Common use of Security Interests in Collateral Clause in Contracts

Security Interests in Collateral. To secure their Obligations under this Agreement and the other Loan Documents, each Credit Party (other than the UK Credit Parties unless the UK Borrowing Base has been established) shall grant, and the Lead Borrower shall cause each Domestic Credit Party to grant, to the Agent, for its benefit and the ratable benefit of the other Secured Parties, and shall cause each Canadian Credit Party to grant, to the Agent, for its benefit and the ratable benefit of the other Canadian Secured Parties and the UK Secured Parties, a first-priority security interest in, and hypothec of, all of the Collateral pursuant hereto and to the Security Documents; provided that the security interest in, and hypothec of, the Collateral granted by the Canadian Borrower shall secure only the Canadian Liabilities and the UK Liabilities.

Security Interests in Collateral. To secure their Obligations under this Agreement and the other Loan Documents, each Credit Party (other than the UK Credit Parties unless the UK Borrowing Base Increase Option has been establishedexercised) shall grant, and the Lead Borrower shall cause each Domestic Credit Party to grant, to the Agent, for its benefit and the ratable benefit of the other Secured Parties, and shall cause each Canadian Credit Party to grant, to the Agent, for its benefit and the ratable benefit of the other Canadian Secured Parties and the UK Secured Parties, a first-priority security interest in, and hypothec of, all of the Collateral pursuant hereto and to the Security Documents; provided that the security interest in, and hypothec of, the Collateral granted by the Canadian Borrower shall secure only the Canadian Liabilities and the UK Liabilities.