02Insurance Collateral Sample Clauses

02Insurance Collateral. Each Assignor hereby covenants and agrees to procure that (i) notice of this Agreement shall be duly given to all insurance brokers, underwriters and protection and indemnity clubs, substantially in the form hereto attached as Exhibit B, and that where the consent of any insurance broker, underwriter or protection and indemnity club is required pursuant to any of the Insurance Collateral assigned hereby that the Assignor (x) shall use commercially reasonable efforts to obtain such consent substantially in the form attached hereto as Annex II to the form of Notice of Assignment attached hereto as Exhibit B and evidence thereof shall be given to the Assignee, or (y) the Assignor shall obtain, with ​ ​ the Assignee’s approval, a letter of undertaking by the underwriters and protection and indemnity clubs, and (ii) that there shall be duly endorsed upon all slips, cover notes, policies, certificates of entry or other instruments issued or to be issued in connection with the insurances assigned hereby such notice of this Agreement and clauses as to loss payees in the form attached to Exhibit B or as the Assignee may require or approve in its sole discretion. Approved forms of loss payable clauses are attached hereto as Annex I to the form of Notice of Assignment attached hereto as Exhibit B. In all cases (except in the case of protection and indemnity coverage), unless otherwise agreed in writing by the Assignee, such slips, cover notes, notices, certificates of entry or other instruments shall provide that there will be no recourse against the Assignee for payment of premiums, calls or assessments.