Common use of State transfers Clause in Contracts

State transfers. If the State transfers its interest in the Premises or this Agreement, the State may transfer the Performance Deposit or the Letter of Credit, as the case may be, to its transferee. Upon such transfer, the State shall have no further obligation to return the Performance Deposit or the Letter of Credit, as the case may be, to Concessionaire, and Concessionaire's right to the return of the Performance Deposit or the Letter of Credit, as the case may be, shall apply solely against the State's transferee.

State transfers. If the State transfers its interest in the Premises or this Agreement, the State may transfer the Performance Deposit or the Letter of Credit, as the case may be, to its transferee. Upon such transfer, the State shall have no further obligation to return the Performance Deposit or the Letter of Credit, as the case may be, to ConcessionaireRAC, and Concessionaire's RAC’s right to the return of the Performance Deposit or the Letter of Credit, as the case may be, shall apply solely against the State's ’s transferee.