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 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.