Common use of Collateral and Security Interest Clause in Contracts

Collateral and Security Interest. Each Grantor hereby pledges and assigns such Grantor's respective Membership Interest to Secured Party, together with all income, profits, distributions, capital surplus, return of capital, management rights, if any, or other tangible or intangible property related to or derived from such Membership Interest, and grants to Secured Party a first priority lien and security interest therein and such other rights and remedies as may be granted to a secured party under the laws of the State of California ("Security Interest") in and to all of such Grantor's right, title and interest in such Grantor's Membership Interest and all proceeds thereof ("Collateral").

Collateral and Security Interest. Each Grantor hereby pledges and assigns such Grantor's respective Debtor Membership Interest to Secured Party, together with all income, profits, distributions, capital surplus, return of capital, management rights, if any, or other tangible or intangible property related to or derived from such Debtor Membership Interest, and grants to Secured Party a first priority lien and security interest therein and such other rights and remedies as may be granted to a secured party under the laws of the State of California ("Security Interest") in and to all of such Grantor's rightrights, title and interest in such Grantor's Debtor Membership Interest and all proceeds thereof ("Collateral").