Common use of Insurance Collateral Clause in Contracts

Insurance Collateral. Each Assignor hereby covenants and agrees to procure that notice of this Assignment shall be duly given to all underwriters, substantially in the form hereto attached as Exhibit B, and that where the consent of any underwriter is required pursuant to any of the insurances assigned hereby that the Assignor shall use commercially reasonable efforts to obtain such consent and evidence thereof shall be given to the Assignee, or, in the alternative, the Assignor shall use commercially reasonable efforts to obtain the Assignee’s approval, a letter of undertaking by the underwriters, 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 clauses as to loss payees as the Assignee may require or approve. In all cases, 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.

Insurance Collateral. Each Assignor hereby covenants and agrees to procure that notice of this Assignment Agreement shall be duly given to all underwritersinsurance brokers, underwriters and protection and indemnity clubs, substantially in the form hereto attached as Exhibit B, and that where the consent of any underwriter or protection and indemnity club is required pursuant to any of the insurances Insurances Collateral assigned hereby that the Assignor shall use commercially reasonable efforts to obtain such consent and evidence thereof shall be given to the Assignee, or, in the alternative, the Assignor shall use commercially reasonable efforts to obtain obtain, with the Assignee’s approval, a letter of undertaking by the underwritersunderwriters and protection and indemnity clubs, 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 approveapprove in its sole discretion. In all cases, 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.