Common use of Ownership of Collateral; Security Interest; Perfection and Priority Clause in Contracts

Ownership of Collateral; Security Interest; Perfection and Priority. Except as specifically set forth in Section 2.3.3 of the Disbursement Agreement, Pledgor is (or at the time of transfer thereof to Securities Intermediary will be) the legal and beneficial owner of the Collateral from time to time transferred by Pledgor to Securities Intermediary, as agent for Secured Party, free and clear of any Lien except for the security interest created by this Agreement and the security interest created by the Local Second Mortgage Notes Collateral Account Agreement. The pledge and assignment of the Collateral pursuant to this Agreement creates a valid security interest in the Collateral securing the Payment of the Secured Obligations. Assuming compliance by Securities Intermediary with this Agreement, Secured Party will have a perfected security interest in the Collateral senior in priority to any other security interest created by Pledgor.

Appears in 2 contracts

Samples: Master Disbursement Agreement (Wynn Resorts LTD), Master Disbursement Agreement (Wynn Resorts LTD)

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Ownership of Collateral; Security Interest; Perfection and Priority. Except as specifically set forth in Section 2.3.3 of the Disbursement Agreement, Pledgor is (or at the time of transfer thereof to Securities Intermediary will be) the legal and beneficial owner of the Collateral from time to time transferred by Pledgor for the benefit of Pledgor to Securities Intermediary, as agent for Secured Party, free and clear of any Lien except for the security interest created by this Agreement and the security interest created by the Local Second Mortgage Notes Collateral Third-Party Account Agreement. The pledge and assignment of the Collateral pursuant to this Agreement and the Third-Party Account Agreement creates a valid security interest in the Collateral securing the Payment of the Secured Obligations. Assuming compliance by Securities Intermediary with this the Third-Party Account Agreement, Secured Party will have a perfected security interest in the Collateral Accounts senior in priority to any other security interest created by Pledgor.

Appears in 1 contract

Samples: Completion Guaranty Collateral Account Agreement (Grand Canal Shops Mall Construction LLC)

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Ownership of Collateral; Security Interest; Perfection and Priority. Except as specifically set forth in Section 2.3.3 [] of the Disbursement Agreement, Pledgor is (or at the time of transfer thereof to Securities Intermediary will be) the legal and beneficial owner of the Collateral from time to time transferred by Pledgor to Securities Intermediary, as agent for Secured Party, free and clear of any Lien except for the security interest created by this Agreement and the security interest created by the Local Second Mortgage Notes Collateral Account Agreement. The pledge and assignment of the Collateral pursuant to this Agreement creates a valid security interest in the Collateral securing the Payment of the Secured Obligations. Assuming compliance by Securities Intermediary with this Agreement, Secured Party will have a perfected security interest in the Collateral senior in priority to any other security interest created by Pledgor.

Appears in 1 contract

Samples: Master Disbursement Agreement (Wynn Las Vegas LLC)

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