Common use of GRANT OF THE SECURITY INTEREST Clause in Contracts

GRANT OF THE SECURITY INTEREST. As security for the payment and performance of all of the Obligations, the Borrower hereby pledges to Lakes and grants a continuing first perfected security interest to Lakes, for and on behalf of Lakes itself and its Affiliates, subject only to Permitted Liens, of all of the Borrower's right, title and interest in and

GRANT OF THE SECURITY INTEREST. As security for the payment and performance of all of the Obligations, the Borrower hereby pledges to Lakes and grants a continuing first perfected security interest to Lakes, for and on behalf of Lakes itself and its Affiliates, subject only to Permitted Liens, Liens of all of the Borrower's right, title and interest in andand to the Collateral. The Borrower represents and warrants that the Borrower is (or, to the extent that the Collateral is acquired after the date hereof, will be) the sole legal and beneficial owner of