Common use of Notice to Third Parties Clause in Contracts

Notice to Third Parties. The Second Mortgagee undertakes to the First Mortgagee that the Second Mortgagee will not at any time during the Security Period give any notice to any third party inconsistent with the rights and powers of the First Mortgagee under or pursuant to the Senior Security Documents. In particular, but without limitation, any notice of the assignment by the Owner to the Second Mortgagee of any of the Assigned Property, and any loss payable clause in favour of the Second Mortgagee endorsed on any of the Insurances, shall be expressed as being subject to the prior rights of the First Mortgagee as first assignee and shall be approved by the First Mortgagee prior to being given to any third party or endorsed on any of the Insurances.