Common use of Escrow as Security Clause in Contracts

Escrow as Security. The Escrow established herein shall be deemed Cash Collateral for the sole and exclusive benefit of the Township, as that term is applied in Federal Bankruptcy Law proceedings. This instrument shall be deemed a Security Agreement creating a first-lien security interest in favor of the Township in the Escrow under the Uniform Commercial Code.

Escrow as Security. The Escrow established herein shall be deemed Cash Collateral for the sole and exclusive benefit of the TownshipTOWNSHIP, as that term is applied in Federal Bankruptcy Law proceedings. This instrument shall also be deemed a Security security Agreement creating a first-lien security interest in favor of the Township TOWNSHIP in the Escrow under the Uniform Commercial Code.