Common use of Challenge to security Clause in Contracts

Challenge to security. Any of the Security shall at any time after the execution and delivery of the relevant Security Document and for any reason cease to constitute a valid and subsisting Lien (subject only to Permitted Encumbrances) in respect of the assets and properties referred to therein or cease to rank in priority or in the matter contemplated herein other than by reason of the act or omission of the Lender;

Challenge to security. Any of the Security shall at any time after the execution and delivery of the relevant Security Document and for any reason (other than with the consent of the Lender) cease to constitute a valid and subsisting Lien (subject only to Permitted Encumbrances) in respect of the assets and properties referred to therein or cease to rank in priority or in the matter manner contemplated herein other than by reason of the an act or omission of the Lender;