Security assignment of lease of goods.

_________[date]

_________ of _________(address) ("assignor"), for a valuable consideration, here sells and assigns to _________ Bank, _________[address] ("assignee"), all of assignor's interest in every lease, and amendments and renewals of and supplements to those leases (the "leases") by which assignor has leased goods (whether or not those goods are subject to a security interest granted by assignor to assignee) to _________ of _________[address] ("lessee"), including but not limited to all rents, purchase option amounts and other monies now or in the future payable by lessee under the leases. Assignor delivers the leases to assignee with this agreement and here grants to assignee a security interest in each lease to secure the payment of all liabilities of every kind and description, direct or indirect, absolute or contingent, due or to become due, existing now or arising in the future and however evidenced, owing by assignor to assignee. A specific description of the leases, goods and amounts owing and to be owing on the leases appears below or on schedules attached to and made a part of this agreement.

Date of Lease	.................	.................	.................
Total Amt. Owing	.................	.................	.................
Type & Serial Nos. of Goods	.................	.................	.................
Monthly Rental	.................	.................	.................
No. of Months	.................	.................	.................
Due Date of Next Installment	.................	.................	.................
Purchase Option Price	.................	.................	.................
Lease Expiration Date	.................	.................	.................

 

Assignor represents and warrants to assignee that (1) the goods are in the possession of lessee, (2) the leases are in full force and effect, (3) the amounts due and to become due from lessee are correctly set forth in this agreement, (4) assignor will not alter or modify any of the terms or provisions of the leases, or cancel the same, or accept a surrender or prepayment of the leases in whole or in part, without the prior written consent of assignee, and (5) the place where assignor keeps and will continue to keep its records concerning monies payable now or in the future pursuant to the leases is _________ (street), _________(city), _________(county), _________(state).

Lessee is here directed to pay to assignee all monies due and to become due from lessee pursuant to the leases and the payment of those monies to assignee shall have the same effect as if paid to assignor. Assignor transfers and assigns to assignee the sole right to demand and institute legal proceedings for, collect and give receipts for those monies and to do all things and exercise all rights which assignor could do or exercise under the leases or otherwise; provided, however, that this assignment shall not relieve assignor from, nor obligate assignee to assume, any of the covenants, warranties and undertakings in any of the leases to be performed by assignor for the benefit of lessee. Assignor authorizes assignee by any of its officers or employees to indorse the name of assignor upon any checks or other items that may be received as payments under the leases and to do any and all things that may be necessary in order to reduce the same to money. Assignee shall have no duty as to the collection of monies due or to become due under the leases nor as to the preservation of rights against the lessee or any other person.

Assignor agrees to execute and deliver all such financing statements, security agreements, further assignments and other instruments and to give all notices which may, in the judgment of assignee, be necessary to further evidence or secure to assignee the full and absolute ownership of the assigned rights.

_________

By _________