Common use of Security Grant Clause in Contracts

Security Grant. As security for the prompt and complete payment and performance of all of its obligations under this Note, subject to the receipt of all approvals required under the Gaming Laws, the Borrower does hereby grant to the Secured Party a continuing lien on and security interest in all of the right, title and interest of the Borrower in, to and under the Pledged Interests, wherever located. The Borrower agrees to execute and deliver promptly to the Secured Party any and all documents or instruments reasonably deemed by the Secured Party to be necessary to perfect the security interest granted hereby. “Pledged Interests” means all of the Borrower’s right, title and interest in [ ( )] of the Borrower’s Class A Units of ▇▇▇▇▇▇▇▇ Partners, together with all certificates (if any) evidencing the same; provided, that such amount of Class A Units shall be adjusted pursuant to Section 3.1(d)(ii) of ▇▇▇▇▇▇▇▇ Partners Operating Agreement.