Common use of Collateral Assignee Clause in Contracts

Collateral Assignee. Each Borrower agrees that the Lender is the collateral assignee of all servicing records with respect to the Pledged Assets, including, but not limited to, any and all servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of SBC Loans (the “Servicing Records”), and (ii) each Borrower grants the Lender a security interest in all of such Borrower’s rights relating to the Pledged Assets and all related Servicing Records to secure the Secured Obligations of such Borrower or its designee to service in conformity with this Section and any other obligation of such Borrower to the Lender. Each Borrower covenants to safeguard such Servicing Records and to deliver them promptly to the Lender or its designee at the Lender’s request following the occurrence of an Event of Default.