Common use of Perfection of Accounts Clause in Contracts

Perfection of Accounts. Borrower hereby represents and warrants to Lender that: (a) This Agreement, together with the other Loan Documents, creates a valid and continuing security interest (as defined in the Uniform Commercial Code) in the Clearing Account and the other Accounts (as defined in the Cash Management Agreement) in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Accounts; (b) The Clearing Account and the other Accounts constitute “deposit accounts” or “securities accounts” within the meaning of the Uniform Commercial Code.

Perfection of Accounts. Borrower hereby represents and warrants to Lender that: (a) This Agreement, together with the other Loan Documents, creates create a valid and continuing security interest (as defined in the Uniform Commercial Code) in the Clearing Account Accounts and the other Accounts (as defined in the Cash Management Agreement) Account Collateral in favor of LenderAdministrative Agent for the benefit of the Lenders, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Accounts;; and (b) The Clearing Account and the other Accounts constitute “deposit accounts” or “securities accounts” within the meaning of the Uniform Commercial Code.

Perfection of Accounts. Borrower hereby represents and warrants to Lender that: : (a) This To Borrower’s knowledge, this Agreement, together with the other Loan Documents, creates create a valid and continuing security interest (as defined in the Uniform Commercial Code) in the Clearing Account and the other Accounts (as defined in the Cash Management Agreement) in favor of Agent (for the benefit of Lender), which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Accounts; ; and (b) The Clearing Account and To Borrower’s knowledge, the other Accounts constitute “deposit accounts” or “securities accounts” within the meaning of the Uniform Commercial Code, as set forth in the Cash Management Agreement and Article 4 hereof.