Common use of Non-Assignable Rights Clause in Contracts

Non-Assignable Rights. The Company declares that to the extent that any right, title, interest or benefit described in Clause 4.1 (Assignment) is for any reason not effectively assigned pursuant to Clause 4.1 (Assignment) for whatever reason, it shall: (a) hold the benefit of the same on trust for the Delegate as security for the payment and discharge of the Secured Obligations; and (b) promptly upon becoming aware of the same, notify the Delegate of the same and the reasons therefore and thereafter take such steps as the Delegate may reasonably require to remove such prohibition or other reason for such incapacity.