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

Grant of Lien and Security Interest. (a) Subject to SECTION 6.7, each Participant grants to the other Participant a lien upon and a security interest in its Participating Interest, including all of its right, title and interest in the Assets, whenever acquired or arising, and the proceeds from and accessions to the foregoing. (b) The liens and security interests granted by SUBSECTION 6.6(A) shall secure every obligation or liability of the Participant granting such lien or security interest created under this Agreement, including the obligation to repay a Cover Payment in accordance with SECTION 10.