Assignment as Security Clause Samples
The "Assignment as Security" clause allows a party to transfer its rights or interests under a contract to another party as collateral for a loan or other obligation. In practice, this means that if the assigning party defaults on its obligation, the assignee (often a lender) can enforce the assigned rights to recover the debt. This clause is commonly used in financing arrangements to provide lenders with additional security, ensuring they have a legal claim to certain assets or contract benefits if the borrower fails to meet their commitments.
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Assignment as Security. (a) The assignment made hereby is executed as an absolute and present assignment, but is delivered to the Credit Bank as security for the Lessor's obligations to the Credit Bank under the Reimbursement Agreement and other Operative Documents, and the execution and delivery hereof shall not in any way impair or diminish any obligations of the Lessor as lessor under the Lease or of the Lessor or the Credit Bank under any of the other Operative Documents, nor impair, affect or modify any of the terms and conditions of the Reimbursement Agreement or any of the other Operative Documents, nor shall any of the obligations of the Lessor or of any other Person under any of the Operative Documents (other than the express obligations of the Credit Bank) be imposed upon the Credit Bank, including, but not limited to, collecting Rent or enforcing performance by the Lessee.
(b) Without limiting the generality of the foregoing, the Credit Bank shall not be obligated to perform or discharge, nor does the Credit Bank hereby undertake to perform or discharge, any obligation, duty or liability of the Lessor under the Lease or of the Lessor under any of the other Operative Documents, or under or by reason of this Assignment and the Lessor does hereby waive any and all liability, loss or damage which may or might be asserted against the Credit Bank by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants or agreements contained in the Lease to be performed or discharged by the Lessor thereunder. It is further understood and agreed that this Assignment shall not operate to (i) place responsibility for the control, care, management or repair of the Leased Property upon the Credit Bank, nor for the carrying out of any of the terms and conditions of the Lease or of any of the other Operative Documents (except to the extent expressly provided therein), in any such case binding upon or applicable to the Lessor or (ii) make the Credit Bank responsible or liable for any waste with respect to the Leased Property or any part thereof by the Lessee or any Person other than by the Credit Bank, or for any dangerous or defective condition of the Leased Property or any part thereof, or for any negligence of the management, upkeep, or repair or control of the Leased Property or any part thereof resulting in loss or injury or death to any Lessee, any sublessee, sublessor, licensee, invitee, employee or stranger other than the gross neg...
Assignment as Security. The Transporter further acknowledges and agrees that Project Co may assign, transfer, or otherwise encumber, all or any of its rights, benefits and obligations under this Agreement to such Lenders or Lenders’ Agent as security for the obligations of Project Co or its Affiliates to the respective Lenders. Accordingly, upon Project Co’s request pursuant to a notice hereunder, the Transporter shall enter into direct agreements (each, a “Direct Agreement”) that:
(i) provide for the assignment and transfer of the assigning Person’s rights and obligations under this Agreement or the relevant other agreement to a nominee of Lender following a default by the assigning Person under its lending arrangement; and
(ii) are substantially in the form of Schedule 7, with such revisions as may be required by the Lenders or Lenders’ Agent so long as such changes do not materially affect the Transporter’s rights or obligations under this Agreement, and (ii) contain such further undertakings that are normal and customary in project financings or refinancings of this type; provided, however, that, the Transporter shall not be required to provide (or cause to be provided) any guaranty or similar commitment in favour of the Lenders, Project Co or any other Person.
Assignment as Security. In consideration of the Facility being granted and made available to the Assignor, and pursuant to the Letter of Offer and the Loan Agreement, and as security for the payment and repayment of the Indebtedness under the Facility and pursuant to the Loan Agreement and the Letter of Offer, the Assignor shall assign all his rights title and interests in and to the Property under pursuant to and by virtue of the Principal Sale and Purchase Agreement and the Related Documents upon the terms and conditions therein contained.
Assignment as Security. (a) In consideration of the Bank agreeing to grant, or continuing to grant or make available to and for the benefit of the Borrower, Banking Facilities as the Bank thinks fit, and as security for the repayment of the Indebtedness, the Assignor assigns to the Bank the Assignor‟s benefits, rights, title, and interest in and to the Sale Agreement and in the Property, together with the Assignor‟s right of enforcement, upon the terms and conditions in this Assignment.
(b) Regardless of this Assignment, the Assignor will continue to be solely responsible for observing all the terms and conditions and obligations of the Assignor in the Sale Agreement.
Assignment as Security. Notwithstanding the provisions of Section 17.4(a) above, for the purpose of a Project Financing, Owner may assign to, or otherwise create a security interest in favor of, Lenders or their designee, or any other Person providing Project Financing, in Owner’s rights and interests in, under or pursuant to this Agreement and the revenues deriving from any of the rights or assets of Owner hereunder. Energy Manager further agrees to reasonably cooperate with Owner and the parties providing Project Financing by entering into consent agreements with the Lenders.
Assignment as Security. Nothing herein shall prohibit any Bank from pledging or assigning all or part of its rights under this Agreement and the other Loan Documents to any Person, including, without limitation, to any Federal Reserve Bank in accordance with applicable law.
Assignment as Security. (a) In consideration of the Bank agreeing to grant, or continuing to grant or make available to and for the benefit of the Customer, the Facilities as the Bank thinks fit, and as security for the payment of the Indebtedness, the Assignor absolutely assigns to the Bank the Rental Proceeds, together with the Assignor’s right of enforcement, upon the terms and conditions in this Assignment.
(b) Regardless of this Assignment, the Assignor will continue to be solely responsible for observing all the terms and conditions and obligations of the Assignor in the Tenancies.
Assignment as Security. (a) Network User must not grant any mortgage, charge, encumbrance or security interest over this agreement without the prior written consent of TasNetworks (which will not be unreasonably withheld).
(b) If requested by Network User, TasNetworks will (at the cost of Network User) negotiate in good faith the terms of a tripartite agreement between Network User, TasNetworks and any proposed financiers to Network User, provided those financiers are solvent and reputable. However nothing in this clause 21.5(b) requires TasNetworks to agree to a provision which it (acting reasonably) considers increases its risk (as compared to the level of risk under this agreement) or which may adversely affect power system security.
Assignment as Security. The Assignor hereby collaterally assigns and grants to the Assignee, as additional security for the payment and performance in full of the Obligations (as defined in the Loan Agreement), a security interest in all of the Assignor’s right, title and interest in and to the Purchase Agreement and the Escrow Agreement (collectively, the “Purchase Documents”), including, without limitation, the Assignor’s right to receive payments from the ESOP and the Sellers pursuant to or in connection with the Purchase Documents. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Loan Agreement.
Assignment as Security. The Assignor hereby collaterally assigns and grants to the Assignee as security for the payment and performance in full of the Secured Obligations when due, a security interest in all of the Assignor’s right, title and interest in and to the Assignor’s right to receive the B&L Royalty Payments from the Licensee. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Transaction Documents.