Common use of Landlord’s Security Interest in Tenant’s Pledged Property Clause in Contracts

Landlord’s Security Interest in Tenant’s Pledged Property. (a) To secure the performance of Tenant’s obligations under this Lease, including, without limitation, Tenant’s obligation to pay Rent hereunder, Tenant (on behalf of itself and on behalf of all of its Subsidiaries and Affiliates, as applicable), collectively, as debtor, hereby grants to Landlord, as secured party, a first priority security interest in all of Tenant’s (and all of Tenant’s Subsidiaries’ and Affiliates’, as applicable) right, title and interest in and to Tenant’s Pledged Property now owned or in which Tenant (or any of Tenant’s Subsidiaries and Affiliates, as applicable) hereafter acquires an interest or right. This Lease constitutes a security agreement covering all such Tenant’s Pledged Property. The Parties acknowledge that the security interest granted hereunder is subject to the terms and conditions of the Intercreditor Agreement.