Common use of Failure of Security Clause in Contracts

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

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

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

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

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

Failure of Security. The Lender does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject to Permitted Liens)Encumbrances) in the Collateral or any substantial portion thereof, in each case, for any reason other than except to the extent that such failure to have a valid and perfected first priority security interest is caused solely by the failure of the Lender to take any action reasonably within its controlcontrol after obtaining knowledge thereof or being notified by Borrower in writing to take such action.

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

Failure of Security. The Lender does not have or ceases to have a valid and perfected first priority security interest in the Collateral (subject subject, as to priority, only to the Lien described in clause (c) of the definition of Permitted LiensEncumbrances), in each case, for any reason other than the failure of the Lender to take any action within its control.; or

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