Common use of Security for Payment Clause in Contracts

Security for Payment. To secure payment of all obligations due hereunder, Forum hereby grants to the Bank a continuing security interest in and right of setoff against each Account and all Property held therein from time to time in the full amount of such obligations; provided that, if there is more than one Account and the obligations secured pursuant to this Section can be allocated to a specific Account or the Portfolio related to such Account, such security interest and right of setoff will be limited to Property held for that Account only and its related Portfolio. Should Forum fail to pay promptly any amounts owed hereunder, the Bank shall be entitled to use available Cash in the Account or applicable Account, as the case may be, and to dispose of Securities in the Account or such applicable Account as is necessary. In any such case and without limiting the foregoing, the Bank shall be entitled to take such other actions or exercise such other options, powers and rights as the Bank now or hereafter has as a secured creditor under the UCC or any other applicable law.

Security for Payment. To secure payment of all obligations due hereunder, Forum Trust hereby grants to the Bank Forum a continuing security interest in and right of setoff against each Account and all Property held therein from time to time in the full amount of such obligations; provided that, if there is more than one Account and the obligations secured pursuant to this Section can be allocated to a specific Account or the Portfolio related to such Account, such security interest and right of setoff will be limited to Property held for that Account only and its related Portfolio. Should Forum Trust fail to pay promptly any amounts owed hereunder, the Bank Forum shall be entitled to use available Cash in the Account or applicable Account, as the case may be, and to dispose of Securities in the Account or such applicable Account as is necessary. In any such case and without limiting the foregoing, the Bank Forum shall be entitled to take such other actions or exercise such other options, powers and rights as the Bank Forum now or hereafter has as a secured creditor under the UCC or any other applicable law, including, without limitation, granting to any Subcustodian a security interest in such Accounts on terms similar to those set forth in this Section 24.

Security for Payment. To secure payment of all obligations due hereunder, Forum hereby grants to the Bank a continuing security interest in and right of setoff against each Account and all Property held therein from time to time in the full amount of such obligations; provided thatPROVIDED THAT, if there is more than one Account and the obligations secured pursuant to this Section can be allocated to a specific Account or the Portfolio related to such Account, such security interest and right of setoff will be limited to Property held for that Account only and its related Portfolio. Should Forum fail to pay promptly any amounts owed hereunder, the Bank shall be entitled to use available Cash in the Account or applicable Account, as the case may be, and to dispose of Securities in the Account or such applicable Account as is necessary. In any such case and without limiting the foregoing, the Bank shall be entitled to take such other actions or exercise such other options, powers and rights as the Bank now or hereafter has as a secured creditor under the UCC or any other applicable law.