Common use of Grant of Security Interest; Rights upon Default Clause in Contracts

Grant of Security Interest; Rights upon Default. (a) Each Borrower hereby pledges, assigns and grants a security interest to Lender, as security for payment of all sums due in respect of the Loan and the performance of all other terms, conditions and covenants of this Agreement and any other Loan Document on such Borrower’s part to be paid and performed, in all of such Borrower’s right, title and interest in and to the Mezzanine Loan Deposit Account, the Mezzanine Loan Holding Account and the Current Debt Service Reserve Account, together with the deposits therein, including all interest earned thereon and Permitted Investments held therein. No Borrower shall, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in the Mezzanine Loan Deposit Account, the Mezzanine Loan Holding Account or the Current Debt Service Reserve Account, or permit any Lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements or any other notice or instrument as may be required under the UCC, as appropriate, except those naming Lender as the secured party, to be filed with respect thereto.

Grant of Security Interest; Rights upon Default. (a) Each 9.6.1 Borrower hereby pledges, assigns and grants a security interest to Lender, as security for payment of all sums due in respect of the Loan and the performance of all other terms, conditions and covenants of this Agreement and any other Loan Document on such Borrower’s part to be paid and performed, in all of such Borrower’s right, title and interest in and to the Mezzanine Loan Deposit Rent Account, the Mezzanine Loan Holding Deposit Account and each Reserve Account (including, without limitation, the Current Debt Service Reserve Tax and Insurance Escrow Account), together with the deposits therein, including all interest earned thereon and Permitted Investments held therein. No Borrower shallshall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in the Mezzanine Loan Deposit Rent Account, the Mezzanine Loan Holding Deposit Account or any Reserve Account (including, without limitation, the Current Debt Service Reserve Tax and Insurance Escrow Account), or permit any Lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements or any other notice or instrument as may be required under the UCC, as appropriate, except those naming Lender as the secured party, to be filed with respect thereto.

Grant of Security Interest; Rights upon Default. (a) Each Borrower Obligor hereby pledges, assigns and grants a security interest to LenderLenders, as security for payment of all sums due in respect of the Loan and the performance of all other terms, conditions and covenants of this Agreement and any other Loan Document on such BorrowerObligor’s part to be paid and performed, in all of such BorrowerObligor’s right, title and interest in and to the Mezzanine Loan Deposit Account, the Mezzanine Loan Holding Account and each Reserve Account (including, without limitation, the Current Debt Service Reserve Tax and Insurance Escrow Account), together with the deposits therein, including all interest earned thereon and Permitted Investments all investments held therein. No Borrower shallObligor shall not, without obtaining the prior written consent of LenderAgent, further pledge, assign or grant any security interest in the Mezzanine Loan Deposit Account, the Mezzanine Loan Holding Account or any Reserve Account (including, without limitation, the Current Debt Service Reserve Tax and Insurance Escrow Account), or permit any Lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements or any other notice or instrument as may be required under the UCC, as appropriate, except those naming Lender Lenders as the secured party, to be filed with respect thereto.