Common use of Collateral Assignment Clause in Contracts

Collateral Assignment. To secure the repayment to the Employer of an amount equal to the aggregate amount of its premium payments under the Policy to the extent provided in Article 6, the Employee has contemporaneously with the execution of this Agreement assigned the Policy to the Employer as collateral, by means of the form of Collateral Assignment attached to this Agreement as Schedule 1. The Collateral Assignment shall not be altered, terminated or amended by Employee without the express written consent of the Employer. The parties agree to take all action necessary to cause such assignment to conform to the provisions of this Agreement.

Collateral Assignment. To secure the repayment to the Employer Trust of an amount equal to the aggregate amount of its premium payments under the Policy to the extent provided in Article 6, the Employee has contemporaneously with the execution of this Agreement assigned the Policy to the Employer as collateral, by means of the form of Collateral Assignment attached to this Agreement as Schedule 1. The Collateral Assignment shall not be altered, terminated or amended by Employee without the express written consent of the Employer. The parties agree to take all action necessary to cause such assignment to conform to the provisions of this Agreement.