Common use of Security Interest in Letter of Credit Account Clause in Contracts

Security Interest in Letter of Credit Account. The Loan Parties hereby assign and pledge to the Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant to the Agent, for its benefit and for the ratable benefit of the Lenders, a first priority security interest, senior to all other Liens, if any, in all of the Loan Parties’ right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, and shall be released to the Borrower only as described in clause (ii)(y) of Section 2.03(k).

Security Interest in Letter of Credit Account. The Loan Parties Borrowers hereby assign and pledge to the Agent, for its benefit and for the ratable benefit of the LendersBanks, and hereby grant to the Agent, for its benefit and for the ratable benefit of the LendersBanks, a first priority security interest, senior to all other Liens, if any, in all of the Loan Parties’ Borrowers' right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, Borrowers and shall be released to the Borrower only Borrowers as described in clause (ii)(y) of Section 2.03(k2.02(b).

Security Interest in Letter of Credit Account. The Loan Parties hereby assign and pledge to the Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant to the Agent, for its benefit and for the ratable benefit of the Lenders, a first priority security interest, senior to all other Liens, if any, in all of the Loan Parties’ right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, and shall be released to the Borrower only as described in clause (ii)(y) of Section 2.03(k2.02(k).