Common use of Granting of Security Clause in Contracts

Granting of Security. As security for the payment and performance of the Secured Obligations when due (whether at maturity or by prepayment, acceleration or otherwise) each of Westfield Partners and Westland Management hereby conveys, assigns, grants, hypothecates, mortgages, pledges, transfers and delivers to the Pledgee, and hereby grants to the Pledgee a lien and charge upon, and a security interest in, all the following property, whether now owned or hereafter acquired and whether now or in the future existing: (a) all the right, title and interest of such Pledgor as a limited or general partner of the Partnership; (b) any and all payments or distributions of whatever kind or character, whether in cash or in property, at any time made, owing or payable to such Pledgor in respect of or on account of its interest in the Partnership, whether representing profits, distributions pursuant to complete or partial liquidation or dissolution, repayment of capital contributions, proceeds from the sale of any portion of such Pledgor's interest in the Partnership or otherwise; (c) the right to receive, receipt for, use and enjoy all such payments, distributions and proceeds; (d) all right, title and interest of such Pledgor in and to all real and personal property of the Partnership and every other right, however characterized, now or hereafter held by the Partnership attributable to any interest of such Pledgor in the Partnership or received in respect thereof; and (e) all cash and non-cash proceeds thereof (collectively, the "COLLATERAL").

Granting of Security. As security for the payment and performance of the Secured Obligations when due (whether at maturity or by prepayment, acceleration or otherwise) each of Westfield Partners and Westland Management hereby conveys, assigns, grants, hypothecates, mortgages, pledges, transfers and delivers to the Pledgee, and hereby grants to the Pledgee a lien and charge upon, and a security interest in, all the following property, whether now owned or hereafter acquired and whether now or in the future existing: (a) all the right, title and interest of such Pledgor as a limited or general partner of the Partnership; (b) any and all payments or distributions of whatever kind or character, whether in cash or in property, at any time made, owing or payable to such Pledgor in respect of or on account of its interest in the Partnership, whether representing profits, distributions pursuant to complete or partial liquidation or dissolution, repayment of capital contributions, proceeds from the sale of any portion of such Pledgor's interest in the Partnership or otherwise; (c) the right to receive, receipt for, use and enjoy all such payments, distributions and proceeds; (d) all right, title and interest of such Pledgor in and to all real and personal property of the Partnership and every other right, however characterized, now or hereafter held by the Partnership attributable to any interest of such Pledgor in the Partnership or received in respect thereof; and (e) all cash and non-cash proceeds thereof (collectively, the "COLLATERAL").