Common use of Collateral General Terms Clause in Contracts

Collateral General Terms. (a) Security Interest in the Collateral. To secure the prompt payment and performance to the Holder of the Obligations, the Company hereby assigns, pledges and grants to Holder for its benefit a continuing security interest in and to and Lien on all of the Collateral, whether now owned or existing or hereafter acquired or arising and wheresoever located. The Company shall mark its books and records as may be necessary or appropriate to evidence, protect and perfect the Holder’s security interest and shall cause its financial statements to reflect such security interest. The Company shall promptly provide the Holder with written notice of all commercial tort claims, such notice to contain the case title together with the applicable court and a brief description of the claim(s). Upon delivery of each such notice, the Company shall be deemed to hereby grant to the Holder a security interest in and to and Lien on such commercial tort claims and all proceeds thereof.