Assignments; Security Insurer Clause Samples
The "Assignments; Security Insurer" clause governs the conditions under which a party may transfer its rights or obligations under the agreement to another party, and addresses the role or requirements of a security insurer if applicable. Typically, this clause restricts assignments without prior written consent from the other party, ensuring that contractual obligations are not transferred to unapproved or potentially unreliable third parties. In cases involving a security insurer, the clause may specify how insurance interests are assigned or maintained to protect the parties' interests. Its core function is to maintain control over who is responsible for fulfilling the contract and to safeguard the parties against unwanted or risky transfers of obligations or insurance coverage.
Assignments; Security Insurer. This Agreement shall inure to the benefit of and be binding upon the parties hereto and the Security Insurer and their respective successors and permitted assigns.
Assignments; Security Insurer. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.
Assignments; Security Insurer. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Upon issuance of the Certificate Policy, this Agreement shall also inure to the benefit of the Security Insurer for so long as an Insurer Default shall not have occurred and be continuing. Without limiting the generality of the foregoing, all covenants and agreements in this Agreement which confer rights upon the Security Insurer shall be for the benefit of and run directly to the Security Insurer, and the Security Insurer shall be entitled to rely on and enforce such covenants, subject, however, to the limitations on such rights provided in this Agreement and the Basic Documents. The Security Insurer may disclaim any of its rights and powers under this Agreement (but not its duties and obligations under the Policies) upon delivery of a written notice to the Owner Trustee.