Common use of Security Assignment Clause in Contracts

Security Assignment. Subject to Clause 3.6 (Property restricting charging): (a) as further continuing security for the payment of the Secured Obligations, each Chargor assigns by way of security absolutely with full title guarantee to the Security Agent all its rights, title and interest in: (i) the Insurance Policies; and (ii) the Assigned Agreements to which it is a party, subject in each case to reassignment by the Security Agent to the relevant Chargor of all such rights, title and interest on the Final Discharge Date; and (b) until an Acceleration Event has occurred which is continuing, but subject to Clause 7.3 (Insurance Policies, Assigned Agreements) and the Secured Debt Documents, the relevant Chargor may continue to deal with the counterparties to the relevant Assigned Agreements and, for the avoidance of doubt, shall be entitled to receive the proceeds of any claim under the Insurance Policies and Assigned Agreements.