Priority of Secured Party’s Security Interest. (a) The Securities Intermediary subordinates in favor of the Secured Party 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 Secured Party’s Security Interest. (a) The Account Holder (i) subordinates to the Security Interest and in favor of the Secured Party any security interest, lien, or right of recoupment or setoff that the Account Holder may have, now or in the future, against any Account or property (including, without limitation, any funds and financial assets) credited to any Account, and (ii) agrees that it will not exercise any right in respect of any such security interest or lien or any such right of recoupment or setoff until the Security Interest is terminated, except that the Account Holder (A) will retain its prior security interest and lien on property credited to any Account, (B) may exercise any right in respect of such security interest or lien, and (C) may exercise any right of recoupment or setoff against any Account, in the case of clauses (A), (B) and (C) above, to secure or to satisfy, and only to secure or to satisfy, payment (x) for such property, (y) for its customary fees and expenses for the routine maintenance and operation of such Account, and (z) if such Account is a deposit account, for the face amount of any items that have been credited to such Account but are subsequently returned unpaid because of uncollected or insufficient funds.
Priority of Secured Party’s Security Interest. The Bank subordinates in favor of the Secured Party any interest, lien or right of setoff it may have, now or in the future, against the Account or assets in the Account; provided, however, that, subject to the foregoing, the Bank may set off all amounts due to it in respect of its expenses (including without limitation the payment of any legal fees or expenses).
Priority of Secured Party’s Security Interest. (a) The Depository Bank (i) subordinates in favor of the Secured Party any security interest, lien, or right of recoupment or setoff or other claim that the Depository Bank may have, now or in the future, against the Account or any funds credited to the Account, and (ii) agrees that it will not exercise any right in respect of any such security interest or lien or any such right of recoupment or setoff or other claim until the Security Interest is terminated, except that the Depository Bank (A) will retain its prior security interest and lien on funds credited to the Account, (B) may exercise any right in respect of such security interest or lien, and (C) may exercise any right of recoupment or setoff against the Account, in the case of clauses (A), (B) and (C) above, to secure or to satisfy, and only to secure or to satisfy, payment of (y) its customary fees and expenses for the routine maintenance and operation of the Account, and (z) the face amount of any items that have been credited to the Account but are subsequently returned unpaid because of uncollected or insufficient funds.
Priority of Secured Party’s Security Interest. Securities Intermediary subordinates in favor of Secured Party any security interest, lien, or right of setoff it may have, now or in the future, against the Investment Account or property in the Investment Account, except that Securities Intermediary will retain its prior lien on property in the Investment Account to secure payment for property purchased for the Investment Account and normal commissions, charges and fees for the Investment Account. Notwithstanding anything to the contrary contained in this Agreement or any Entitlement Order from Secured Party, Securities Intermediary may apply proceeds of the account to the satisfaction of an obligation owed to it with respect to commissions, fees, charges and payments described in the immediately preceding sentence of this Section 3.
Priority of Secured Party’s Security Interest. Securities Intermediary subordinates in favor of Secured Party any security interest, lien or right of setoff it may have, now or in the future, against the Account or property in the Account, provided that Securities Intermediary will retain its prior lien on property in the Account pursuant to, and to the full extent provided in, the Custody Account to secure payment and/or reimbursement including, without limitation, for property purchased for the Account commissions, and Custodian’s fees for the Account and reimbursement for advances of funds or securities to the Account. Securities Intermediary will not agree with any third party that Securities Intermediary will comply with Entitlement Orders originated by such third party.
Priority of Secured Party’s Security Interest. (a) The Account Holder (i) subordinates to the Security Interest and in favor of the Secured Party any security interest, lien, or right of recoupment or setoff that the Account Holder may have, now or in the future, against the Account or property (including, without limitation, any funds) credited to the Account, and (ii) agrees that it will not exercise any right in respect of any such security interest or lien or any such right of recoupment or setoff until the Security Interest is terminated, except that the Account Holder may exercise any right of recoupment or setoff against the Account to secure or to satisfy, and only to secure or to satisfy, payment for amounts owed to it in connection with the maintenance and operation of such Account as set forth on that certain “Account Holder Services Fee Schedule” attached hereto as Schedule I and for the face amount of any items that have been credited to such Account but are subsequently returned unpaid because of uncollected or insufficient funds.
