Common use of Assignment and Grant of Security Interests Clause in Contracts

Assignment and Grant of Security Interests. Each Grantor hereby agrees that the Agent shall have as security for the due and punctual payment and performance of the Secured Indebtedness in full, and each Grantor hereby grants to and creates in favor of the Agent, for the benefit of the Agent and the Banks as their respective interests may appear, a continuing first priority security interest in and to each Grantor's respective Collateral subject only to Permitted Liens. Without limiting the generality of Section 4 below, each Grantor further agrees that with respect to each item of Collateral as to which (i) the creation of a valid and enforceable security interest is not governed exclusively by the Code or (ii) the perfection of a valid and enforceable security interest therein under the Code cannot be accomplished either by the Agent or the Banks taking possession thereof or by the filing in appropriate locations of appropriate Code financing statements executed by the Grantor, such Grantor will at its expense execute and deliver to the Agent such documents, agreements, notices, assignments and instruments and take such further actions as may be requested by the Agent from time to time for the purpose of creating a valid and perfected first priority Lien on such item, subject only to Permitted Liens, enforceable against the Grantor and all third parties to secure the Secured Indebtedness.

Assignment and Grant of Security Interests. Each Grantor hereby agrees that the Agent shall have as As security for the due and punctual payment and performance of the Secured Indebtedness in full, the Borrower agrees that the Lender shall have, and each Grantor the Borrower hereby grants to and creates in favor of the AgentLender, for the benefit of the Agent and the Banks as their respective interests may appearLender, a continuing first priority security interest in and to each GrantorBorrower's respective Collateral subject only to Permitted Liens. Without limiting the generality of Section 4 below, each Grantor the Borrower further agrees that with respect to each item of Collateral as to which (i) the creation of a valid and enforceable security interest is not governed exclusively by the Code or (ii) the perfection of a valid and enforceable security interest therein under the Code cannot be accomplished either by the Agent or the Banks Lender taking possession thereof or by the filing in appropriate locations of appropriate Code financing statements executed by the GrantorBorrower, such Grantor Borrower will at its expense execute and deliver to the Agent Lender such documents, agreements, notices, assignments and instruments and take such E-58 further actions as may be requested by the Agent Lender from time to time for the purpose of creating a valid and perfected first priority Lien on such item, subject only to Permitted Liens, enforceable against the Grantor Borrower and all third parties to secure the Secured Indebtedness.

Assignment and Grant of Security Interests. Each Grantor hereby agrees that the Agent shall have as As security for the due and punctual payment and performance of the Secured Indebtedness in full, the Borrower hereby agrees that the Agent shall have, and each Grantor the Borrower hereby grants to and creates in favor of the Agent, for the benefit of the Agent and the Banks as their respective interests may appear, a continuing first priority security interest in and to each Grantor's respective the Collateral subject only to Permitted Liens. Without limiting the generality of Section 4 below, each Grantor the Borrower further agrees that with respect to each item of Collateral as to which (i) the creation of a valid and enforceable security interest is not governed exclusively by the Code or (ii) the perfection of a valid and enforceable security interest therein under the Code cannot be accomplished either by the Agent or the Banks taking possession thereof or by the filing in appropriate locations of appropriate Code financing statements executed by the GrantorBorrower, such Grantor the Borrower will at its expense execute and deliver to the Agent such documents, agreements, notices, assignments and instruments and take such further actions as may be requested by the Agent from time to time for the purpose of creating a valid and perfected first priority Lien on such item, subject only to Permitted Liens, enforceable against the Grantor Borrower and all third parties to secure the Secured Indebtedness.