Common use of Acknowledgement of Security Interests Clause in Contracts

Acknowledgement of Security Interests. Pursuant to the Security Documents, in order to secure the payment and performance of the Obligations, the Loan Parties have pledged to and created in favor of the Collateral Agent a security interest in and to the Reserve Account, and all cash, Cash Equivalents, instruments, investments, securities entitlements and other securities at any time on deposit in the Reserve Account, and all proceeds of any of the foregoing. The Reserve Account shall constitute collateral security for the payment and performance by the Borrower of the Obligations hereunder and shall at all times (subject to the proviso in Section 9.2) be subject to the control of the Collateral Agent and shall be held in the custody of the depository under the DACA Agreement(s) in trust for the purposes of, and on the terms set forth in, such DACA Agreement(s). Such DACA Agreement(s) provided with respect to the Reserve Account shall be in form and substance to the sole satisfaction of the Collateral Agent. Upon the reasonable request of the Collateral Agent, the Loan Parties shall immediately move the Reserve Account and all funds contained therein to a Depository Institution chosen by the Collateral Agent.

Acknowledgement of Security Interests. Pursuant to the Security Documents, in order to secure the payment and performance of the Obligations, the Loan Parties have pledged to and created in favor of the Collateral Agent a security interest in and to the Reserve Account, and all cash, Cash Equivalents, instruments, investments, securities entitlements and other securities at any time on deposit in the Reserve Account, and all proceeds of any of the foregoing. The Reserve Account shall constitute collateral security for the payment and performance by the Borrower of the Obligations hereunder and shall at all times (subject to the proviso in Section 9.2) be subject to the control of the Collateral Agent and shall be held in the custody of the depository under the DACA Agreement(s) in trust for the purposes of, and on the terms set forth in, such DACA Agreement(s). Such DACA Agreement(s) provided with respect to the Reserve Account shall be in form and substance to the sole satisfaction of the Collateral Agent. Upon the reasonable request of the Collateral Agent, the Loan Parties shall immediately move the Reserve Account and all funds contained therein to a Depository Institution chosen by the Collateral Agent.Agent.‌