Common use of Security Interest to Secure Obligations Clause in Contracts

Security Interest to Secure Obligations. The Client, on behalf of a Fund, hereby assigns, conveys, mortgages, pledges, hypothecates, and charges in favour of, and grants a security interest (such assignment, conveyance, mortgage, pledge, hypothecation, charge and security interest, collectively referred to herein as the “Security Interest”) to the Custodian in all of the Fund's right, title and interest in and to all Property now owned or hereafter acquired by the Fund and held in custody by the Custodian pursuant to this Agreement and all proceeds thereof, as continuing collateral security for the due payment and performance of all of the Obligations. It is acknowledged, agreed and understood by the parties hereto that the Security Interest secures the due payment and performance of any and all Obligations from time to time outstanding, whenever and however arising, regardless of the capacity in which the Custodian was acting (whether as principal, agent or custodian) when such Obligations arose or the agreement under which such Obligations were incurred. The Client and the Custodian agree that it is their intention that the Security Interests hereby created shall attach immediately to any Property in which the Fund has any interest on the date hereof, and, with respect to after-acquired Property, forthwith at the time the Fund acquires an interest therein, all in accordance with the terms hereof. The Client acknowledges and agrees that to the extent that the Custodian is the Client’s Securities Intermediary with respect to any Property in the custody of the Custodian hereunder, pursuant to the STA and the PPSA the Custodian's Security Interest therein shall have priority over any other security interest therein granted by the Client on behalf of the Fund, and the Custodian shall be under no obligation to waive, subordinate or discharge such Security Interest except upon the indefeasible payment and satisfaction in full of the Obligations

Security Interest to Secure Obligations. The Client, Manager on behalf of a Fund, the Trust hereby assigns, conveys, mortgages, pledges, hypothecates, and charges in favour of, and grants a security interest (such assignment, conveyance, mortgage, pledge, hypothecation, charge and security interest, collectively referred to herein as the “Security Interest”) to the Custodian Trustee in all of the Fund's Trust’s right, title and interest in and to all Trust Property now owned or hereafter acquired by the Fund Trust and held in custody by the Custodian Trustee pursuant to this Trust Agreement and all proceeds thereof, as continuing collateral security for the due payment and performance of all of the Obligations. It is acknowledged, agreed and understood by the parties hereto that the Security Interest secures the due performance and payment and performance of any and all Obligations from time to time outstanding, whenever and however arising, regardless of the capacity in which the Custodian Trustee was acting (whether as principal, agent or custodian) when such Obligations arose or the agreement under which such Obligations were incurred. The Client Manager and the Custodian Trustee agree that it is their intention that the Security Interests Interest hereby created shall attach immediately to any Trust Property in which the Fund Trust has any interest on the date hereof, and, with respect to after-acquired Trust Property, forthwith at the time the Fund Trust acquires an interest therein, all in accordance with the terms hereof. The Client Manager acknowledges and agrees that to the extent that the Custodian Trustee is the ClientTrust’s Securities Intermediary securities intermediary with respect to any Trust Property in the custody of the Custodian Trustee hereunder, pursuant to the STA and the PPSA PPSA, the Custodian's Trustee’s Security Interest therein shall have priority over any other security interest therein granted by the Client on behalf of the FundTrust, and the Custodian Trustee shall be under no obligation to waive, subordinate or discharge such Security Interest except upon the indefeasible payment and satisfaction in full of the Obligations.