Common use of Grant of Security Interest; Collateral Clause in Contracts

Grant of Security Interest; Collateral. In order to secure payment of the Note, Borrower hereby grants to Creditor a security interest in, and assigns, transfers and pledges to the Creditor, the following securities and other property: (a) _______ Percentage Interest of the Company's Member Interest (the "Member Interest") delivered to and deposited with Creditor as collateral for the Note; and (b) Any and all new, additional or different securities or other property subsequently distributed with respect to the Member Interest identified in Subsection (a) above that are to be delivered to and deposited with the Creditor pursuant to the requirements of Section 3 of this Agreement; and (c) Any and all other property and money that is delivered to or comes into the possession of Creditor pursuant to the terms and provisions of this Agreement; and (d) The proceeds of any sale, exchange or disposition of the property and securities described in Subsections (a), (b) or (c) above.