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

Grant of Lien and Security Interest. (a) As security for the prompt satisfaction of all Loan Obligations, Holdings, the Borrower and each Borrower Subsidiary hereby assigns, transfers, and sets over to the Agent Lender, for the benefit of both Lenders, all of Holdings, the Borrower’s and each Borrower Subsidiary’s right, title and interest of whatever kind, nature or description in and to, and grants the Agent Lender, for the benefit of both Lenders, a lien on and security interest in the Collateral; provided, however, that the Pasadena Project and the Westwood Project shall only serve as security for the prompt satisfaction of all Loan Obligations relating to the Pasadena Project and the Westwood Project, respectively. (b) No submission by Holdings, the Borrower or any Borrower Subsidiary of a schedule or other particular identification of Collateral shall be necessary to vest in the Lenders security title to and a security interest in each and every item of Collateral now existing or hereafter created and acquired, but rather such title and security interest shall vest in the Lenders immediately upon the creation or acquisition of any item of Collateral hereafter created or acquired, without the necessity for any other or further action by Holdings, the Borrower or any Borrower Subsidiary.