Common use of Repudiation of Obligations Clause in Contracts

Repudiation of Obligations. At any time after the execution and delivery thereof, (i) the Subsidiary Guaranty of any Material Subsidiary for any reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void, (ii) any Collateral Document shall cease to be in full force and effect (other than by reason of a release of Collateral thereunder in accordance with the terms hereof or thereof, the satisfaction in full of the Obligations or any other termination of such 113 Collateral Document in accordance with the terms hereof or thereof) or shall be declared null and void, or Administrative Agent shall not have or shall cease to have a valid and perfected First Priority Lien in any Collateral purported to be covered thereby having a fair market value, individually or in the aggregate, exceeding $1,000,000, in each case for any reason other than the failure of Administrative Agent or any Lender to take any action within its control (unless the Administrative Agent has determined that it is not economical to maintain a First Priority Lien on such Collateral), or (iii) any Loan Party shall contest the validity or enforceability of any Loan Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Loan Document to which it is a party; or

Repudiation of Obligations. At any time after the execution and delivery thereof, (i) the Subsidiary Guaranty of any Material Subsidiary Intercreditor Agreement for any reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void, (ii) any Collateral Document (with respect to the obligations thereunder of CEA, Company or any Material Subsidiary of Company) shall cease to be in full force and effect (other than by reason of a release of Collateral thereunder in accordance with the terms hereof or thereof, the satisfaction in full of the Secured Obligations or any other termination of such 113 Collateral Document in accordance with the terms hereof or thereof) or shall be declared null and void, or Administrative Collateral Agent shall not have or shall cease to have a valid and perfected First Priority Lien (with the priority set forth in subsection 4.15A) in any Collateral purported to be covered thereby having a fair market value, individually or in the aggregate, exceeding $1,000,000thereby, in each case for any reason other than the failure of Administrative Collateral Agent or any Lender to take any action within its control (unless the Administrative Agent has determined that it is not economical to maintain a First Priority Lien on such Collateral)control, or (iii) any Loan Party shall contest the validity or enforceability of any Loan Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Loan Document to which it is a party; or

Repudiation of Obligations. At any time after the execution and delivery thereof, (i) the Subsidiary Guaranty of any Material Subsidiary or the Holdings Guaranty, for any reason, reason other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance with its their terms) or shall be declared to be null and void, (ii) any Collateral Document shall cease to be in full force and effect (other than by reason of a release of Collateral thereunder in accordance with the terms hereof or thereof, the satisfaction in full of the Obligations or any other termination of such 113 Collateral Document in accordance with the terms hereof or thereof) or shall be declared null and void, or Administrative Agent shall not have or shall cease to have a valid and perfected First Priority Lien in any Collateral purported to be covered thereby having a fair market value, individually or in the aggregate, exceeding $1,000,000250,000 (other than Deposit Accounts and Inventory in transit to Borrower or from Borrower to customers), in each case for any reason other than the failure of Administrative Agent or any Lender to take any action within its control (unless the Administrative Agent has determined that it is not economical to maintain a First Priority Lien on such Collateral)control, or (iii) any Loan Party shall contest the validity or enforceability of any Loan Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Loan Document to which it is a party; or

Repudiation of Obligations. At any time after the execution and delivery thereof, (i) the Subsidiary any Guaranty of any Material Subsidiary for any reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void, (ii) any Collateral Document shall cease to be in full force and effect (other than by reason of a release of Collateral thereunder in accordance with the terms hereof or thereof, the satisfaction in full of the Obligations or any other termination of such 113 Collateral Document in accordance with the terms hereof or thereof) or shall be declared null and void, or Administrative Agent shall not have or shall cease to have a valid and perfected First Priority Lien in any Collateral purported to be covered thereby (other than Collateral having a fair market value, individually or in the 114 122 aggregate, exceeding not in excess of $1,000,0002,000,000), in each case for any reason other than the failure of Administrative Agent or any Lender to take any action within its control (unless the Administrative Agent has determined that it is not economical to maintain a First Priority Lien on such Collateral)control, or (iii) any Loan Party shall contest the validity or enforceability of any Loan Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Loan Document to which it is a party; or