Common use of Collateral Assignment of Agreements Clause in Contracts

Collateral Assignment of Agreements. The Borrowers shall pursuant to the Borrower Security Agreement collaterally assign to the Administrative Agent or the Collateral Agent, for the benefit of the Secured Parties, all of the Borrower’s right and title to and interest in, to and under (but not any obligations under) the Purchase Agreements, if any, all Leases relating to Financed Properties, all insurance policies, all other agreements, documents and instruments evidencing or guarantying any Collateral and all other agreements, documents and instruments related to any of the foregoing (the “Assigned Documents”). The Borrowers confirm and agree that during the continuation of an Event of Default the Administrative Agent (or the Collateral Agent at the direction of the Administrative Agent or any designee of either such party) may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, enforce Borrower’s rights and remedies under each Assigned Document, but without any obligation on the part of the Administrative Agent, the Lenders or any of their respective Affiliates to perform any of the obligations of the Borrowers under any such Assigned Document.

Collateral Assignment of Agreements. The Borrowers shall pursuant to the Borrower Security Agreement and the Mortgages collaterally assign to the Administrative Agent or the Collateral Agent, for the benefit of the Secured Parties, all of the Borrower’s right and title to and interest in, to and under (but not any obligations under) the Purchase AgreementsAgreements related to Financed Properties and Financed Single Plat Developments, if any, all Leases relating to Financed Properties, all insurance policies, policies and all other agreements, documents and instruments to which a Borrower is a party evidencing or guarantying any Collateral and all other agreements, documents and instruments to which a Borrower is a party related to any of the foregoing (the “Assigned Documents”). The Borrowers confirm and agree that during the continuation of an Event of Default the Administrative Agent (or the Collateral Agent at the direction of the Administrative Agent or any designee of either such party) may), and at during the direction continuation of an Event of Default, shall have the Majority Lenders or pursuant right to a Thirty-Three Percent Lender Instruction shall, enforce each Borrower’s rights and remedies under each Assigned Document, but without any obligation on the part of the Administrative Agent, the Lenders or any of their respective Affiliates to perform any of the obligations of the Borrowers under any such Assigned Document. The Administrative Agent and Lenders confirm and agree that, so long as no Event of Default exists, the Borrowers shall be permitted to exercise all of their respective rights under the Assigned Documents.

Collateral Assignment of Agreements. The Borrowers shall pursuant to the Borrower Security Agreement collaterally assign to the Administrative Agent or the Collateral Agent, for the benefit of the Secured Parties, all of the Borrower’s right and title to and interest in, to and under (but not any obligations under) the Purchase Agreements, if any, all Leases relating to Financed Properties, all insurance policies, all other agreements, documents and instruments evidencing or guarantying any Collateral and all other agreements, documents and instruments related to any of the foregoing (the “Assigned Documents”). The Borrowers confirm and agree that during the continuation of an Event of Default the Administrative Agent (or the Collateral Agent at the direction of the Administrative Agent or any designee of either such party) may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, enforce Borrower’s rights and remedies under each Assigned Document, but without any obligation on the part of the Administrative Agent, the Lenders or any of their respective Affiliates to perform any of the obligations of the Borrowers under any such Assigned Document.

Collateral Assignment of Agreements. The Borrowers shall pursuant to the Borrower Security Agreement collaterally assign to the Administrative Agent or the Collateral Agent, for the benefit of the Secured Parties, all of the Borrower’s right and title to and interest in, to and under (but not any obligations under) the Purchase Agreements, if any, all Leases relating to Financed Properties, all insurance policies, all other agreements, documents and instruments evidencing or guarantying any Collateral and all other agreements, documents and instruments related to any of the foregoing (the “Assigned Documents”). The Borrowers confirm and agree that during the continuation of an Event of Default the Administrative Agent (or the Collateral Agent at the direction of the Administrative Agent or any designee of either such party) maymay (unless any Fifty Percent Lender shall deliver a Fifty Percent Lender Objection with respect thereto), and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, enforce Borrower’s rights and remedies under each Assigned Document, but without any obligation on the part of the Administrative Agent, the Lenders or any of their respective Affiliates to perform any of the obligations of the Borrowers under any such Assigned Document.