Common use of Notice of Security Interest Clause in Contracts

Notice of Security Interest. The Grantor, the Agent and the Depository Bank are entering into this Control Agreement to perfect, and to confirm the priority of, the Agent’s security interest in the Collateral. The Depository Bank acknowledges that this Control Agreement constitutes written notification to the Depository Bank of the Agent’s security interest in the Collateral. The Depository Bank agrees to promptly make all necessary entries or notations in its books and records to reflect the Agent’s security interest in the Collateral. The Depository Bank acknowledges that the Agent has control over the Pledged Account, all claims arising therefrom, all funds now or hereafter therein all amounts now or hereafter credited thereto and all Proceeds thereof.

Notice of Security Interest. The Grantor, the Administrative Agent and the Depository Bank are entering into this Control Agreement to perfect, and to confirm the priority of, the Administrative Agent’s 's security interest in the Collateral. The Depository Bank acknowledges that this Control Agreement constitutes written notification to the Depository Bank of the Administrative Agent’s 's security interest in the Collateral. The Depository Bank agrees to promptly make all necessary entries or notations in its books and records to reflect the Administrative Agent’s 's security interest in the Collateral. The Depository Bank acknowledges that the Administrative Agent has control over the Pledged Account, all claims arising therefrom, all funds now or hereafter therein all amounts now or hereafter credited thereto and all Proceeds thereof.