Security Interest and Set Off. To secure any obligation, now existing or arising in the future, owed by the Account Holder to FRBNY, including any overdraft amount owed to FRBNY and any service fees, whether now existing or arising in the future, and any expenses FRBNY or its designee may incur to enforce this Account Agreement and to preserve or enforce any security interest FRBNY has been granted under this Account Agreement, the Account Holder grants to FRBNY a security interest in all of the Account Holder’s right, title, and interest in the Preferred Equity Account and all cash and other property from time to time credited thereto, as well as proceeds of any investment property. This security interest granted by the Account Holder is in addition to any other security interest the Account Holder has granted to the FRBNY under any other agreement. Without limiting the above paragraph, FRBNY may take any action authorized by law to recover the amount of an obligation owed by the Account Holder that is due and payable, including, but not limited to, the exercise of setoff without demand or prior notice, the realization on any available collateral pledged by the Account Holder to FRBNY, and the exercise of any other rights FRBNY may have as a creditor under applicable law. Nothing in this paragraph will apply to, or grant any rights to, any third party.
Appears in 4 contracts
Samples: Preferred Equity Account Agreement, Preferred Equity Account Agreement, Preferred Equity Account Agreement
