Common use of Lien Defects Clause in Contracts

Lien Defects. Any Transaction Lien shall at any time fail to constitute a valid and perfected Lien (or the equivalent thereof under applicable Laws) on all of the Collateral purported to be subject thereto, securing the obligations purported to be secured thereby, with the priority required by the Transaction Documents, or the Borrower, FreedomRoads or any of their respective Affiliates shall so assert in writing; or