Common use of Insurer as Third Party Beneficiary Clause in Contracts

Insurer as Third Party Beneficiary. The Insurer is explicitly recognized as a third party beneficiary under this Loan Agreement, except with respect to rights of the Authority under this Loan Agreement which are excluded from the Trust Estate under its Granting Clauses First and Second and may enforce any right, remedy or claim given or granted under this Loan Agreement (other than rights, remedies or claims so excluded from the Trust Estate) for the benefit of the Trustee and Bondholders (or for itself if there is a payment default on the Bonds for which the Insurer shall have had made an insurance payment).‌

Insurer as Third Party Beneficiary. The Insurer is explicitly recognized as a third party beneficiary under this Loan Agreement, except with respect to rights of the Authority under this Loan Agreement which are excluded from the Trust Estate under its Granting Clauses First and Second and may enforce any right, remedy or claim given or granted under this Loan Agreement (other than rights, remedies or claims so excluded from the Trust Estate) for the benefit of the Trustee and Bondholders (or for itself if there is a payment default on the Bonds for which the Insurer shall have had made an insurance payment).‌payment).