Common use of Liens and Security Interest Clause in Contracts

Liens and Security Interest. To secure performance by the Loan Parties of the payment and performance of the Obligations, the applicable Pledgors shall grant to Administrative Agent, for the benefit of the Secured Parties, an exclusive, perfected, first priority security interest and Lien in and to (a) the Equity Interests of each Subsidiary that directly or indirectly owns any Unencumbered Property (the “Equity Interest Collateral”) and (b) the Mortgages, if any, as required pursuant to Section 2.13(b), subject in each case only to Customary Permitted Liens. In the event Mortgages are required pursuant to Section 2.13(b), the Loan Parties shall deliver to Administrative Agent in connection therewith, at such Loan Parties’ expense, (a) all Mortgage Collateral, (b) all Mortgage Deliverables, and (c) all other documents, agreements and instruments that may be required by applicable Law and which Administrative Agent may, from time to time, reasonably request to ensure the creation, perfection and priority of the Liens created or intended to be created in the Unencumbered Properties.