Common use of Acknowledgment of Security Clause in Contracts

Acknowledgment of Security. The Portfolio Administrator acknowledges that the Issuer will assign or charge the benefit of this Agreement to the Trustee as security for the Secured Obligations and the Portfolio Administrator confirms that, until such time as the Trustee notifies the Portfolio Administrator in writing that particular Secured Property of the relevant Series of ETP Securities is no longer subject to such assignment or charge, the Portfolio Administrator will hold such Secured Property to the order of, or where the Security constituted by the Security Documents has become enforceable in accordance with the Conditions of the ETP Securities, for the benefit of, the Trustee. The Portfolio Administrator further acknowledges that the rights of the Issuer and the Portfolio Administrator in respect of the Secured Property are subject to the charges and assignments in favour of the Trustee created by or pursuant to the Trust Deed and the Security Documents in relation to such Series of ETP Securities.

Acknowledgment of Security. The Portfolio Administrator acknowledges that the Issuer will assign or charge the benefit of this the Portfolio Administration Agreement to the Trustee as security for the Secured Obligations and the Portfolio Administrator confirms that, until such time as the Trustee notifies the Portfolio Administrator in writing that particular Secured Property of the relevant Series of ETP Securities is no longer subject to such assignment or charge, the Portfolio Administrator will hold such Secured Property to the order of, or where the Security constituted by the Security Documents has become enforceable in accordance with the Terms and Conditions of the ETP Securities, for the benefit of, the Trustee. The Portfolio Administrator further acknowledges that the rights of the Issuer and the Portfolio Administrator in respect of the Secured Property are subject to the charges and assignments in favour of the Trustee created by or pursuant to the Trust Deed and the Security Documents in relation to such Series of ETP Securities.