Common use of Notice of Security Interest Clause in Contracts

Notice of Security Interest. The Grantor, the Agent and the Broker are entering into this Control Agreement to perfect, and to confirm the priority of, the Agent’s security interest in the Collateral. The Broker acknowledges that this Control Agreement constitutes written notification to the Broker of the Agent’s security interest in the Collateral. The Broker 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 Broker acknowledges that the Agent has control over the Pledged Account, all Financial Assets contained therein from time to time, and all Security Entitlements with respect thereto.