Common use of Repudiation of Obligations Clause in Contracts

Repudiation of Obligations. The Guaranty or ----------------------------------------------------------- the Pledge and Security Agreement shall not be executed and delivered by the Material Domestic Subsidiaries on or prior to the day following the Closing Date. At any time after the execution and delivery thereof, (i) any Guaranty 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 Collateral Document in accordance with the terms hereof or thereof) or shall be declared null and void by a court of competent jurisdiction, or Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral (other than Inventory in the possession or control of Company's agents or processors) purported to be covered thereby having a fair market value, individually or in the aggregate, exceeding $5,000,000, in each case for any reason other than the failure of Administrative Agent or any Bank to take any action within its control, or (iii) any Borrower 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 Banks, under any Loan Document to which it is a party.

Repudiation of Obligations. The Guaranty or the ----------------------------------------------------------- the Pledge and Security Agreement shall not be executed and delivered by the Material Domestic Subsidiaries on or prior to the day following the Closing Date. At any time after the execution and delivery thereof, (i) any Guaranty 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 Collateral Document in accordance with the terms hereof or thereof) or shall be declared null and void by a court of competent jurisdiction, or Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral (other than Inventory in the possession or control of Company's agents or processors) purported to be covered thereby having a fair market value, individually or in the aggregate, exceeding $5,000,000, in each case for any reason other than the failure of Administrative Agent or any Bank to take any action within its control, or (iii) any Borrower 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 Banks, under any Loan Document to which it is a party.