Common use of Scope of Security Clause in Contracts

Scope of Security. All of the Lender Secured Obligations of all Obligors shall be secured, equally and rateably, by the Security Documents which will grant first priority Liens (subject to Permitted Liens) on, to and against all present and future Property of the Obligors. The Lender Secured Obligations of all Pledgors shall be secured, equally and rateably by first priority Liens (subject to Permitted Liens) on, to and against all Equity Securities and Equity Securities Equivalents of the Obligors owned by the Pledgors, and all proceeds of the foregoing (other than Distributions permitted to be made hereunder), as described therein.