Common use of Grant of Lien and Security Interest Clause in Contracts

Grant of Lien and Security Interest. To secure the prompt and complete payment, performance and observance of all of the Obligations, Grantors hereby grant, assign, convey, mortgage, pledge, hypothecate and transfer to the Secured Party (i) a first priority Lien and security interest in the Assets, and (ii) a junior Lien on all Inventory, subordinated to the Liens granted in connection with the Tranche A Note and Tranche C Note.

Grant of Lien and Security Interest. To secure the prompt and complete payment, performance and observance of all of the Obligations, Grantors hereby grant, assign, convey, mortgage, pledge, hypothecate and transfer to the Secured Party (i) Party, a first priority Lien and security interest in all of their rights, title and interest in, to and under the AssetsCollateral, including, but not limited to all Collateral returned or rejected by customers, whether now owned by or hereafter acquired by Grantors and (ii) a junior Lien on regardless of where located and all Inventoryproceeds and products of the Collateral, subordinated to the Liens granted in connection with the Tranche A Note and Tranche C Notewhatever form.