Common use of Grant of Security Interests in Collateral Clause in Contracts

Grant of Security Interests in Collateral. To secure the Companies' prompt payment when due of all principal and interest and all other amounts payable under the Note and the Guaranty and performance of all other obligations, covenants, liabilities, duties, loans and advances of the Companies to the Secured Party under the Note and the Guaranty and to secure all amounts payable and performance of all other obligations, covenants, liabilities and duties of the Companies arising under any preferred stock issued to Secured Party in exchange for the Note, or any portion thereof (collectively, the "Obligations") the Companies hereby grant to the Secured Party a continuing security interest (the "Lien") in all existing and future assets, and all accessions, additions, and accretions thereto, and products, proceeds, replacements and substitutions thereof, including but not limited to, the assets and properties described on Schedule 1 attached hereto (collectively, the "Collateral").

Grant of Security Interests in Collateral. To secure the Companies' prompt payment when due of all principal and interest and all other amounts payable under the Note Notes and the Guaranty and performance of all other obligations, covenants, liabilities, duties, loans and advances of the Companies to the Secured Party under the Note Notes and the Guaranty and to secure all amounts payable and performance of all other obligations, covenants, liabilities and duties of the Companies arising under any preferred stock issued to Secured Party in exchange for the NoteNotes, or any portion thereof (collectively, the "Obligations") the Companies hereby grant to the Secured Party a continuing security interest (the "Lien") in all existing and future assets, and all accessions, additions, and accretions thereto, and products, proceeds, replacements and substitutions thereof, including but not limited to, the assets and properties described on Schedule 1 attached hereto (collectively, the "Collateral").