Common use of Security Interest and Rights Respecting Collateral Clause in Contracts

Security Interest and Rights Respecting Collateral. Except to the extent proscribed by Applicable Law not subject to waiver, all Contracts, cash, securities, and/or any other property of Customer whatsoever (collectively, the "Collateral") at any time held by Morgan Stanley or its affiliates, or carried by others for the Acxxxxx, xxxxxx are pledged to Morgan Stanley and shall be subject to a general lien and securitx xxxxrxxx xx Morgan Stanley's favor to secure any indebtedness or other amountx, xxxxxxxxxxx xnd/or liabilities at any time owing from Customer to Morgan Stanley (collectively, the "Customer's Liabilities"). Custxxxx xexxxx xxants Morgan Stanley the right to borrow, pledge, repledge, hypothecate, xxxxpxxxxxxxe, loan or invest any of the Collateral held by Morgan Stanley, including utilizing the Collateral to purchase Unxxxx Xtxxxx Xxvernment Treasury obligations pursuant to repurchase agreements or reverse repurchase agreements with any party, in each case without notice to Customer and without any obligation to pay or to account to Customer for any interest, income or benefit that may be derived therefrom. The rights of Morgan Stanley set forth above shall be qualified by any applicabxx xxxuxxxxxxxs for segregation of customers' property under Applicable Law. Morgan Stanley commits to Customer that Morgan Stanley will not ixxxx x Xxxxxx of Exclusive Control under xxx Xoxxxxx Xgreement between Morgan Stanley and DWR unless Morgan Stanley determines there is x xxxxuxx xxxxr this Agreement.

Security Interest and Rights Respecting Collateral. Except to the extent proscribed by Applicable Law not subject to waiver, all Contracts, cash, securities, and/or any other property of Customer whatsoever (collectively, the "Collateral") at any time held by Morgan Stanley or its affiliates, or carried by others for the AcxxxxxAccxxxx, xxxxxx are hxxxxx xre pledged to Morgan Stanley and shall be subject to a general lien and securitx xxxxrxxx security xxxxxexx xx Morgan Xorgan Stanley's favor to secure any indebtedness or other amountxamounts, xxxxxxxxxxx xndxxd/or liabilities at any time owing from Customer to Morgan Stanley (collectively, the "Customer's Liabilities"). Custxxxx xexxxx xxants Custoxxx xxrxxx xxxnts Morgan Stanley the right to borrow, pledge, repledge, hypothecate, xxxxpxxxxxxxexxxxxoxxxxxxx, loan or invest any of the Collateral held by Morgan Stanley, including utilizing the Collateral to purchase Unxxxx Xtxxxx Xxvernment Unixxx Xxaxxx Xxxernment Treasury obligations pursuant to repurchase agreements or reverse repurchase agreements with any party, in each case without notice to Customer and without any obligation to pay or to account to Customer for any interest, income or benefit that may be derived therefrom. The rights of Morgan Stanley set forth above shall be qualified by any applicabxx xxxuxxxxxxxs applicablx xxxxixxxxxxx for segregation of customers' property under Applicable Law. Morgan Stanley commits to Customer that Morgan Stanley will not ixxxx isxxx x Xxxxxx of Nxxxxx xf Exclusive Control under xxx Xoxxxxx Xgreement Xxnxxxx Xxreement between Morgan Stanley and DWR Morgan Stanley DW unless Morgan Stanley determines there is determixxx xxexx xx x xxxxuxx xxxxr this Agreementdefaxxx xxdxx xxxx Xxreement.

Security Interest and Rights Respecting Collateral. Except to the extent proscribed by Applicable Law not subject to waiver, all Contracts, cash, securities, and/or any other property of Customer whatsoever (collectively, the "Collateral") at any time held by Morgan Stanley or its affiliates, or carried by others for the AcxxxxxAccouxx, xxxxxx are xxrxxx xxx pledged to Morgan Stanley and shall be subject sxxxxxx to a general lien and securitx xxxxrxxx xx security interest in Morgan Stanley's favor to secure any indebtedness or other amountxamounts, xxxxxxxxxxx xndxxx/or liabilities at any time owing from Customer to Morgan Stanley (collectively, the "Customer's Liabilities"). Custxxxx xexxxx xxants Customex xxxxbx xxxxxs Morgan Stanley the right to borrow, pledge, repledge, hypothecate, xxxxpxxxxxxxerxxxxxxhxxxxx, loan or invest any of the Collateral held by Morgan Stanley, including utilizing the Collateral to purchase Unxxxx Xtxxxx Xxvernment Unitex Xxxxex Xxxxxnment Treasury obligations pursuant to repurchase agreements or reverse repurchase agreements with any party, in each case without notice to Customer and without any obligation to pay or to account to Customer for any interest, income or benefit that may be derived therefrom. The rights of Morgan Stanley set forth above shall be qualified by any applicabxx xxxuxxxxxxxs for applicable xxxxxxexxxxx xor segregation of customers' property under Applicable Law. Morgan Stanley commits to Customer that Morgan Stanley will not ixxxx issux x Xxxxxx of Xxtxxx xx Exclusive Control under xxx Xoxxxxx Xgreement thx Xxxxrxx Xxxxement between Morgan Stanley and DWR Morgan Stanley DW unless Morgan Stanley determines there is determinex xxxxe xx x xxxxuxx xefaulx xxxxr this Agreementxxxx Xxxxement.