Common use of Failure of Security Clause in Contracts

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof, in each case, for any reason other than the failure of Agent to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in any material portion of the Collateral (subject only to Permitted Encumbrances) or any substantial portion thereof, in each case, for any reason other than the failure of Agent to take any action within its control); or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof), in each case, for any reason other than Agent's or Lender's actions or the failure of Agent or Lender to take any action within its control; or

Failure of Security. Agent, for the benefit on behalf of Agent and Lenders, does not have ------------------- or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof), in each case, for any reason other than the failure of Agent or any Lender to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereofthereof to secure the Obligations, in each case, for any reason other than the failure of Agent to take any action within its control; or

Failure of Security. Agent, for the benefit on behalf of Agent itself and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof), in each case, for any reason other than the failure of Agent or any Lender to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in any substantial part of the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof), in each case, for any reason other than the failure of Agent to take any action within its control; or

Failure of Security. Agent, for the benefit on behalf of Agent itself and Lenders, does not have or ceases to have a valid and perfected first priority security interest (or the applicable equivalent thereof) in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof), in each case, for any reason other than the failure of Agent or any Lender to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof, in each case, for any reason other than the failure of Agent or Lenders to take take, or omit to take, any action within its control; or

Failure of Security. Agent, for the benefit of ------------------- Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof, in each case, for any reason other than the failure of Agent to take any action within its control; or

Failure of Security. Agent, for the benefit of The Agent and Lenders, does not have or ceases to have a valid and perfected first first-priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof, in each caseCollateral, for any reason other than the failure of the Agent to take any action within its control; or.

Failure of Security. Agent, for the benefit of The Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof), in each case, for any reason other than the failure of the Agent or the Lender to take any action within its control; or

Failure of Security. Agent, for the benefit on behalf of Agent and Lenders, does not have or ------------------- ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof), in each case, for any reason other than the failure of Agent or any Lender to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first second priority security interest Lien in the Collateral (subject only to the first priority lien of Senior Secured Lenders’ Agent and Senior Secured Lenders and Permitted Encumbrances) or any substantial portion thereof, in each case, for any reason other than the failure of Agent to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in any substantial part -44- 50 of the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof), in each case, for any reason other than the failure of Agent to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest Lien in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof, in each case, for any reason other than the failure of Agent to take any action within its control; or

Failure of Security. Agent, for the benefit of The Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereofLiens), in each case, for any reason other than the failure of the Agent to take any action within its control; or.

Failure of Security. Agent, for the benefit on behalf of Agent and Lenders, does ------------------- not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereofCollateral, in each case, for any reason other than the failure of Agent or any Lender to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not ------------------- have or ceases to have a valid and perfected first priority security interest in any item of the Collateral (subject to Permitted EncumbrancesEncumbrances and other terms of the Loan Documents) or any substantial portion thereof, in each case, with a value of $50,000 or more, for any reason other than the failure of Agent Agent, to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and ------------------- Lenders, does not have or ceases to have a valid and perfected first priority security interest in any material portion of the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof, in each case, for any reason other than the failure of Agent to take any action within its control; or

Failure of Security. Agent, for the benefit of Agent and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereof), in each case, for any reason other than the failure of Agent to take any action within its control; or;

Failure of Security. Agent, for the benefit on behalf of Agent itself and Lenders, does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Encumbrances) or any substantial portion thereofCollateral, in each case, for any reason other than the failure of Agent or any Lender to take any action within its control; or