Common use of Assignment by Bank Clause in Contracts

Assignment by Bank. Notwithstanding the foregoing in Section 5.01, Bank may assign its rights under this Agreement with the prior written approval of the City. Bank assignment for the purposes of refinancing its EE Loan portfolio is contemplated, and the City will support and cooperate with this effort. In the event of such assignment, the City will direct Bank as Escrow Agent to effect and document such assignment and Bank as Escrow Agent will do so as directed by the City.