Common use of Failure of Security Clause in Contracts

Failure of Security. 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 to take any action within its control; or

Failure of Security. Collateral Agent 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 the Collateral any Agent or Lender to take any action within its control; or

Failure of Security. The Collateral Agent Agent, 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 the Collateral Agent to take any action within its controlreason; or

Failure of Security. Agent or Collateral Agent 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 the Agent or Collateral Agent or any Lender to take any action within its control; or

Failure of Security. Collateral Agent 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 the Collateral Agent or any Lender to take any action within its control; or