In the context of commercial lending an assignment of leases (often referred to as a collateral assignment of leases, rents and profits), assigns the borrower’s rights to collect rent, as landlord under a lease, to the lender as additional security for the loan. The rental income from any lease of property pledged as collateral for a loan, is often the primary source of repayment; should the borrower default, the lender will want to have access to the repayment source without a lengthy court fight. In the event of default, the lender can step into the shoes of the borrower, as the landlord under the lease, collect rent and otherwise enforce the landlord’s rights under the lease, and apply the lease payments toward the debt. As long as the borrower tenders timely debt service payments to the lender, the borrower continues to collect the rents and otherwise operate as landlord under the lease.