Common use of Security Interest in Accounts Clause in Contracts

Security Interest in Accounts. You grant and assign us a security interest in each of the Accounts designated as an Account on the Sweep Service Form together with interest accruing, all proceeds and deposits to the Account(s), and all renewals, replacements and substitutions of any of such Account(s). Thus, you agree and acknowledge that Sweeps from an Account will not be deemed to be a violation of the one-action rule and that such withdrawal Sweeps shall not be deemed to be a waiver of any defaults that might exist under the Loan. Bank Control Account. This Agreement includes but is not limited to all Sweeps made by us from a Control Account set up by us as Lender including but not limited to the Asset Based Lending or other lending department of Bank, between you and us (“Bank Control Account”), and as such Bank Control Accounts, are included, on the Sweep Service Form, and in that case, also subject to the Bank Control Account Authorization Addendum hereto.