Common use of Pledge and Assignment of Security Clause in Contracts

Pledge and Assignment of Security. As security for the payment and performance of all obligations and liabilities of Applicant to Bank in respect of any commercial Credit or any related LOI issued hereunder (if any) and under this Agreement, Applicant hereby grants to Bank a continuing lien and security interest in all of Applicant’s right, title and interest in, to and under all Property, including any goods and documents which have been or at any time shall be delivered to, received by or otherwise come into the possession or control of Bank, its correspondents or Applicant in connection with such Credit. As used herein, “Property” means, in respect of any commercial Credit, any and all right, title and interest of Applicant in any goods and documents relating to or presented under such Credit, and any identifiable proceeds thereof.