Common use of SECURITY INTERESTS IN THE LESSEE ACCOUNTS Clause in Contracts

SECURITY INTERESTS IN THE LESSEE ACCOUNTS. In order to secure the payment of the Obligations, and the performance and observance by the Facility Lessee of all of its covenants, agreements and obligations to the Secured Parties under the Transaction Documents, the Facility Lessee hereby pledges and assigns to the Collateral Agent, and hereby grants in favor of the Collateral Agent for the ratable benefit of the Secured Parties, a security interest in all of the Facility Lessee's right, title and interest, whether now owned or hereafter acquired and whether now existing or hereafter coming into existence, in, to and under (i) all Revenues, (ii) the Revenue Account, the Senior Rent Payment Account, the Recovery Event Proceeds Account, the Equity Account and all cash, cash equivalents, instruments, investments and other securities on deposit therein, (iii) all security entitlements with respect to any and/or all of the foregoing and all Proceeds of the foregoing. All Accounts (other than the Operating Account) and all cash, cash equivalents, instruments, investments and other securities on deposit therein and security entitlements with respect thereto shall, subject to the provisions of this Agreement, be subject to the exclusive dominion and control of the Collateral Agent, and the Collateral Agent shall have the sole and exclusive right to withdraw or order a transfer of funds from such Accounts, and the Facility Lessee hereby irrevocably appoints the Collateral Agent as its true and lawful attorney, with full power of substitution, for the purpose of making any such withdrawal or ordering any such transfer of funds from any such Account, which appointment is coupled with an interest and is irrevocable. The Facility Lessee shall not have any rights or powers with respect to any amounts in any of the Accounts (other than the Operating Account) or any part thereof except (i) as provided in the Investments section of this Security Deposit Agreement, (ii) the right to have such amounts applied in accordance with the provisions of this Security Deposit Agreement, and (iii) the right described in Section 4.7(b)(ii).

Appears in 1 contract

Samples: Security Deposit Agreement (Eme Homer City Generation Lp)

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SECURITY INTERESTS IN THE LESSEE ACCOUNTS. In order to secure the payment of the Obligations, and the performance and observance by the Facility Lessee of all of its covenants, agreements and obligations to the Secured Parties under the Transaction Documents, the Facility Lessee hereby pledges and assigns to the Collateral Agent, and hereby grants in favor of the Collateral Agent for the ratable benefit of the Secured Parties, a security interest in all of the Facility Lessee's right, title and interest, whether now owned or hereafter acquired and whether now existing or hereafter coming into existence, in, to and under (i) all Revenues, (ii) the Revenue Account, the Senior Rent Payment Account, the Recovery Event Proceeds Account, the Equity Account and all cash, cash equivalents, instruments, investments and other securities on deposit therein, (iii) all security entitlements with respect to any and/or all of the foregoing and all Proceeds of the foregoing. All Accounts (other than the Operating Account) and all cash, cash equivalents, instruments, investments and other securities on deposit therein and security entitlements with respect thereto shall, subject to the provisions of this Agreement, be subject to the exclusive dominion and control of the Collateral Agent, and the Collateral Agent shall have the sole and exclusive right to withdraw or order a transfer of funds from such Accounts, and the Facility Lessee hereby irrevocably appoints the Collateral Agent as its true and lawful attorney, with full power of substitution, for the purpose of making any such withdrawal or ordering any such transfer of funds from any such Account, which appointment is coupled with an interest and is irrevocable. The Facility Lessee shall not have any rights or powers with respect to any amounts in any of the Accounts (other than the Operating Account) or any part thereof except (i) as provided in the Investments section of this Security Deposit Agreement, (ii) the right to have such amounts applied in accordance with the provisions of this Security Deposit Agreement, and (iii) the right described in Section 4.7(b)(ii4.6(b)(ii).

Appears in 1 contract

Samples: Security Deposit Agreement (Eme Homer City Generation Lp)

SECURITY INTERESTS IN THE LESSEE ACCOUNTS. In order to secure the payment of the Obligations, and the performance and observance by the Facility Lessee of all of its covenants, agreements and obligations to the Secured Parties under the Transaction Documents, the Facility Lessee hereby pledges and assigns to the Collateral Agent, and hereby grants in favor of the Collateral Agent for the ratable benefit of the Secured Parties, a security interest in all of the Facility Lessee's right, title and interest, whether now owned or hereafter acquired and whether now existing or hereafter coming into existence, in, to and under (i) all Revenues, (ii) the Revenue Account, the Senior Rent Payment Account, the Recovery Event Proceeds Account, the Equity Account and all cash, cash SECURITY DEPOSIT AGREEMENT -------------------------- equivalents, instruments, investments and other securities on deposit therein, (iii) all security entitlements with respect to any and/or all of the foregoing and all Proceeds of the foregoing. All Accounts (other than the Operating Account) and all cash, cash equivalents, instruments, investments and other securities on deposit therein and security entitlements with respect thereto shall, subject to the provisions of this Agreement, be subject to the exclusive dominion and control of the Collateral Agent, and the Collateral Agent shall have the sole and exclusive right to withdraw or order a transfer of funds from such Accounts, and the Facility Lessee hereby irrevocably appoints the Collateral Agent as its true and lawful attorney, with full power of substitution, for the purpose of making any such withdrawal or ordering any such transfer of funds from any such Account, which appointment is coupled with an interest and is irrevocable. The Facility Lessee shall not have any rights or powers with respect to any amounts in any of the Accounts (other than the Operating Account) or any part thereof except (i) as provided in the Investments section of this Security Deposit Agreement, (ii) the right to have such amounts applied in accordance with the provisions of this Security Deposit Agreement, and (iii) the right described in Section 4.7(b)(ii).

