Common use of CHARGE AND ASSIGNMENT Clause in Contracts

CHARGE AND ASSIGNMENT. (a) In consideration of the Lenders agreeing to make the Facility available to the Borrower upon the terms and conditions of the Facility Agreement and as a continuing security for the due and punctual performance and discharge of the Secured Obligations, each of the Borrower and Assignors, as beneficial owner, hereby mortgages, charges and agrees to charge in favour of the Security Trustee as trustee for the benefit of the Finance Parties by way of first legal charge, the Collateral. (b) Each of the Borrower and Assignors as beneficial owner hereby assigns to the Security Trustee and the Finance Parties and each of them all of their respective rights, title and interest in and to the Collateral, present and future, in and to the Collateral.