Invalidity of Loan Documents or Liens. (a) All or a provision of any Loan Document shall cease to be in full force and effect other than in accordance with its express terms; (b) any Loan Party (or any Person by, through or on behalf of any Loan Party) shall contest in any manner the validity, binding nature or enforceability of any Loan Document; (c) any Lien created pursuant to any Loan Document ceases to constitute a valid first priority perfected Lien on any material portion of the Collateral in accordance with the terms thereof, or Agent ceases to have a valid perfected first priority security interest in any material portion of the Collateral pledged to Agent, for the benefit of Lenders, pursuant to the Collateral Documents or (d) it becomes impossible or unlawful for a Loan Party to perform a material obligation under a Loan Document.
Appears in 4 contracts
Samples: Credit Agreement (SWK Holdings Corp), Credit Agreement (Parnell Pharmaceuticals Holdings Pty LTD), Credit Agreement (Parnell Pharmaceuticals Holdings Pty LTD)
