Common use of Security Interest; Control Clause in Contracts

Security Interest; Control. The Borrower hereby assigns to the Administrative Agent, for the benefit of the Lenders, and grants the Administrative Agent, for the benefit of the Lenders, a first priority security interest in and to each of the Reserves and all amounts contained or held therein, and the Reserves shall constitute additional collateral for the Indebtedness and the Administrative Agent, for the benefit of the Lenders, shall have a perfected security interest in each of the Reserves. The Borrower shall execute and/or authorize, as applicable, any and all documents and financing statements that the Administrative Agent may require in connection with the security interest granted hereby. The Borrower, the Servicer, and the Administrative Agent intend that the Servicer, as servicer for the Administrative Agent, is hereby establishing “control” of the Reserves on the Administrative Agent’s behalf (within the meaning of the UCC). The Borrower shall have no right to instruct the Bank, the Administrative Agent, [LOAN AGREEMENT] Voya Loan No. 30340 any Lender, or the Servicer with respect to any Reserve. The Borrower hereby agrees to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees, costs, and expenses, incurred by the Administrative Agent, each Lender, by any Draw Review Firm and/or by the Servicer in connection with the enforcement or realization of the security provided for in this Section 6.13.

Security Interest; Control. The Borrower hereby assigns to the Administrative Agent, for the benefit of the Lenders, and grants the Administrative Agent, for the benefit of the Lenders, a first priority security interest in and to each of the Reserves and all amounts contained or held therein, and the Reserves shall constitute additional collateral for the Indebtedness and the Administrative Agent, for the benefit of the Lenders, shall have a perfected security interest in each of the Reserves. The Borrower shall execute and/or authorize, as applicable, any and all documents and financing statements that the Administrative Agent may require in connection with the security interest granted hereby. The Borrower, the Servicer, and the Administrative Agent intend that the Servicer, as servicer for the Administrative Agent, is hereby establishing “control” of the Reserves on the Administrative Agent’s behalf (within the meaning of the UCC). The Borrower shall have no right to instruct the Bank, the Administrative Agent, [LOAN AGREEMENT] Voya Loan No. 30340 any Lender, or the Servicer with respect to any Reserve. The Borrower hereby agrees to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees, costs, and expenses, incurred by the Administrative Agent, each Lender, by any Draw Review Firm and/or by the Servicer in connection with the enforcement or realization of the security provided for in this Section 6.13.