Borrower represents and warrants to the lender that. (a) The Borrower is the sole legal and beneficial owner of the Receivables and no lien, encumbrance or charge whatsoever exist or will exist upon the Receivables and also on all other monies lying in the Designated Account at any time (and no right or option to acquire the same exists in favour of any other person), and the security interest created in favour of the Lender on the Receivables and all other monies lying in the Designated Account constitutes a exclusive first security interest in favour of the Lender.
Appears in 5 contracts
Samples: Trust and Retention Account Agreement, Trust and Retention Account Agreement, Trust and Retention Account Agreement
