Common use of Notice to Third Parties Clause in Contracts

Notice to Third Parties. The Fourth Mortgagee undertakes to the Senior Mortgagees that the Fourth 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 Senior Mortgagees under or pursuant to the Senior Security Documents. In particular, but without limitation, any notice of the assignment by the Owner to the Fourth Mortgagee of any of the Assigned Property, and any loss payable clause in favour of the Fourth Mortgagee endorsed on any of the Insurances, shall be expressed as being subject to the prior rights of the Senior Mortgagees as first, second and third assignee respectively and shall be approved by the Senior Mortgagees prior to being given to any third party or endorsed on any of the Insurances.