Assignability of Credits. During the Credit Installment Period the Transmission Credits shall not be assignable by any holder thereof except to (i) a Participant (including an Additional Participant) for application against amounts payable under a Transmission Agreement entered into by such Participant or its Associated Producer, (ii) a bank or other lender, as security for a loan or letter of credit provided by such person to finance or provide credit support for a Participant's Project Contributions, or (iii) an assignee of a Participant's interest in this Agreement as permitted by Section 9.04, in conjunction with the assignment of such interest, for application against amounts payable under a Transmission Agreement entered into or assumed by such assignee or its Associated Producer. Following the Credit Installment Period, the Transmission Credits shall be assignable to any person for application against any charges or fees payable to IID for the transmission of electric power to Edison's Electric System. No assignment of Transmission Credits shall change the Credit Installment Year in which they become available for use pursuant to Section 7.03. No assignment of Transmission Credits (except an assignment for security purposes) shall be effective unless and until the assignor gives IID a written notice thereof. The right to receive payments in exchange for Transmission Credits, as provided in Sections 8.02 and 8.03, may be assigned in conjunction with an assignment of Transmission Credits, and the foregoing notice to IID shall indicate whether such right is being assigned.
