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Assignment

Collateral Assignment of Transportation Services Agreement

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Collateral Assignment of Transportation Services Agreement - attorney-drafted template. Party names and deal-specific details have been replaced with neutral placeholders. Review before use.

COLLATERAL ASSIGNMENT

FOR VALUE RECEIVED, [COMPANY],a [STATE] limited liability company (“[COMPANY]”), does hereby grant a security interest in, and collaterally assigns, pledges, grants, mortgages, transfers and sets over to [COMPANY], a national banking association, its participants, successors and permitted assigns (“Bank”), all of [COMPANY]’s right, title and interest in and to that certain Confidential Transportation Services Agreement, dated [DATE], by and between [COMPANY] and [COMPANY], a [STATE] limited liability company (“Contract Counterparty”), a copy of which is attached hereto as Exhibit “A” (the “Assigned Contract”) and all of [COMPANY]'s right, title and interest in and to any cash proceeds or other payments or amounts received or receivable by [COMPANY] under the Assigned Contract (the “Proceeds”) and agrees with [COMPANY] as set forth in this Assignment (as defined below). The Assigned Contract and the Proceeds are assigned as additional collateral security for certain indebtedness of [COMPANY] to Bank pursuant to the Loan Agreement, dated as of [DATE], by and between [COMPANY], [INDIVIDUAL], [INDIVIDUAL] and Bank (the “Loan Agreement”), in the aggregate principal amount of [AMOUNT] and the timely performance and discharge of all of the Obligations to Bank thereunder and any modifications, renewals, refinancings or restructurings thereof in whole or in part by [COMPANY] and the Bank including therewith any existing or further financing or obligations of [COMPANY]. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement or any amendments or restatements thereof, the terms and provisions of which are incorporated herein by this reference.

This Collateral Assignment (this “Assignment”) is for security purposes only. Accordingly, Bank shall have no right under this Assignment to enforce [COMPANY]’s rights with respect to the Assigned Contract or the Proceeds unless and until an Event of Default has occurred and is continuing. Upon the occurrence and during the continuation of an Event of Default, Bank may, without affecting any of its rights or remedies against [COMPANY] under any other instrument, document or agreement, exercise its rights under this Assignment as [COMPANY]’s attorney-in-fact, and in addition Bank shall have and possess, without limitation, any and all rights and remedies of a secured party under the Uniform Commercial Code or otherwise provided by law. [COMPANY] hereby irrevocably constitutes and appoints Bank as its attorney-in-fact, effective only upon the occurrence and during the continuation of an Event of Default, to demand, receive, and enforce [COMPANY]’s rights with respect to the Assigned Contract and/or the Proceeds with the same force and effect as [COMPANY] could do if this Assignment had not been made.

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Collateral Assignment of Transportation Services Agreement

Distribution Agreements -- US - General