Common use of Assignment of the Sale Agreement Clause in Contracts

Assignment of the Sale Agreement. The Borrower hereby collaterally assigns to the Collateral Agent, for the benefit of the Secured Parties, all of the Borrower’s right, title and interest in and to, but none of its obligations under, the Sale Agreement and any UCC financing statements filed under or in connection therewith. In furtherance and not in limitation of the foregoing, the Borrower hereby assigns to the Collateral Agent for the benefit of the Secured Parties its right to indemnification under each of the Sale Agreement. The Borrower confirms that the Collateral Agent, on behalf of the Secured Parties, shall have the right to enforce the Borrower’s rights and remedies under the Sale Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the Collateral Agent for the benefit of the Secured Parties. The Collateral Agent agrees that unless and until an Event of Default shall have occurred and be continuing and the Termination Date has been declared, the Obligations accelerated and the Collateral Agent has delivered a Notice of Exclusive Control, the Collateral Manager on behalf of the Borrower may continue to exercise its rights under the Sale Agreement.