Common use of Non-Assignable Rights Clause in Contracts

Non-Assignable Rights. The Borrower declares that to the extent that any right, title, interest or benefit described in Clause 3.1 (Assignment and charge) is for any reason not effectively assigned or charged, as the case may be, pursuant to Clause 3.1 (Assignment and charge) for whatever reason, it shall: (a) hold the benefit of the same on trust for the Collateral Agent as security for the payment and discharge of the Secured Obligations; and (b) promptly upon becoming aware of the same, notify the Collateral Agent of the same and the reasons therefore and thereafter take such steps as the Collateral Agent may reasonably require to remove such prohibition or other reason for such incapacity.

Non-Assignable Rights. The Borrower declares that to the extent that any right, title, interest or benefit described in Clause 3.1 (Assignment and chargeAssignment) is for any reason not effectively assigned or charged, as the case may be, pursuant to Clause 3.1 (Assignment and chargeAssignment) for whatever reason, it shall: (a) hold the benefit of the same on trust for the Collateral Agent as security for the payment and discharge of the Secured Obligations; and (b) promptly upon becoming aware of the same, notify the Collateral Agent of the same and the reasons therefore and thereafter take such steps as the Collateral Agent may reasonably require to remove such prohibition or other reason for such incapacity.