Common use of Conveyance and Security Interest Clause in Contracts

Conveyance and Security Interest. To secure the Obligations, each Borrower hereby assigns and transfers to Administrative Agent, and grants to Administrative Agent a security interest in, all of such Borrower’s right, title and interest, but not its obligations, duties or liabilities for any breach, in, under and to the Swap Contract, any and all amounts received by such Borrower in connection therewith or to which Borrower is entitled thereunder, and all proceeds of the foregoing. All amounts payable to any Borrower under the Swap Contract in which Administrative Agent is the Swap Counterparty shall be credited to Borrower’s Checking Account (or other account designated by Borrower) in accordance with clause (e) of Paragraph 6, below (except upon the occurrence and during the continuance of a Default, in which event Administrative Agent shall not be obligated to credit the same).

Conveyance and Security Interest. To secure the Obligations, each Borrower hereby assigns and transfers to Administrative Agent, and grants to Administrative Agent a security interest in, all of such Borrower’s right, title and interest, but not its obligations, duties or liabilities for any breach, in, under and to the Swap Contract, any and all amounts received by such Borrower in connection therewith or to which Borrower is entitled thereunder, and all proceeds of the foregoing. All amounts payable to any Borrower under the Swap Contract in which Administrative Agent is the Swap Counterparty shall be credited to Borrower’s Checking Account (or other account designated by Borrower) in accordance with clause (e) of Paragraph 6, below (except upon the occurrence and during the continuance of a Default, in which event Administrative Agent shall not be obligated to credit the same).