Common use of Security Failure Clause in Contracts

Security Failure. Ten (10) Business Days after the earlier of (i) a Loan Party obtaining actual knowledge that, or (ii) receipt of written notice by the Administrative Agent that, any Collateral Document or financing statement required by this Agreement, as amended, shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority lien on and security interest in the Collateral purported to be covered thereby, which failure is not corrected within such ten (10) Business Day period;