Appears in 1 contract

Samples: Security Deposit Agreement (Eme Homer City Generation Lp)

SECURITY INTERESTS IN THE LESSEE ACCOUNTS. In order to secure the payment of the Obligations, and the performance and observance by the Facility Lessee of all of its covenants, agreements and obligations to the Secured Parties under the Transaction Financing Documents, the Facility Lessee hereby pledges and assigns to the Collateral Agent, and hereby grants creates in favor of the Collateral Agent for the ratable benefit of the Secured Parties, a security interest in all of the Facility Lessee's right, title and interest, whether now owned or hereafter acquired and whether now existing or hereafter coming into existence, in, to and under (i) this Agreement and in and to all Revenues, (ii) Revenues and the Revenue Account, the Senior Rent Payment Account, the Recovery Event Proceeds Account, the Equity Account and all cash, cash equivalents, instruments, investments and other securities on deposit therein, (iii) all security entitlements with respect to any and/or all of the foregoing therein and all Proceeds of the foregoing. All Accounts (other than the Operating Account) and all cash, cash equivalents, instruments, investments and other securities on deposit therein and security entitlements with respect thereto shall, subject to the provisions of this Agreement, be subject to the exclusive dominion and control of the Collateral Agent, and the Collateral Agent shall have the sole and exclusive right to withdraw or order a transfer of funds from such Accounts, and the Facility Lessee hereby irrevocably appoints the Collateral Agent as its true and lawful attorney, with full power of substitution, for the purpose of making any such withdrawal or ordering any such transfer of funds from any such Account, which appointment is coupled with an interest and is irrevocable. The Facility Lessee shall not have any rights or powers with respect to any amounts in any of the Accounts (other than the Operating Account) or any part thereof except (i) as provided in the Investments section of this Security Deposit Agreement, Agreement and (ii) the right to have such amounts applied in accordance with the provisions of this Security Deposit Agreement, and (iii) the right described in Section 4.7(b)(ii).

Appears in 1 contract

Samples: Security Deposit Agreement (Eme Homer City Generation Lp)

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SECURITY INTERESTS IN THE LESSEE ACCOUNTS. In order to secure the payment of the Obligations, and the performance and observance by the Facility Lessee of all of its covenants, agreements and obligations to the Secured Parties under the Transaction Documents, the Facility Lessee hereby pledges and assigns to the Collateral Agent, and hereby grants in favor of the Collateral Agent for the ratable benefit of the Secured Parties, a security interest in all of the Facility Lessee's right, title and interest, whether now owned or hereafter acquired and whether now existing or hereafter coming into existence, in, to and under (i) all Revenues, (ii) the Revenue Account, the Senior Rent Payment Account, the Recovery Event Proceeds Account, the Equity Account and all cash, cash equivalents, instruments, investments and other securities on deposit therein, (iii) all security entitlements with respect to any and/or all of the foregoing and all Proceeds of the foregoing. All Accounts (other than the Operating Account) and all cash, cash equivalents, instruments, investments and other securities on deposit therein and security entitlements with respect thereto shall, subject to the provisions of this Agreement, be subject to the exclusive dominion and control of the Collateral Agent, and the Collateral Agent shall have the sole and exclusive right to withdraw or order a transfer of funds from such Accounts, and the Facility Lessee hereby irrevocably appoints the Collateral Agent as its true and lawful attorney, with full power of substitution, for the purpose of making any such withdrawal or ordering any such transfer of funds from any such Account, which appointment is coupled with an interest and is irrevocable. The Facility Lessee shall not have any rights or powers with respect to any amounts in any of the Accounts (other than the Operating Account) or any part thereof except (i) as provided in the Investments section of this Security Deposit Agreement, Agreement and (ii) the right to have such amounts applied in accordance with the provisions of this Security Deposit Agreement, and (iii) the right described in Section 4.7(b)(ii).

Appears in 1 contract

Samples: Security Deposit Agreement (Eme Homer City Generation Lp)

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