Common use of Security Interest in Reserve Funds Clause in Contracts

Security Interest in Reserve Funds. As security for payment of the Debt and the performance by Borrower of all other terms, conditions and provisions of the Loan Documents, Borrower hereby pledges and assigns to Lender, and grants to Lender a security interest in, all Borrower’s right, title and interest in and to the funds in the Accounts (the “Funds”). The Funds shall be under the sole dominion and control of Lender. The Funds shall not constitute a trust fund and may be commingled with other monies held by Lender. Upon repayment in full of the Debt, all remaining funds in the Accounts, if any, shall be promptly deposited with Approved Mezzanine Lender, to be disbursed in accordance with the terms of the Approved Mezzanine Loan Documents, or if the “Debt” (as such term is defined in the Approved Mezzanine Loan Agreement) is to be simultaneously repaid with the Debt, paid to the Borrower.