Common use of Assignment as Security Clause in Contracts

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. (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 Assignor’s benefits, rights, title, and interest in and to the Sale Agreement and in the Property, together with the Assignor‟s 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.