Common use of Validity of Transaction Documents Clause in Contracts

Validity of Transaction Documents. (a) Any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, Servicer or any Originator party to such Transaction Document, (b) Borrower, any Originator or Servicer shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (c) any security interest securing any Secured Obligation shall, in whole or in part, cease to be a perfected first priority security interest.

Validity of Transaction Documents. (a) Any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, Servicer or any Originator party to such Transaction Document, (b) Borrower, any Originator or Servicer shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (c) any security interest securing any Secured Obligation shall, in whole or in part, cease to be a perfected first priority security interest.

Validity of Transaction Documents. (ai) Any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, Master Servicer or any Originator party to such Transaction Document, (bii) Borrower, any Originator or Master Servicer shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (ciii) any security interest securing any Secured Obligation shall, in whole or in part, cease to be a perfected first priority security interest.

Validity of Transaction Documents. (a) Any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, Servicer or any Originator Seller party to such Transaction Document, (b) Borrower, any Originator Seller or Servicer shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (c) any security interest securing any Secured Obligation shall, in whole or in part, cease to be a perfected first priority security interest.

Validity of Transaction Documents. (ai) Any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, Servicer or any Originator party to such Transaction Document, (bii) Borrower, any Originator or Servicer shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (ciii) any security interest securing any Secured Obligation shall, in whole or in part, cease to be a perfected first priority security interest.

Validity of Transaction Documents. (a) Any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, Servicer or any Originator party to such Transaction Document, (b) Borrower, any Originator or Servicer shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (c) any security interest securing any Secured Obligation shall, in whole or in part, cease to be a perfected first priority (subject to Permitted Encumbrances) security interest.

Validity of Transaction Documents. (a) Any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower, Servicer or any Originator party to such Transaction Document, (b) the Borrower, KBK or any Originator or Servicer other party shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (c) any the security interest securing any of the Collateral Agent (for the benefit of the Secured Obligation Parties) in the Collateral shall, in whole or in part, cease to be a perfected first priority security interest.

Validity of Transaction Documents. (a) Any --------------------------------------- Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, Servicer Seller or any Originator party to such Transaction DocumentLINC, (b) Borrower, Seller or any Originator or Servicer other party to the Transaction Documents shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability enforceability, or (c) any Participation, or any security interest securing any Secured Obligation Obligation, shall, in whole or in part, cease to be a perfected first priority ownership or security interest; provided that if any such cessation relates to a Contract repurchased by Seller in accordance with this Agreement, such event shall not result in a Termination Event.

Validity of Transaction Documents. (a) Any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, either Servicer or any Originator party to such Transaction Document, (b) Borrower, any Originator or either Servicer shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (c) any security interest securing any Secured Obligation shall, in whole or in part, cease to be a perfected first priority (subject to Permitted Encumbrances) security interest.

Validity of Transaction Documents. (ai) Any Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, Servicer or any the Originator which is a party to such Transaction Document, (bii) Borrower, any the Originator or Servicer shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (ciii) any security interest securing any Secured Obligation shall, in whole or in part, cease to be a perfected first priority security interest.

Validity of Transaction Documents. (a) Any Transaction --------------------------------- Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower, Servicer or any Originator party to such Transaction Document, (b) Borrower, any Originator or Servicer shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability or (c) any security interest securing any Secured Obligation shall, in whole or in part, cease to be a perfected first priority security interest.