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

Assignment of Authority’s Rights. Under the State Indenture, the Authority will, as additional security for the State Bonds, assign, transfer, pledge and grant a security interest to the Trustee in the State Payments and other moneys received by the Authority hereunder and directed to be deposited by the Authority with the Trustee under the State Indenture (the “State Obligations”). The Trustee is hereby given the right to enforce either jointly with the Authority or separately, the performance of the State Obligations. The State hereby consents to the same and agrees that the Trustee may enforce such rights as provided in the State Indenture and the State will cause payments required hereunder to be made directly to the Trustee. This Agreement recognizes that the Trustee is a third party creditor-beneficiary hereof with respect to the State Obligations. Under the City Indenture, the Authority will, as additional security for the City Bonds, assign, transfer, pledge and grant a security interest to the Trustee in the City Payments and other moneys received by the Authority hereunder and directed to be deposited by the Authority with the Trustee under the City Indenture (the “City Obligations”). The Trustee is hereby given the right to enforce either jointly with the Authority or separately, the performance of the City Obligations. The City hereby consents to the same and agrees that the Trustee may enforce such rights as provided in the City Indenture and the City will cause payments required hereunder to be made directly to the Trustee. This Agreement recognizes that the Trustee is a third party creditor-beneficiary hereof with respect to the City Obligations.

Assignment of Authority’s Rights. Under the State Indenture, the Authority will, as additional security for the State Bonds, assign, transfer, pledge and grant a security interest to the Trustee in the State Payments and other moneys received by the Authority hereunder and directed to be deposited by the Authority with the Trustee under the State Indenture (the “State Obligations”). The Trustee is hereby given the right to enforce either jointly with the Authority or separately, the performance of the State Obligations. The State hereby consents to the same and agrees that the Trustee may enforce such rights as provided in the State Indenture and the State will cause payments required hereunder to be made directly to the Trustee. This Agreement recognizes that the Trustee is a third party creditor-beneficiary creditor­beneficiary hereof with respect to the State Obligations. Under the City Indenture, the Authority will, as additional security for the City Bonds, assign, transfer, pledge and grant a security interest to the Trustee in the City Payments and other moneys received by the Authority hereunder and directed to be deposited by the Authority with the Trustee under the City Indenture (the “City Obligations”). The Trustee is hereby given the right to enforce either jointly with the Authority or separately, the performance of the City Obligations. The City hereby consents to the same and agrees that the Trustee may enforce such rights as provided in the City Indenture and the City will cause payments required hereunder to be made directly to the Trustee. This Agreement recognizes that the Trustee is a third party creditor-beneficiary creditor­beneficiary hereof with respect to the City Obligations.