Common use of Collateral Assignment Clause in Contracts

Collateral Assignment. Notwithstanding the requirements of Article 28 and Section 30.2, the Buyer may also, without the Seller’s consent, assign a collateral interest in this Contract, (including, with limitation, the License and the Design Materials License, to a Financing Party as collateral security for a loan, or in connection with any lease or any other financing arrangement, for the acquisition of the Equipment, the performance of the Services and/or the development of the Projects; provided, however, that the Buyer and such Financing Party agree that any foreclosure on such collateral interest, or assignment in lieu of foreclosure, shall occur only as the result of the exercise by the Financing Party of its remedies under the financing agreements relative to a default, bankruptcy or liquidation of the Buyer. A Financing Party may further assign such collateral interest in this Contract, including, without limitation, the License, without the Seller’s consent, to one or more of its designees at or after the time of such foreclosure or assignment in lieu of foreclosure.

Collateral Assignment. Notwithstanding the requirements of Article 28 and Section 30.2, the 30.2,the Buyer may also, without the Seller’s consent, assign a collateral interest in this Contract, (including, with limitation, the License and the Design Materials License, to a Financing Party as collateral security for a loan, or in connection with any lease or any other financing arrangement, for the acquisition of the Equipment, the performance of the Services and/or the development of the Projects; provided, however, that the Buyer and such Financing Party agree that any foreclosure on such collateral interest, or assignment in lieu of foreclosure, shall occur only as the result of the exercise by the Financing Party of its remedies under the financing agreements relative to a default, bankruptcy or liquidation of the Buyer. A Financing Party may further assign such collateral interest in this Contract, including, without limitation, the License, without the Seller’s consent, to one or more of its designees at or after the time of such foreclosure or assignment in lieu of foreclosure.