Common use of Nature of Security Interest Clause in Contracts

Nature of Security Interest. The granting of the foregoing security interest does not make Security Agent or any Secured Party a successor to Borrower as a member in any Project Company, and none of Security Agent, any Secured Party or any of their successors or assigns hereunder shall be deemed to have become a member in any Project Company by accepting this Agreement or exercising any right granted herein unless and until such time, if any, when Security Agent, any Secured Party or any such successor or assign expressly becomes a member in any Project Company after a foreclosure upon the Collateral. Notwithstanding anything herein to the contrary, none of Security Agent, the Secured Parties, or any of their successors or assigns shall be deemed to have assumed or otherwise become liable for any debts or obligations of any Project Company or of Borrower by virtue of the security interest granted hereunder (except to the extent, if any, that Security Agent, any Secured Party or any of their successors or assigns hereafter expressly becomes a member in any Project Company).

Nature of Security Interest. The granting of the foregoing security interest does not make Security Agent or any Secured Party a successor to Borrower Member as a member in any Project CompanyBorrower, and none of Security Agent, any Secured Party or any of their successors or assigns hereunder shall be deemed to have become a member in any Project Company Borrower by accepting this Agreement or exercising any right granted herein unless and until such time, if any, when Security Agent, any Secured Party or any such successor or assign expressly becomes a member in any Project Company Borrower after a foreclosure upon the Collateral. Notwithstanding anything herein to the contrary, none of Security Agent, the Secured Parties, or any of their successors or assigns shall be deemed to have assumed or otherwise become liable for any debts or obligations of any Project Company Borrower or of Borrower Member by virtue of the security interest granted hereunder (except to the extent, if any, that Security Agent, any Secured Party or any of their successors or assigns hereafter expressly becomes a member in any Project CompanyBorrower).