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

Grant of Lien and Security Interest. (a) Subject to Section 4.4, each Member grants the other Member a lien upon and a security interest in its Ownership Interest, including but not limited to all of its rights, titles and interests in the Assets, whenever acquired or arising, and proceeds from and accessions to the foregoing. (b) The liens and security interest granted by Subsection 4.3(a) shall secure every obligation and liability under the Agreement of the Member granting such liens and security interests to the other Member, including but not limited to the obligation to repay a Cover Payment pursuant to Section 11.4 of the LLC Operating Agreement. Each Member shall take all action necessary to perfect and maintain such liens and security interests and hereby appoints the other Member its attorney-in-fact to execute, file and record all financing statements and other documents necessary or appropriate to perfect or maintain such liens and security interests.

Grant of Lien and Security Interest. (a) Subject to Section 4.44.4 hereof, each Member grants to the other Member a lien upon and a security interest in its Ownership Interest, including but not limited to all of its rightsright, titles title and interests interest in the Assets, whenever acquired or arising, and the proceeds from and accessions to the foregoing. (b) The liens and security interest interests granted by Subsection 4.3(a) hereof shall secure every obligation and or liability under the Agreement of the Member granting such liens and lien or security interests interest to the other MemberMember created under this Agreement or the LLC Agreement, including but not limited to the obligation to repay a Cover Payment pursuant to in accordance with Section 11.4 of the LLC Operating Agreement. Each Member shall hereby agrees to take all action necessary to perfect and maintain such liens lien and security interests interest and hereby appoints the other Member its attorney-in-fact to execute, file and record all financing statements and other documents necessary or appropriate to perfect or maintain such liens lien and security interestsinterest.