Common use of Lien Defects Clause in Contracts

Lien Defects. Any security interest in any Collateral or purported to be created by any Collateral Document shall cease to be, or shall be asserted by the Borrower or PREDEX Fund Advisor not to be, a legal, enforceable, valid and perfected first priority (solely with respect to priority, subject to the Liens described in clause (b) of the definition of Permitted Liens) security interest in the securities, assets or properties covered thereby;

Lien Defects. Any security interest in any Collateral or purported to be created by any Collateral Document shall cease to be, or shall be asserted by the Borrower or PREDEX Fund Advisor Issuer not to be, a legal, enforceable, valid and perfected first priority security interest (solely with respect to priority, subject to the Liens described in clause (b) of the definition of Permitted Liens) security interest in the securities, assets or properties covered thereby;