Common use of Assignment of Authority’s Rights Clause in Contracts

Assignment of Authority’s Rights. As security for the payment of its Bonds, the Authority will concurrently with the issuance of the Bonds pledge and assign to the Trustee the Authority’s rights under this Agreement (except the Unassigned Authority Rights), including the right of the Authority to receive the Borrower Bonds and the right to receive payments under them and under Section 4.1 of this Agreement, and the Authority covenants and agrees with the Borrower to pledge, assign and deliver the Borrower Bonds and payments made under this Agreement for payment of principal, premium or interest on the Bonds to the Trustee. The Authority directs the Borrower, and the Borrower agrees, to pay to the Trustee at its Principal Corporate Trust Office all payments under Section 4.1 of this Agreement and on the Borrower Bonds and other payments due and payable to the Trustee under this Agreement. The Borrower will make payments directly to the Trustee without defense or set-off by reason of any dispute between the Borrower and the Trustee or the Authority. The Authority agrees that the Trustee as assignee may enforce any and all rights and remedies under this Agreement, but the Authority retains the right also to proceed in its own name against the Borrower for the enforcement of the performance of any obligation of the Borrower with respect to the Unassigned Authority Rights, including by specific performance; provided, that in any such action seeking to enforce that performance, the Authority shall have no rights with respect to the Borrower Bonds, and in such event the obligation of the Borrower to make the payments required to repay the loan under this Agreement and payments required under the Borrower Bonds shall remain unconditional as provided in Section 4.4 of this Agreement. The Authority and the Borrower covenant and agree that the Borrower Bonds will at all times be (i) in fully registered form; (ii) registered in the name of the Trustee; (iii) non-transferable except as provided in the Borrower Indenture; and (iv) appropriately marked to indicate clearly the restrictions on their transfer imposed by this Agreement.

Assignment of Authority’s Rights. As security for the payment of its Bonds, the Authority will concurrently with the issuance of the Bonds pledge and assign to the Trustee the Authority’s rights under this Agreement (except the Unassigned Authority Rightsright for it to receive payments under Sections 5.1, 5.2 and 6.3 of this Agreement), including the right of the Authority to receive the Borrower Mortgage Bonds and the right to receive payments under them and under Section 4.1 of this Agreement, and the Authority covenants and agrees with the Borrower Company to pledge, assign and deliver the Borrower Mortgage Bonds and payments made under this Agreement for payment of principal, premium or interest on the Bonds to the Trustee. The Authority directs the BorrowerCompany, and the Borrower Company agrees, to pay to the Trustee at its Principal Corporate Trust Office all payments under Section 4.1 of this Agreement and on the Borrower Mortgage Bonds and other payments due and payable to the Trustee under this Agreement. The Borrower Company will make payments directly to the Trustee without defense or set-off by reason of any dispute between the Borrower Company and the Trustee or the Authority. The Authority agrees that the Trustee as assignee may enforce any and all rights and remedies under this Agreement, but the Authority retains the right also to proceed in its own name against the Borrower Company for the enforcement of the performance of any obligation of the Borrower with respect to the Unassigned Authority RightsCompany under Sections 5.1, 5.2, 5.4, 5.5, 5.6, 5.7, 5.8, 5.9, 6.3, 7.2 or 7.4 of this Agreement, including by specific performance; provided, that in any such action seeking to enforce that performance, the Authority shall have no rights with respect to the Borrower Mortgage Bonds, and in such event the obligation of the Borrower Company to make the payments required to repay the loan under this Agreement and payments required under the Borrower Mortgage Bonds shall remain unconditional as provided in Section 4.4 of this Agreement. The Authority and the Borrower Company covenant and agree that the Borrower Mortgage Bonds will at all times be (i) in fully registered form; (ii) registered in the name of the Trustee; (iii) non-non- transferable except as provided in the Borrower Company Indenture; and (iv) appropriately marked to indicate clearly the restrictions on their transfer imposed by this Agreement.

Assignment of Authority’s Rights. As security for the payment of its Bonds, the Authority will concurrently with the issuance of the Bonds pledge and assign to the Trustee the Authority’s rights under this Agreement (except the Unassigned Authority Rightsright for it to receive payments‌ under Sections 5.1, 5.2 and 6.3 of this Agreement), including the right of the Authority to receive the Borrower Mortgage Bonds and the right to receive payments under them and under Section 4.1 of this Agreement, and the Authority covenants and agrees with the Borrower Company to pledge, assign and deliver the Borrower Mortgage Bonds and payments made under this Agreement for payment of principal, premium or interest on the Bonds to the Trustee. The Authority directs the BorrowerCompany, and the Borrower Company agrees, to pay to the Trustee at its Principal Corporate Trust Office all payments under Section 4.1 of this Agreement and on the Borrower Mortgage Bonds and other payments due and payable to the Trustee under this Agreement. The Borrower Company will make payments directly to the Trustee without defense or set-off by reason of any dispute between the Borrower Company and the Trustee or the Authority. The Authority agrees that the Trustee as assignee may enforce any and all rights and remedies under this Agreement, but the Authority retains the right also to proceed in its own name against the Borrower Company for the enforcement of the performance of any obligation of the Borrower with respect to the Unassigned Authority RightsCompany under Sections 5.1, 5.2, 5.3, 5.4, 5.5, 5.6, 5.7, 5.8, 6.3, 7.2 or 7.4 of this Agreement, including by specific performance; provided, that in any such action seeking to enforce that performance, the Authority shall have no rights with respect to the Borrower Mortgage Bonds, and in such event the obligation of the Borrower Company to make the payments required to repay the loan under this Agreement and payments required under the Borrower Mortgage Bonds shall remain unconditional as provided in Section 4.4 of this Agreement. The Authority and the Borrower Company covenant and agree that the Borrower Mortgage Bonds will at all times be (i) in fully registered form; (ii) registered in the name of the Trustee; (iii) non-non- transferable except as provided in the Borrower Company Indenture; and (iv) appropriately marked to indicate clearly the restrictions on their transfer imposed by this Agreement.