Common use of Collateral; Further Assurances Clause in Contracts

Collateral; Further Assurances. Each of the Existing Loan and the Development Loan is payable from and secured by a pledge of the Collateral. To that end, the Tribe and the Authority (a) hereby pledge and grant a first priority security interest in all the Collateral to Lakes to secure the Tribe and the Authority’s obligations under this Agreement and the Lakes Notes, (b) agree to enter into standard and customary agreements necessary to evidence, effectuate and perfect such security interests (including, without limitation, a dominion account agreement and such other control agreements as Lakes may reasonably require), all in a form reasonably acceptable to Lakes, and (c) authorizes Lakes to file the UCC Financing Statements and similar documents and agreements as Lakes may believe appropriate to perfect such security interests.