Common use of Assignment of Collateral Clause in Contracts

Assignment of Collateral. (a) As security for the payment of the Obligations and all Loans and advances heretofore made, made concurrently with the execution of the Loan Agreement or made in the future by Yankees to Colmena and for all Colmena's liabilities to Yankees, including any extensions, renewals or changes in form of any thereof, Colmena hereby assigns to Yankees and grants to Yankees a security interest under the Uniform Commercial Code in the Collateral. (b) The Collateral shall be deemed to have been constructively delivered by Colmena to Yankees immediately following execution of this Agreement and shall be deemed to remain in the possession of Colmena, as trustee for Yankees, for so long as any obligations of Colmena to Yankees remain unfulfilled; provided, however, that, if Colmena defaults in its obligations to Yankees, then at Yankees' sole option and without any required further action or legal process by Yankees, all of the Collateral shall become the sole and exclusive property of Yankees, this Section being deemed a full warranty bill of sale, deed and ▇▇▇▇rities power for all of the Collateral.

Assignment of Collateral. (a) As security for the payment of the Obligations and all Loans and advances heretofore made, made concurrently with the execution of the Loan Agreement or made in the future by Yankees to Colmena Explorations and for all Colmena's Explorations' liabilities to Yankees, including any extensions, renewals or changes in form of any thereof, Colmena Explorations hereby assigns to Yankees and grants to Yankees a security interest under the Uniform Commercial Code in the Collateral. (b) The Collateral shall will be deemed to have been constructively delivered by Colmena Explorations to Yankees immediately following execution of this the Loan Agreement and shall will be deemed to remain in the possession of ColmenaExplorations, as trustee for Yankees, for so long as any obligations of Colmena Explorations to Yankees remain unfulfilled; provided, however, that, if Colmena Explorations defaults in its obligations to Yankees, then at Yankees' sole option and without any required further action or legal process by Yankees, all of the Collateral shall will become the sole and exclusive property of Yankees, this Section being deemed a full warranty bill of sale, deed and s▇▇▇▇rities ities power for all of the Collateral.

Assignment of Collateral. (a) As security for the payment of the Obligations and all Loans and advances heretofore made, made concurrently with the execution of the Loan Agreement or made in the future by Yankees to Colmena Explorations and for all ColmenaExploration's liabilities to Yankees, including any extensions, renewals or changes in form of any thereof, Colmena Explorations hereby assigns to Yankees and grants to Yankees a security interest under the Uniform Commercial Code in the Collateral. (b) The Collateral shall be deemed to have been constructively delivered by Colmena Explorations to Yankees immediately following execution of this Agreement and shall be deemed to remain in the possession of ColmenaExplorations , as trustee for Yankees, for so long as any obligations of Colmena Explorations to Yankees remain unfulfilled; provided, however, that, if Colmena Explorations defaults in its obligations to Yankees, then at Yankees' sole option and without any required further action or legal process by Yankees, all of the Collateral shall become the sole and exclusive property of Yankees, this Section being deemed a full warranty bill of sale, deed and securi▇▇▇▇rities ▇ power for all of the Collateral.