Common use of Failure of assignment Clause in Contracts

Failure of assignment. If for any reason the assignment of any of the Assigned Agreements referred to in Clause 3.2 (Assignment) is found to be ineffective and/or if any sums payable in respect of such Assigned Agreements are received by a Company, such Company following the occurrence and during the continuance of an Event of Default and notification of the same by the Security Trustee shall hold the benefit of such Assigned Agreements and any such sums received by it in trust for the Security Trustee, and shall account to the Security Trustee for or otherwise apply all such sums as the Security Trustee may direct and shall otherwise at its own cost take such action and execute such documents as the Security Trustee may in its reasonable discretion require to effect such assignment.