Excess Proceeds. The Guarantor, by way of security for the performance, payment and discharge of the Secured Obligations, subject to Article 3 (Release of Charged Property), hereby grants to the Bond Trustee a first priority security interest in all of its right, title, interest and benefit, present and future in, to and under any Excess Proceeds received by the Bond Trustee pursuant to the Trust Deed.
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Sources: Security Agreement (Scotiabank Covered Bond Guarantor Limited Partnership), Security Agreement (Bank of Nova Scotia /)