Common use of Assignment and Pledge of Payments and Rights Under this Agreement Clause in Contracts

Assignment and Pledge of Payments and Rights Under this Agreement. The Issuer shall assign and pledge to the Trustee as security under the Indenture all rights, title and interests of the Issuer in and to this Agreement, including the Subordinated Security Interest, and all moneys receivable hereunder (except for payments under the second and third paragraphs of Section 3.1 and under Sections 4.3 and 5.3 hereof). The Company assents to such assignment and hereby agrees that, as to the Trustee, its obligations to make such payments shall be absolute and shall not be subject to any defense or any right of set-off, counterclaim, or recoupment arising out of any breach by the Issuer or the Trustee of any obligation to the Company, whether hereunder or otherwise, or out of any indebtedness or liability at any time owing to the Company by the Issuer or the Trustee.

Assignment and Pledge of Payments and Rights Under this Agreement. The Issuer shall assign and pledge to the Trustee as security under the Indenture all rights, title and interests of the Issuer in and to this Agreement, including the Subordinated Security Interest, and all moneys receivable hereunder (except for payments under the second and third paragraphs of Section 3.1 and under Sections 4.3 and 5.3 hereof). The Company assents to such assignment and hereby agrees that, as to the Trustee, its obligations to make such payments shall be absolute and shall not be subject to any defense or any right of set-off, counterclaim, or recoupment arising out of any breach by the Issuer or the Trustee of any obligation to the Company, whether hereunder or otherwise, or out of any indebtedness or liability at any time owing to the Company by the Issuer or the Trustee.