Common use of Assignment of Security Interest Clause in Contracts

Assignment of Security Interest. If at any time the Borrower shall take and perfect a security interest in any property of an account debtor or any other person to secure payment and performance of a Receivable, any contract right, or payment intangible the Borrower shall promptly assign such security interest to the Lender. 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. If at any time the Borrower shall take and perfect a security interest in any property of an account debtor or any other person to secure payment and performance of a Receivable, any contract right, or payment intangible the Borrower shall promptly assign such security interest to the LenderLenders. 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. If at any time the Borrower any Debtor shall take and perfect a security interest in any property of an account debtor Account Debtor or any other person Person to secure payment and performance of a Receivablean Account, any contract right, or payment intangible the Borrower such Debtor shall promptly assign such security interest to the LenderCollateral Agent. 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 Account Debtor or other person Person granting the security interest.