Common use of Security Default Clause in Contracts

Security Default. Any Security Document (other than the Immovables Mortgage or the Enterprise Mortgage) for any reason (other than an act or omission of the Bank or OPIC) shall have ceased to constitute a valid and perfected first priority security interest in and Lien on any of the collateral purported to be covered thereby; or the Company shall have created or permitted to exist any Lien (other than a Permitted Lien) on any of its property, revenues or assets.

Security Default. Any Security Document (other than the Immovables Mortgage or the Enterprise Mortgage) for any reason (other than an act or omission of the Bank OPIC or by OPIC) shall have ceased to constitute a valid and perfected first priority security interest in and Lien on any of the collateral purported to be covered thereby; or the Company shall have created or permitted to exist any Lien (other than a Permitted Lien) on any of its property, revenues or assets.