General Lien; Delivery of Collateral. Client hereby grants a first priority perfected security interest in, and right of setoff against, all securities and other property, and the proceeds thereof, and all obligations, whether or not due, which are held, carried or maintained by GS or in the possession or control of GS or which are, or may become, due to Client (either individually or jointly with others or in which Client has any interest) and all rights Client may have against GS (including all Client’s rights, title or interest in, to or under, any agreement or contract with GS) as security for the performance of all Client’s obligations to GS. Client shall execute such documents and take such other action as GS shall reasonably request in order to perfect GS’ rights with respect to any such securities and other property. In addition, Client appoints GS as Client’s attorney-in-fact to act on Client’s behalf to sign, seal, execute and deliver all documents, and do all acts, as may be required, or as GS shall determine to be advisable, to perfect the security interests created hereunder in, to provide for GS control of, or to realize upon any rights of GS in, any or all of the securities and other property. Client further agrees that GS may, in its discretion at any time and from time to time, require Client to deliver collateral to margin and secure Client’s performance of any obligations to GS. Such collateral shall be delivered, upon demand, in such amount and form and to such account or recipient as GS shall specify. GS may, in its discretion and without notice to Client, deduct any amounts from Client’s Account and apply or transfer any of Client’s securities and other property interchangeably between any accounts in which Client has an interest, each of which constitutes unconditional security for all obligations of Client. With respect to securities and other property pledged principally to secure obligations under an agreement with GS, GS shall have the right, but in no event the obligation, to apply all or any portion of such securities or other property to Client’s obligations to GS under any other agreement. Under no circumstances shall any securities or other property pledged principally to secure obligations to GS under an agreement with Client be required to be applied or transferred to secure other obligations to GS or to be released if GS determines that subsequent to such transfer GS would be undersecured with respect to any obligations of Client (whether or not contingent or...
General Lien; Delivery of Collateral. Client agrees that all securities and other property, and the proceeds thereof, and any other obligations, whether or not due, which you or any of your affiliates may hold for Client or which are, or may become, due to Client (either individually or jointly with others or in which Client has any interest) and all rights Client may have against you or any of your affiliates shall be subject to a general lien, security interest and right of set-off for the discharge of all Client's obligations to you or any of your affiliates. Client further agrees that you may, in your discretion at any time and from time to time, require Client to deliver collateral to margin and secure Client's performance of obligations to you and your affiliates with respect to spot, forward, option, swap and other transactions involving or relating to foreign exchange. Such collateral shall be delivered, within one business day of your request, in such amount and form and to such account or recipient as you shall specify. You may, in your discretion and without notice to Client, deduct any amounts from Client's account and apply or transfer any of Client's securities and other property interchangeably between any of Client's accounts, each of which unreservedly guarantees all obligations of Client. Client acknowledges that you and each of your affiliates act as agents for each other in respect of the rights subject to lien as described above.
General Lien; Delivery of Collateral. Client hereby grants a continuing first priority perfected security interest in, lien in and right to net and setotf against, all Collateral as security for the performance of all of Client’s Obligations to Pershing. Client shall execute such documents and take such other action as Pershing shall request in order to perfect Pershing’s rights with respect to any such Collateral. In addition, Client appoints Pershing as Client’s attorney-in-fact to act on Client’s behalf to sign, seal, execute and deliver all documents, and do all acts, as may be required, or as Pershing shall determine to be advisable, to perfect the security interests created hereunder in, to provide for Pershing control of, or to realize upon any rights of Pershing in, any or all of the Collateral. Client further agrees that Pershing may, in its sole discretion at any time, require Client to make a payment of Margin or deliver Collateral and secure Client’s performance of any obligations to Pershing. Such payment of Margin or delivery of Collateral shall be, in such amount and form and to such account or recipient as Pershing shall specify, in accordance with On Demand requirements. All Collateral delivered to Pershing shall be free and clear of all prior liens, claims and encumbrances and Client will not cause or allow any of the Collateral to be subject to any adverse claims, liens, security interests, mortgages or encumbrances of any nature (other than solely in Pershing’s favor). The security interest, lien and right of set-otf granted herein shall
General Lien; Delivery of Collateral. In the fourth line of Section 3, delete the words "by GS" and replace them with the words "in the Special Custody Account on behalf of GS&Co." In lines 5-7 of Section 3, delete the phrase "and all rights Client may have against GS" and replace with "and all of Client's rights to or under any agreement with GS".
