Common use of Security Interest in Accounts Clause in Contracts

Security Interest in Accounts. Borrower hereby grants to Lender a first-priority security interest in the Deposit Accounts and in all deposits at any time contained therein and in the proceeds thereof. Borrower will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in all such Deposit Accounts. Borrower hereby authorizes Lender to file UCC Financing Statements and continuations thereof to perfect Lender’s security interest in the Deposit Accounts and all deposits at any time contained therein and the proceeds thereof. Borrower shall not further pledge, assign or grant any security interest in the Deposit Accounts or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto.