The "Assignment of Security Interest" clause outlines the conditions under which a party to a contract can transfer their security interest in a collateral to another party, allowing the transferee to assume the rights and obligations associated with that interest. This clause ensures that any assignment is conducted in accordance with the agreement's terms and applicable laws, protecting the interests of all parties involved.
Assignment of Security Interest. Subject to the Intercreditor Agreements, if at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person to secure payment and performance of an Account, such security interest shall be automatically pledged and assigned to the Collateral Agent hereunder. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of, and transferees from, the Account Debtor or other Person granting the security interest.
Assignment of Security Interest under Purchase Agreement. The Borrower hereby assigns to the Administrative Agent for the ratable benefit of the Lenders, as additional collateral for the prompt and complete payment of the Aggregate Unpaids and the performance of all of the Borrower’s obligations under the Transaction Documents, any and all security interests granted to it pursuant to Section 8.13 of the Purchase Agreement; provided, that the Administrative Agent and the Lenders each agree that they shall not exercise any rights thereunder unless and until they have rights to exercise remedies with respect to the Collateral hereunder.
The Administrative Agent shall have received each (i) “U.S. Assignment of Security Interest” with respect to certain Intellectual Property substantially in the form of Exhibit B to the Amended and Restated U.S. Security Agreement and (ii) each “Canadian Assignment of Security Interest” with respect to certain Intellectual Property substantially in the form of Exhibit B to the Amended and Restated Canadian Security Agreement, in each case duly executed by the Administrative Agent and the respective Loan Parties.
Good Title. Immediately prior to the transfer and assignment of the Mortgage Loan to the Buyer, the Mortgage Loan is not assigned or pledged, and Seller has good, indefeasible, and marketable title thereto, and Seller is the sole owner and holder of the Mortgage Loan and the indebtedness evidenced by each Mortgage Note (and with respect to any Co-op Loan, the sole owner of the related Assignment of Proprietary Lease), free and clear of any and all Liens, of any nature, and there has been no other sale, transfer, or assignment of security interest granted by the Seller to any other party, nor are there any other restrictions limiting the transfer of the Mortgage Loan, and Seller has full right, title and authority, subject to no interest or participation of, agreement with, or approval of, any other Person, to sell, assign and transfer the Mortgage Loan pursuant to this Agreement and following the sale of each Mortgage Loan, the Buyer will own such Mortgage Loan free and clear of any encumbrance, equity, participation interest, Lien, pledge, charge, claim or security interest. Seller intends to relinquish all rights to possess, control and monitor each Mortgage Loan.
Certain Pledges. The Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of the Lender, including any pledge or assignment to secure obligations to a prime broker; provided that no such pledge or assignment of security interest shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto.
Assignment of Security Interest. Upon the request of the Collateral Agent, if at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person to secure payment and performance of a material Account and such Account is in an amount equal to $3,000,000 or more, such Grantor shall promptly assign such security interest to the Collateral Agent. No such assignment shall need to be filed of public record unless requested by the Collateral Agent and necessary to continue the perfected status of the security interest against creditors of, and transferees from, the Account Debtor or other Person granting the security interest.
Any Lender may at any time pledge, assign a security interest or assign all or any portion of its rights under this Agreement and its note to a Federal Reserve Bank. No such pledge, assignment of security interest or assignment shall release the transferor Lender from its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. Promptly upon being notified in writing of an assignment, the Administrative Agent shall notify the Borrower thereof.
An assignment of security interest is a legal transfer of an interest in a secured obligation from one party (the assignor) to another (the assignee). This typically involves transferring the rights attached to personal property or assets used as collateral to secure a debt. The process allows creditors to manage their risk or liquidity needs by either selling or transferring portions of a loan or credit agreement.
The assignment of a security interest is typically used in the following scenarios:
Writing an assignment of security interest involves several key components:
Example: This Assignment of Security Interest, dated as of [date], is by and between [Assignor’s Name], a [jurisdiction and type of organization], with an address at [Address], and [Assignee’s Name], with an address at [Address].
WHEREAS, Assignor has entered into a security agreement dated [date] with [Debtor’s Name] (the “Debtor”), the terms of which are hereby incorporated by reference.
NOW, THEREFORE, for value received, the Assignor hereby assigns, transfers, and sells to the Assignee all of the Assignor’s right, title, and interest in, to, and under the Security Interest dated [original date].
The assignment of security interest is commonly found in the following types of contracts:
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
An assignment clause in a contract outlines the conditions under which one party may transfer its rights or obligations to another party. It typically specifies whether prior consent is required for such a transfer and identifies any exceptions to these requirements.
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