Security Interest Failure. (i) The Administrative Agent fails for any reason to have a perfected first-priority (subject to any Permitted Liens) security interest in any Collateral in accordance with the terms of the Security Agreement or (ii) the Borrower ceases to have a valid ownership interest in all of the Collateral;
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Samples: Credit Agreement (Nuveen Churchill Private Capital Income Fund), Credit Agreement (Nuveen Churchill Private Capital Income Fund)
Security Interest Failure. (i) The Administrative Agent (on behalf of the Secured Parties) fails for any reason to have a perfected first-first priority (subject to any Permitted Liens) security interest in any Collateral in accordance with the terms of the Security Agreement or (ii) the Borrower ceases to have a valid ownership interest in all of the Collateral;; or
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Security Interest Failure. Either (i) The the Administrative Agent fails for any reason to have a first priority perfected first-priority (subject to any Permitted Liens) security interest in any Collateral (in the case of each Pool Policy, to the extent of the Borrower’s Security Entitlement thereto) in accordance with the terms of the applicable Security Agreement or (ii) with respect to any Pool Policy, the Borrower ceases fails to have maintain a valid ownership interest in all of Security Entitlement thereto credited to the Collateral;Securities Account; or
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