Common use of Pledge and Assignment of Security Clause in Contracts

Pledge and Assignment of Security. (a) As security for the payment and performance of all obligations and liabilities of Applicant to Bank in respect of any and all Credits issued hereunder (if any) and under this Agreement, whether matured or unmatured, absolute or contingent, now existing or hereafter incurred (“Obligations”), Applicant hereby grants to Bank a continuing lien and security interest in, and pledges and assigns to Bank all of Applicant’s present and future right, title and interest in, to and under all of the following property (whether now existing or hereafter created or acquired): (i) the balance of all deposit accounts and all securities accounts with any office of Bank wherever located, (“Deposit Accounts” and “Securities Accounts”, as the case may be), and any other claims of Applicant against Bank; (ii) all Property which has been or at any time shall be delivered to or otherwise come into the possession, custody or control of any office of Bank or any correspondent (which shall be deemed a collateral agent or a bailee of Bank for the purpose of perfecting a security interest in the Property) for any purpose, whether or not for the express purpose of being used by any such entity as collateral security or for safekeeping, custody, pledge, transmission or otherwise; (iii) all Property received or receivable by Bank or its correspondents under or in connection with each Credit; (iv) all Property received or receivable by Applicant in connection with the transaction underlying each Credit; (v) all present and future claims and rights of Applicant against any beneficiary of any Credit arising in connection with such Credit or the transaction underlying such Credit; and (vi) all products and proceeds of the foregoing (collectively, the “Collateral”).

Pledge and Assignment of Security. (a) As security for the payment and performance of any and all obligations and liabilities of Applicant to Bank Issuer in respect of any and all Credits issued hereunder (if any) the Credit and under this Agreement, whether matured or unmatured, absolute or contingent, now existing or hereafter incurred (“Obligations”"OBLIGATIONS"), Applicant hereby grants to Bank Issuer a continuing lien and security interest in, and pledges and assigns to Bank Issuer all of Applicant’s 's present and future right, title and interest in, to and under all of the following personal property (whether now existing or hereafter created or acquired): (i) the balance of all deposit accounts and all securities accounts with any office of Bank Issuer or any affiliate or subsidiary thereof, wherever located, (“Deposit Accounts” and “Securities Accounts”, as the case may be), and any other claims of Applicant against BankIssuer or any affiliate or subsidiary or correspondent thereof; (ii) all Property which has been or at any time shall be delivered to or otherwise come into the possession, custody or control (actual, constructive or as "control" is defined in Article 8 or 9 of the Uniform Commercial Code as adopted by the State of New York, as revised from time to time (the "Code")) of any office of Bank Issuer or any affiliate or subsidiary thereof or any correspondent of any such entity (which and Applicant acknowledges that any such entity shall be deemed a collateral agent or a bailee of Bank Issuer for the purpose of perfecting a security interest in the Property) for any purpose, whether or not for the express purpose of being used by any such entity as collateral security or for safekeeping, custody, pledge, transmission or otherwise; (iii) all Property received or receivable by Bank Issuer or its correspondents under or in connection with each the Credit; (iv) all Property received or receivable by Applicant in connection with the transaction underlying each Creditthe Credit giving rise to the Obligations; (v) all present and future claims and rights of Applicant against any beneficiary of any the Credit arising in connection with such the Credit or the transaction underlying such the Credit; and (vi) all products and proceeds of the foregoing (collectively, the “"Collateral”"). Property" means all personal property of any kind whatsoever (now existing or hereafter acquired) including, without limitation, any and all right, title and interest of Applicant in any goods, equipment, inventory, money, documents, letters of credit, warehouse receipts, instruments, securities, security entitlements, financial assets, investment property, precious and base metals, chattel paper, electronic chattel paper, accounts, commercial tort claims, deposit accounts, general intangibles (including any claims for breach of contract, breach of warranty claims and any insurance policies and proceeds), letter of credit rights, choses in action and the proceeds of any and all thereof (including any and all of the aforesaid referred to in the Credit or the Drawing Documents relating thereto).