Common use of Grant and Pledge Clause in Contracts

Grant and Pledge. Each Grantor hereby pledges to the Administrative Agent, and grants to the Administrative Agent, for the benefit of the Secured Parties, a first priority security interest in all of the following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of all Secured Obligations: (a) Pledged Equity Interests and Pledged Debt; (b) all certificates, notes, instruments, books and records (regardless of medium) pertaining to or evidencing any of the foregoing; and (c) all Proceeds of any of the foregoing; provided, that (i) this Agreement shall not constitute a grant of a security interest in, and the term “Collateral” and its components listed in clauses (a) through (c) above shall not include, any property to the extent that and for as long as such grant of a security interest is in Capital Stock which is specifically excluded from the definition of Pledged Stock by virtue of the proviso to such definition; and (ii) the security interest granted hereby shall attach to, and the term “Collateral” shall include, (x) at all times all proceeds of such property, (y) such property immediately and automatically (without need for any further grant or act) at such time as the condition described in clause (i) ceases to exist and (z) to the extent severable, all rights in respect of such property that are not subject to the applicable condition described in clause (i).