Common use of Security Clauses Clause in Contracts

Security Clauses. (a) The Issuer hereby notifies the Borrower and the Borrower acknowledges that, among other things, Borrower's Loan Payments evidenced hereby and by the Loan Note and all of the Issuer's right, title and interest under this Agreement and the Loan Note (except Shared Rights, which with respect to rights of enforcement may be exercised by the Issuer and the Trustee jointly or severally, and with respect to rights of consent to the modification of or waiver of compliance may be exercised by the Issuer and the Trustee jointly but not severally, and Unassigned Issuer's Rights) are being concurrently with the execution and delivery hereof assigned without recourse to the Trustee as security for the Bonds as provided in the Indenture. (b) The Borrower acknowledges that each of the Trustee and the Issuer may (except with respect to Shared Rights, except that with respect thereto rights of enforcement may be exercised by the Trustee either jointly or severally with the Issuer, and rights to consent to the modification thereof or to waive compliance therewith may be exercised by the Trustee jointly with the Issuer but not severally, and Unassigned Issuer's Rights), exercise any and all of their respective rights against the Borrower pursuant to or in connection with this Agreement and the Loan Note, and the Borrower shall not question the authority of any such party to exercise such rights.

Security Clauses. (a) The Issuer Authority hereby notifies the Borrower and the Borrower acknowledges that, among other things, Borrower's Loan Payments evidenced hereby and by the Loan Note Second Mortgage Bonds and all of the IssuerAuthority's right, title and interest under this Agreement and the Loan Note Second Mortgage Bonds (except Shared Rights, which with respect to rights of enforcement may be exercised by the Issuer Authority and the Trustee jointly or severally, and with respect to rights of consent to the modification of or waiver of compliance may be exercised by the Issuer Authority and the Trustee jointly but not severally, and Unassigned Issuer's Rights) are being concurrently with the execution and delivery hereof assigned without recourse to the Trustee as security for the Bonds Notes as provided in the Indenture. (b) The Borrower acknowledges that each of the Trustee and the Issuer Authority may (except with respect to Shared Rights, except that with respect thereto rights of enforcement may be exercised by the Trustee either jointly or severally with the IssuerAuthority, and rights to consent to the modification thereof or to waive compliance therewith may be exercised by the Trustee jointly with the Issuer Authority but not severally, and Unassigned Issuer's Rights), exercise any and all of their respective rights against the Borrower pursuant to or in connection with this Agreement and the Loan NoteSecond Mortgage Bonds, and the Borrower shall not question the authority of any such party to exercise such rights.