Common use of Security for Notes Clause in Contracts

Security for Notes. The Notes shall be executed by the Company and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered to the Company by the Trustee upon receipt of a Company Order and upon: (a) establishment for the benefit of the Trustee on behalf of the Noteholders of the Lockbox Accounts, the Collection Account and the Reserve Account; and (b) delivery by the Company to the Trustee, and receipt by the Trustee of the Mortgage Files and the Grant of all of the Company's right, title, and interest in and to the Trust Estate.