Project Subsidiary Collateral Sample Clauses

Project Subsidiary Collateral. The Obligations arising from, related to or connected with a Project, together with any Obligations under a Cash Management Agreement between Bank and Project Subsidiary for such Project, shall be secured at all times by perfected, first-priority security interest in the Project Subsidiary Collateral owned by the Project Subsidiary for such Project. In addition, Bank may, in its discretion, require the Obligations arising from, related to or connected with a Project, together with any Obligations under a Cash Management Agreement between Bank and Project Subsidiary for such Project, to be secured by perfected, first-priority fee or leasehold mortgage or deed-of-trust on any Real Estate.