Common use of Assignment of Collateral Clause in Contracts

Assignment of Collateral. (a) As security for the payment of the Obligations and all Loans and advances heretofore made, made concurrently with the execution of the Loan Agreement or made in the future by Yankees to Explorations and for all Explorations' liabilities to Yankees, including any extensions, renewals or changes in form of any thereof, Explorations hereby assigns to Yankees and grants to Yankees a security interest under the Uniform Commercial Code in the Collateral. (b) The Collateral will be deemed to have been constructively delivered by Explorations to Yankees immediately following execution of the Loan Agreement and will be deemed to remain in the possession of Explorations, as trustee for Yankees, for so long as any obligations of Explorations to Yankees remain unfulfilled; provided, however, that, if Explorations defaults in its obligations to Yankees, then at Yankees' sole option and without any required further action or legal process by Yankees, all of the Collateral will become the sole and exclusive property of Yankees, this Section being deemed a full warranty bill of sale, deed and sxxxxities power for all of the Collateral.

Assignment of Collateral. (a) As security for the payment of the Obligations and all Loans and advances heretofore made, made concurrently with the execution of the Loan Agreement or made in the future by Yankees to Explorations Colmena and for all Explorations' Colmena's liabilities to Yankees, including any extensions, renewals or changes in form of any thereof, Explorations Colmena hereby assigns to Yankees and grants to Yankees a security interest under the Uniform Commercial Code in the Collateral. (b) The Collateral will shall be deemed to have been constructively delivered by Explorations Colmena to Yankees immediately following execution of the Loan this Agreement and will shall be deemed to remain in the possession of ExplorationsColmena, as trustee for Yankees, for so long as any obligations of Explorations Colmena to Yankees remain unfulfilled; provided, however, that, if Explorations Colmena defaults in its obligations to Yankees, then at Yankees' sole option and without any required further action or legal process by Yankees, all of the Collateral will shall become the sole and exclusive property of Yankees, this Section being deemed a full warranty bill of sale, deed and sxxxxities xxxxrities power for all of the Collateral.

Assignment of Collateral. (a) As security for the payment of the Obligations and all Loans and advances heretofore made, made concurrently with the execution of the Loan Agreement or made in the future by Yankees to Explorations and for all Explorations' Exploration's liabilities to Yankees, including any extensions, renewals or changes in form of any thereof, Explorations hereby assigns to Yankees and grants to Yankees a security interest under the Uniform Commercial Code in the Collateral. (b) The Collateral will shall be deemed to have been constructively delivered by Explorations to Yankees immediately following execution of the Loan this Agreement and will shall be deemed to remain in the possession of ExplorationsExplorations , as trustee for Yankees, for so long as any obligations of Explorations to Yankees remain unfulfilled; provided, however, that, if Explorations defaults in its obligations to Yankees, then at Yankees' sole option and without any required further action or legal process by Yankees, all of the Collateral will shall become the sole and exclusive property of Yankees, this Section being deemed a full warranty bill of sale, deed and sxxxxities securixxxx power for all of the Collateral.