Deposit Account Collateral. To the extent that any of the Collateral for any of the Residential Loans is deposit accounts or cash collateral accounts or similar (the “Account Collateral”), Seller has a perfected security interest in the Account Collateral pursuant to Section 9-314 of the UCC by control of such Account Collateral pursuant to an authenticated agreement among the applicable Borrower, Seller and the bank with which the Account Collateral is maintained in accordance with the requirements of Section 9-104 of the UCC, and such security interest will remain perfected in favor of Buyer from and after the transfer of the applicable Residential Loan to Buyer pursuant to this Agreement and the Seller Documents.
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Sources: Residential Loan Purchase Agreement (Cascade Bancorp)
Deposit Account Collateral. To the extent that any of the Collateral for any of the Residential Commercial Loans is deposit accounts or cash collateral accounts or similar (the “Account Collateral”), Seller has a perfected security interest in the Account Collateral pursuant to Section 9-314 of the UCC by control of such Account Collateral pursuant to an authenticated agreement among the applicable Borrower, Seller and the bank with which the Account Collateral is maintained in accordance with the requirements of Section 9-104 of the UCC, and such security interest will remain perfected in favor of Buyer from and after the transfer of the applicable Residential Commercial Loan to Buyer pursuant to this Agreement and the Seller Documents.
Appears in 1 contract
Sources: Commercial Loan Purchase Agreement (Cascade Bancorp)
Deposit Account Collateral. To the extent that any of the Collateral for any of the Residential Transferred Loans is deposit accounts or cash collateral accounts or similar (the “Account Collateral”), Seller has a perfected security interest in the Account Collateral pursuant to Section 9-314 of the UCC by control of such Account Collateral pursuant to an authenticated agreement among the applicable Borrower, Seller and the bank with which the Account Collateral is maintained in accordance with the requirements of Section 9-104 of the UCC, and such security interest will remain perfected in favor of Buyer from and after the transfer of the applicable Residential Transferred Loan to Buyer pursuant to this Agreement and the Seller Documents.
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