Common use of Notices of assignment Clause in Contracts

Notices of assignment. Each Company shall deliver to the Security Agent, Notices of Assignment duly executed by, or on behalf of, such Company in respect of any asset which is the subject of an assignment pursuant to Clause 3.2 (Insurance Policies) promptly upon the request of the Security Agent from time to time following the occurrence of an Event of Default which is continuing, and shall use reasonable endeavours (which, for this purpose shall not involve the payment of material amounts of money or incurring material external expenses, provided that reasonable legal fees shall not be considered a material expense) to procure that each notice is acknowledged by the obligor or debtor specified by the Security Agent (such acknowledgement to be in substantially the form set out in Schedule 4 (Form of Notice of Assignment) or in such form as may be specified by the Security Agent) and reasonably acceptable to the applicable Company.