Common use of Security Interest Failure Clause in Contracts

Security Interest Failure. (A) The Administrative Agent fails for any reason to have a perfected security interest in any Collateral in accordance with the terms of the Security Agreement (“Affected Collateral”) and either (i) such failure is not due to error of the Collateral Administrator or (ii) such failure is due to error of the Collateral Administrator and such failure continues for 3 days following notice, and (B) the aggregate Current Market Value of such Affected Collateral is more than $100,000;