Common use of Security Interest in Accounts Receivable Clause in Contracts

Security Interest in Accounts Receivable. With respect to and to secure the Seller's obligation and duty hereunder to sell, assign, transfer and deliver to the Purchaser the Accounts Receivable and the Seller's guarantee to the Purchaser of payment of the Accounts Receivable as provided in Section 4.3 hereof, the Seller hereby grants to the Purchaser a security interest in all of the Seller's Accounts Receivable, and all cash and noncash proceeds thereof. At the Closing on the Closing Date, the Seller shall execute, acknowledge, seal and deliver such number of financing statements and in such form and substance as shall be required by the Purchaser to perfect its security interest in the Accounts Receivable ("Financing Statements").