Common use of Security Interest and Rights Respecting Collateral Clause in Contracts

Security Interest and Rights Respecting Collateral. Except to the extent proscribed by Applicable Law not subject to waiver, all Contracts, cash, securities, and/or any other property of Customer whatsoever (collectively, the "Collateral") at any time held by Xxxxxx Xxxxxxx or its affiliates, or carried by others for the Account, hereby are pledged to Xxxxxx Xxxxxxx and shall be subject to a general lien and security interest in Xxxxxx Xxxxxxx'x favor to secure any indebtedness or other amounts, obligations and/or liabilities at any time owing from Customer to Xxxxxx Xxxxxxx (collectively, the "Customer's Liabilities"). Customer hereby grants Xxxxxx Xxxxxxx the right to borrow, pledge, repledge, hypothecate, rehypothecate, loan or invest any of the Collateral held by Xxxxxx Xxxxxxx, including utilizing the Collateral to purchase United States Government Treasury obligations pursuant to repurchase agreements or reverse repurchase agreements with any party, in each case without notice to Customer and without any obligation to pay or to account to Customer for any interest, income or benefit that may be derived therefrom. The rights of Xxxxxx Xxxxxxx set forth above shall be qualified by any applicable requirements for segregation of customers' property under Applicable Law. Xxxxxx Xxxxxxx commits to Customer that Xxxxxx Xxxxxxx will not issue a Notice of Exclusive Control under the Control Agreement between Xxxxxx Xxxxxxx and DWR unless Xxxxxx Xxxxxxx determines there is a default under this Agreement.

Security Interest and Rights Respecting Collateral. Except to the extent proscribed by Applicable Law not subject to waiver, all Contracts, cash, securities, and/or any other property of Customer whatsoever (collectively, the "Collateral") at any time held by Xxxxxx Xxxxxxx or its affiliates, or carried by others for the Account, hereby are pledged to Xxxxxx Xxxxxxx and shall be subject to a general lien and security interest in Xxxxxx Xxxxxxx'x favor to secure any indebtedness or other amounts, obligations and/or liabilities at any time owing from Customer to Xxxxxx Xxxxxxx (collectively, the "Customer's Liabilities"). Customer hereby grants Xxxxxx Xxxxxxx the right to borrow, pledge, repledge, hypothecate, rehypothecate, loan or invest any of the Collateral held by Xxxxxx XxxxxxxCollateral, including utilizing the Collateral to purchase United States Government Treasury obligations pursuant to repurchase agreements or reverse repurchase agreements with any party, in each case without notice to Customer and without any obligation to pay or to account to Customer for any interest, income or benefit that may be derived therefrom, except to the extent set forth in Section 3 hereof. The rights of Xxxxxx Xxxxxxx set forth above shall be qualified by any applicable requirements for segregation of customersCustomers' property under Applicable Law. Xxxxxx Xxxxxxx commits to Customer that Xxxxxx Xxxxxxx will not issue a Notice of Exclusive Control under the Control Agreement between Xxxxxx Xxxxxxx and DWR unless Xxxxxx Xxxxxxx determines there is a default under this Agreement.