Grant and Definition. As Security for the due and timely performance and payment of Fund’s obligations to the Note Holders under the Notes, the Fund hereby grants to the Note Holders a security interest in all Fund Assets, whether presently owned or hereafter acquired, including without implied limitation, all real property, equipment, fixtures, tenant improvements, deposits, deposit accounts, accounts receivable, shares, units, membership and partnership interests, contract rights, securities, mortgages, notes, trust deeds, beneficial interests, instruments, and any and all assignments of the same, and intellectual property (including, but not limited to, patents, patent applications, copyrights, trademarks, trade names, and goodwill), together with all replacements thereof or substitutions therefore, and all proceeds thereof (the “Security”). The term Security specifically excludes any money or funds on account, or assets in trust held by the Fund or by the Manager, in connection with loans originated or acquired by the Fund as Fund Assets. The Representative may exclude any assets, collateral or Security, or perfection or priority of any Security, to the extent required to obtain financing from a senior lender under a Credit Facility.
