Common use of Continuing Assignment and Security Interest Clause in Contracts

Continuing Assignment and Security Interest. This Agreement shall create a continuing pledge and assignment of and security interest in the Account Collateral and shall (a) remain in full force and effect until the Termination Date, (b) be binding upon the City and the Manager and each such Party’s respective successors and assigns, and (c) inure, together with the rights and remedies of the Trustee, to the benefit of the Trustee (on its behalf and on behalf of the Bondholders and their respective successors, transferees and assigns). The release of the security interest in any or all of the Account Collateral, the taking or acceptance of additional security, or the resort by the Trustee to any security it may have in any order it may deem appropriate, shall not affect the liability of any Person on the Debt secured hereby.