Common use of Assets, Rights, Debts, Liabilities and Obligations Clause in Contracts

Assets, Rights, Debts, Liabilities and Obligations. (a) Except as provided in subsection (b), (c) and (d) below, the assets, rights, debts, liabilities and obligations of the Authority shall not constitute assets, rights, debts, liabilities or obligations of any of the Members. However, nothing in this Agreement shall prevent any Member from separately contracting for, or assuming responsibility for, specific debts, liabilities, or obligations of the Authority, provided that both the Board and that Member give prior approval to such contract or assumption.

Assets, Rights, Debts, Liabilities and Obligations. (a) Except as provided in subsection (b), (c) and (d) below, the assets, rights, debts, liabilities and obligations of the Authority AUTHORITY shall not constitute assets, rights, debts, liabilities or obligations of any of the MembersMEMBERS. However, nothing in this Agreement AGREEMENT shall prevent any Member MEMBER from separately contracting for, or assuming responsibility for, specific debts, liabilities, liabilities or obligations of the AuthorityAUTHORITY, provided that both the Board BOARD and that Member MEMBER give prior approval to such contract or assumption.