Common use of No Recourse to Issuer Clause in Contracts

No Recourse to Issuer. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Environmental Trust Bonds or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (a) any owner of a membership interest in the Issuer (including Wisconsin Electric) or (b) any shareholder, partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Managers or any owner of a membership interest in the Issuer (including Wisconsin Electric) in its respective individual capacity, or of any successor or assign of any of them in their respective individual or corporate capacities, except as any such Person may have expressly agreed in writing. Each Holder by accepting an Environmental Trust Bond specifically confirms the nonrecourse nature of these obligations, and waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Environmental Trust Bonds. Notwithstanding any provision of this Indenture or the Series Supplement to the contrary, Holders shall look only to the Environmental Trust Bond Collateral with respect to any amounts due to the Holders hereunder and under the Series Supplement and the Environmental Trust Bonds and, in the event such Environmental Trust Bond Collateral is insufficient to pay in full the amounts owed on the Environmental Trust Bonds, shall have no recourse against the Issuer in respect of such insufficiency. Each Holder by accepting an Environmental Trust Bond specifically confirms the nonrecourse nature of these obligations and waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Environmental Trust Bonds.