Common use of Primary Depository Clause in Contracts

Primary Depository. Each of Borrower and each of its Subsidiaries shall maintain its primary operating depository accounts with Bank or, in the alternative, if it elects to maintain them with another Person, Borrower or any Subsidiary shall grant to Bank a perfected, first priority security interest in its primary depository and operating accounts maintained by it with such other Person. The security interest in any deposit and operating accounts with another Person shall secure the Obligations and the same shall be evidenced by such security documents as Bank and its counsel deem necessary or appropriate, in their discretion.

Primary Depository. Each of Borrower and each of its Subsidiaries shall maintain its primary operating depository accounts with Bank or, in the alternative, if it elects to maintain them with another Personperson, Borrower or any Subsidiary shall grant to Bank a perfected, first priority security interest in its primary depository and operating accounts maintained by it with such other Personperson. The security interest in any deposit and operating accounts with another Person person shall secure the Obligations and the same shall be evidenced by such security documents as Bank and its counsel deem necessary or appropriate, in their discretion.