Security Interest; Control Sample Clauses
The 'Security Interest; Control' clause establishes the lender's legal right to claim specific assets as collateral in the event of a borrower's default, and outlines the mechanisms by which the lender maintains authority over those assets. Typically, this clause details how the lender obtains and perfects a security interest, such as by taking possession of physical collateral or gaining control over deposit or securities accounts. By clearly defining the lender's control and rights over collateral, the clause ensures the lender's interests are protected and prioritized, thereby reducing the risk of loss if the borrower fails to meet their obligations.
Security Interest; Control. In order to secure the performance by Borrower of all of its covenants, agreements and obligations under the Credit Agreement and the other Credit Documents and the payment and performance by Borrower of all Obligations, this Agreement is intended to create, and Borrower hereby pledges to and creates in favor of Administrative Agent, for the benefit of the Banks, a security interest in and to, the Accounts, all cash, cash equivalents, instruments, investments and other securities at any time on deposit in the Accounts, and all proceeds of any of the foregoing (collectively, the "Collateral"). All moneys, cash equivalents, instruments, investments and securities at any time on deposit in any of the Accounts shall constitute collateral security for the payment and performance by Borrower of the Obligations, and shall at all times be subject to the control of Administrative Agent, acting through Depositary Agent in respect of the Accounts and shall be held in the custody of Depositary Agent in trust for the purposes of, and on the terms set forth in, this Agreement.
Security Interest; Control. Depositor hereby grants a security interest and lien to, and control in favor of, Factor in the Limited Access Lockbox Account and Lockbox. This Agreement constitutes notice to Bank of Factor’s security interest and lien in (a) the Lockbox and the Limited Access Lockbox Account; (b) all contract rights and claims in respect of the Lockbox and the Limited Access Lockbox Account; and, (c) all cash, checks, money orders and other items of value payable to Depositor now or hereafter paid, deposited, credited, held (whether for collection, provisionally or otherwise) or otherwise in the possession or under the control of Bank or any agent, bailee or custodian of Bank, including, without limitation, contained or deposited into the Lockbox or the Limited Access Lockbox Account, and all proceeds of the foregoing (collectively, “Receipts”). Without limiting the forgoing, but subject to Section 7, as collateral security for the payment of all obligations and liabilities of Depositor to Factor, Depositor hereby assigns, pledges and transfers to and grants exclusive control over to Factor all of Depositor’s rights, title and interest in and to the Limited Access Lockbox Account and the Lockbox, and all sums now or hereafter on deposit in or payable or withdrawable from the Limited Access Lockbox Account, and/or the Lockbox, and any interest accrued or payable thereon, and grants to Factor a security interest therein. Bank acknowledges that this Agreement constitutes notice of Factor’s security interest in the Limited Access Lockbox Account, the Lockbox and the Receipts and the proceeds thereof and that this Agreement is a control agreement for the purpose of perfecting Factor’s security interest in the Limited Access Lockbox Account. Subject to Section 7, Depositor hereby agrees that Bank, on behalf of Factor, shall be entitled to exercise, upon the written instructions of Factor, any and all rights that Factor may have under its loan documents with Depositor or under applicable law with respect to the Lockbox, the Limited Access Lockbox Account, and all Receipts and the proceeds thereof. Subject to Section 7, Depositor hereby authorizes and irrevocably appoints Factor as Depositor’s attorney-in-fact. Subject to Section 7, Factor may take any action which Factor deems necessary or appropriate to preserve or protect Factor’s assignment of, pledge of, and security interest in and control of the Limited Access Lockbox Account and the Lockbox, including, without limitatio...
Security Interest; Control. The Borrower hereby assigns to the Administrative Agent, for the benefit of the Lenders, and grants the Administrative Agent, for the benefit of the Lenders, a first priority security interest in and to each of the Reserves and all amounts contained or held therein, and the Reserves shall constitute additional collateral for the Indebtedness and the Administrative Agent, for the benefit of the Lenders, shall have a perfected security interest in each of the Reserves. The Borrower shall execute and/or authorize, as applicable, any and all documents and financing statements that the Administrative Agent may require in connection with the security interest granted hereby. The Borrower, the Servicer, and the Administrative Agent intend that the Servicer, as servicer for the Administrative Agent, is hereby establishing “control” of the Reserves on the Administrative Agent’s behalf (within the meaning of the UCC). The Borrower shall have no right to instruct the Bank, the Administrative Agent, [LOAN AGREEMENT] Voya Loan No. 30340 any Lender, or the Servicer with respect to any Reserve. The Borrower hereby agrees to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees, costs, and expenses, incurred by the Administrative Agent, each Lender, by any Draw Review Firm and/or by the Servicer in connection with the enforcement or realization of the security provided for in this Section 6.13.