Common use of Multiple Closings Clause in Contracts

Multiple Closings. For clarification, the Grantors acknowledge and agree that there may be more than one Closing under the Purchase Agreement and that this Agreement creates a security interest in the Collateral in favor of all the Lenders regardless of when (1) any Lender executes the Purchase Agreement or whether such Lender executes this Agreement, it being understood that the Agent is acting as collateral agent for all Lenders, (2) any Closing occurs or (3) any Notes are issued, without any need for the Grantors to execute any further documentation or be notified of any Closing or for any other action to occur.