Common use of State Action Clause in Contracts

State Action. Under the Act, the State of New York has pledged and agreed with the Bondholders, any financing parties, that it will not take or permit any action that limits, alters or impairs the value of Recovery Property or, except as required by a True-Up Adjustment described in the Financing Order, reduce, alter or impair Recovery Charges that are imposed, collected and remitted for the benefit of the owners of Recovery Bonds, any assignee, and all financing parties, until all principal and interest in respect of the Recovery Bonds, all financing costs and all amounts to be paid to an assignee or financing party under an ancillary agreement are paid or performed in full.