Common use of Grant of Security; Assignment of Leases Clause in Contracts

Grant of Security; Assignment of Leases. To secure the payment, promptly when due, and the punctual performance of all of the Liabilities, each Debtor hereby: (A) pledges and assigns to the Secured Party, and grants to the Secured Party and agrees that the Secured Party shall have, a general continuing lien upon and security interest in all the Collateral, which lien and security interest shall be a general continuing first priority lien upon and security interest in all the Collateral.