Common use of Priority of Collateral Trustee’s Security Interest Clause in Contracts

Priority of Collateral Trustee’s Security Interest. (a) The Securities Intermediary subordinates in favor of the Collateral Trustee any security interest, lien, or right of setoff it may have, now or in the future, against the Account or property in the Account, except that the Securities Intermediary will retain its prior lien on property in the Account to secure payment for property purchased for the Account and normal commissions and fees for the Account.

Priority of Collateral Trustee’s Security Interest. (a) The Securities Commodity Intermediary subordinates in favor of the Collateral Trustee any security interest, lien, or right of setoff it may have, now or in the future, against the Account or property commodity contracts carried in the Account, except that the Securities Commodity Intermediary will retain its prior lien on property commodity contracts in the Account to secure payment for property commodity contracts purchased for the Account and normal commissions and fees for the Account.

Priority of Collateral Trustee’s Security Interest. (ai) The Securities Intermediary subordinates in favor of the Collateral Trustee any security interest, lien, or right of setoff it may have, now or in the future, against the Account or property in the Account, except that the Securities Intermediary will retain its prior lien on property in the Account to secure payment for property purchased for the Account and normal commissions and fees for the Account.