Common use of Assignment of the Contractor Sale Agreements Clause in Contracts

Assignment of the Contractor Sale Agreements. The Borrower hereby assigns to the Administrative Agent, for the ratable benefit of the Secured Parties hereunder, all of the Borrower’s right, title and interest in and to, but none of its obligations under the Contractor Sale Agreements (including all buyback obligations of the applicable Contractors) and any UCC financing statements filed under or in connection therewith. The Borrower confirms that at any time during the continuance of an Event of Default, upon ten (10) days written notice to the Borrower and the Servicer, the Administrative Agent, on behalf of the Secured Parties, shall have the sole right to enforce the Borrower’s rights and remedies under the Contractor Sale Agreements for the benefit of the Secured Parties.