Common use of Assignment of Unearned Premiums Clause in Contracts

Assignment of Unearned Premiums. The Lessee hereby assigns to the Lessor all rights of the Lessee in and to any unearned premiums allocable to the Leased Property on any insurance policy required hereunder to be furnished by the Lessee which may become payable or are refundable after the occurrence of an Event of Default hereunder. In the event that this Lease is terminated for any reason (other than the purchase of the Leased Property by the Lessee), the insurance policies required to be maintained hereunder, including all right, title and interest of the Lessee thereunder, shall become the absolute property of the Lessor.

Assignment of Unearned Premiums. The Lessee hereby assigns to the Lessor all rights of the Lessee in and to any unearned premiums allocable to the Leased Property on any insurance policy required hereunder to be furnished by the Lessee which may become payable or are refundable after the occurrence of an Event of Default hereunder. In the event that this Lease is terminated for any reason (other than the purchase of the Leased Property by the LesseeLessee or the expiration of this Lease at the end of the Term), the insurance policies required to be maintained hereunder, including all right, title and interest of the Lessee thereunder, shall become the absolute property of the Lessor.