Common use of Perfection of Accounts Clause in Contracts

Perfection of Accounts. Borrower hereby represents and warrants to Lender that: (a) This Agreement, together with the other Loan Documents, create a valid and continuing security interest (as defined in the Uniform Commercial Code) in the Subordinate Deposit Account and the Subaccounts in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Subordinate Deposit Account or any of the Subaccounts; (b) The Subordinate Deposit Account and the Subaccounts constitute “deposit accounts” or “securities accounts” within the meaning of the Uniform Commercial Code; and (c) None of the Subordinate Deposit Account or any of the Subaccounts are in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower has not consented to the Deposit Bank’s complying with instructions with respect to the Subordinate Deposit Account or any of the Subaccounts from any Person other than Lender.

Perfection of Accounts. Borrower hereby represents and warrants to Lender that: (a) This Agreement, together with the other Loan Documents, create a valid and continuing security interest (as defined in the Uniform Commercial Code) in the Senior Subordinate Deposit Account and the Subaccounts in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Senior Subordinate Deposit Account or any of the Subaccounts; (b) The Senior Subordinate Deposit Account and the Subaccounts constitute “deposit accounts” or “securities accounts” within the meaning of the Uniform Commercial Code; and (c) None of the Senior Subordinate Deposit Account or any of the Subaccounts are in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower has not consented to the Deposit Bank’s complying with instructions with respect to the Senior Subordinate Deposit Account or any of the Subaccounts from any Person other than Lender.

Perfection of Accounts. Borrower hereby represents and warrants to Lender that: (a) This Agreement, together with the other Loan Documents, create creates a valid and continuing security interest (as defined in the Uniform Commercial Code) in the Subordinate Deposit Account and the Subaccounts Accounts in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Subordinate Deposit Account or any of the SubaccountsAccounts; (b) The Subordinate Deposit Account and the Subaccounts Accounts constitute “deposit accounts” or “securities accounts” within the meaning of the Uniform Commercial Code; andand 35 Mezzanine Loan Agreement (c) None of the Subordinate Deposit Account or any of the Subaccounts Accounts are in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower has not consented to the Deposit Bank’s complying with instructions with respect to the Subordinate Deposit Account or any of the Subaccounts Accounts from any Person other than Lender.

Perfection of Accounts. Borrower hereby represents and warrants to Lender Lender‌ that: (a) This Agreement, together with the other Loan Documents, create creates a valid and continuing security interest (as defined in the Uniform Commercial Code) in the Subordinate Deposit Account and the Subaccounts Accounts in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Subordinate Deposit Account or any of the SubaccountsAccounts; (b) The Subordinate Deposit Account and the Subaccounts Accounts constitute “deposit accounts” or “securities accounts” within the meaning of the Uniform Commercial Code; and (c) None of the Subordinate Deposit Account or any of the Subaccounts Accounts are in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower has not consented to the Deposit Bank’s complying with instructions with respect to the Subordinate Deposit Account or any of the Subaccounts Accounts from any Person other than Lender.

Perfection of Accounts. Borrower hereby represents and warrants to Lender that: (a) This Agreement, together with the other Loan Documents, create a valid and continuing security interest (as defined in the Uniform Commercial Code) in the Junior Subordinate Deposit Account and the Subaccounts in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Junior Subordinate Deposit Account or any of the Subaccounts; (b) The Junior Subordinate Deposit Account and the Subaccounts constitute “deposit accounts” or “securities accounts” within the meaning of the Uniform Commercial Code; and (c) None of the Junior Subordinate Deposit Account or any of the Subaccounts are in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower has not consented to the Deposit Bank’s complying with instructions with respect to the Junior Subordinate Deposit Account or any of the Subaccounts from any Person other than Lender.