What Is An Account Pledge Agreement

For the avoidance of doubt, the grant of a security right herein shall not be construed as an assignment of intellectual property rights owned by the licensors. 7.3. Special Warranty Account. After the occurrence and persistence of a case of default or acceleration, the administrative officer may require that all cash proceeds of the guarantee be deposited in a special non-interest-bearing cash guarantee account with the managing agent and be held there as collateral for covered obligations. No grantor has control over such a cash guarantee account. If no defect has occurred or continues, the administrative officer shall from time to time deposit the funds collected in this cash guarantee account in the grantor`s respective general operating account153 with the managing agent. If a default event or acceleration event has occurred and continues, may (and will apply, at the request of the required lenders), from time to time, the balances accumulated in that cash guarantee account to the payment of the covered bonds, whether or not the covered bonds are then due. 8.10. Benefit of the Contract. The terms and conditions of this security agreement are binding on the grantor, administrative agent and secured parties and their respective successors and assigns (including any person bound as a debtor by this security arrangement) and will be to your advantage, except that the grantors do not have the right to assign their rights or obligations under this security arrangement. To delegate a security agreement or any interest herein. without the prior written consent of the administrative officer. .