Common use of Failure of Security Clause in Contracts

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

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

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

Failure of Security. The Collateral Agent, on behalf for the benefit of Agents and Lenders, does not have ------------------- or ceases to have a valid and perfected first priority security interest Lien in the Collateral (subject only 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 controlreason; or

Failure of Security. The Collateral Agent, on behalf for the benefit of Agents 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 DIP Lenders’ Agent and Senior DIP Lenders and 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 controlreason; or

Failure of Security. Collateral Agent, on behalf of itself and Lenders, does not have ------------------- or ceases to have a valid and perfected first priority security interest in the Collateral other than motor vehicles (subject to Permitted EncumbrancesEncumbrances and Liens permitted by subsection 7.3), in each case, for any reason other than the failure of Collateral Agent or any Lender to take any action within its control; or