or in, in the reasonable opinion of the Agent, there is insufficient insurance coverage; or (e) this Agreement, the any Note or any Collateral Document ceases to be a legal, valid and valid, binding agreement or obligation enforceable against any party thereto (including the BankAgent and the Banks) in accordance with its terms, or shall be terminated, invalidated, set aside or declared ineffective or inoperative; or.

Impairment of Collateral; Invalidation of any Loan Document. (a) A ----------------------------------------------------------- creditor of the Borrower any Consolidated Party shall obtain possession of any collateral of the Collateral for the Obligations by any means, including, without limitation, attachment, levy, distraint, replevin or self-help, or any creditor shall establish or obtain any right in such collateral which is equal or senior to a Lien of the Bank in such collateralCollateral; or (b) the Bank Agent shall cease to have a perfected, first priority perfected lien (except for Permitted Liens) in Lien on all of the Receivables issued and outstanding Equity Interests of the Borrower Pledged Companies except as a result of the Agent’s failure to maintain possession of any stock or limited liability company certificates delivered to it under the Pledge Agreements; or (c) any Lien granted or created or purported to be granted or created by this Agreement or any Collateral Loan Document shall cease or fail to be perfected with respect to any significant portion of the collateral Collateral purported to be covered therebythereby except as a result of the Agent’s failure to maintain possession of any stock or limited liability company certificates delivered to it under the Pledge Agreements; or (cd) this Agreement, the any Note or any Collateral Loan Document ceases to be a legal, valid and valid, binding agreement or obligation enforceable against any party thereto (including the BankAgent and the Lenders) in accordance with its terms, or shall be terminated, invalidated, set aside or declared ineffective or inoperative; oror (e) any Loan Party shall contest or deny the validity or enforceability of this Agreement or any Loan Document or any lien, security interest or obligation purported to be created thereby.