Common use of Subsequent Owner Clause in Contracts

Subsequent Owner. 1. Each Contracting Party agrees that, if Agent notifies such Contracting Party in writing that, pursuant to the Guaranty and Security Agreements, it has assigned, foreclosed or sold the Assigned Interests, then (i) Agent or its successor, assignee and/or designee (a “Subsequent Owner”) shall be substituted for such Assignor under the Assigned Agreement and (ii) such Contracting Party shall (1) recognize Agent or the Subsequent Owner, as the case may be, as its counterparty under the Assigned Agreement and (2) continue to perform its obligations under the Assigned Agreement in favor of Agent or the Subsequent Owner, as the case may be; provided that Agent or such Subsequent Owner, as the case may be, has assumed in writing all of such Assignor’s rights and obligations (including, without limitation, the obligation to cure any then existing payment and performance defaults, but excluding any obligation to cure any then existing performance defaults which by their nature are incapable of being cured) under the Assigned Agreement.

Subsequent Owner. 1. Each (a) Contracting Party agrees that, if Administrative Agent notifies such Contracting Party in writing that, pursuant to and in accordance with the Guaranty and Security AgreementsAgreement, it has assigned, foreclosed or sold the Assigned InterestsInterest, then (i) Administrative Agent or its successor, assignee and/or designee designee, or any purchaser of the Assigned Interests (a “"Subsequent Owner”") shall be substituted for such Assignor Project Owner under the Assigned Agreement and (ii) such Contracting Party shall (1A) recognize Administrative Agent or the Subsequent Owner, as the case may be, as its counterparty under the Assigned Agreement and (2B) continue to perform its obligations under the Assigned Agreement in favor of Administrative Agent or the Subsequent Owner, as the case may be; provided that Administrative Agent or such Subsequent Owner, as the case may be, has assumed in writing all of such Assignor’s Project Owner's rights and obligations (including, without limitation, the obligation to cure any then existing payment and performance defaults, but excluding any obligation to cure any then existing performance defaults which by their nature are incapable of being cured) under the Assigned Agreement.

Subsequent Owner. 1. Each Contracting Party agrees that, if Agent Lender notifies such Contracting Party in writing that, pursuant to and in accordance with the Guaranty and Security AgreementsAssignment, it has assigned, foreclosed or sold the Assigned InterestsInterest, then (iA) Agent Lender or its successor, assignee and/or designee designee, or any purchaser of the Assigned Interests (a “Subsequent Owner”) shall be substituted for such Assignor Borrower under the Assigned Agreement and (iiB) such Contracting Party shall (1) recognize Agent Lender or the Subsequent Owner, as the case may be, as its counterparty under the Assigned Agreement and (2) continue to perform its obligations under the Assigned Agreement in favor of Agent Lender or the Subsequent Owner, as the case may be; provided that Agent Lender or such Subsequent Owner, as the case may be, has assumed in writing all of such AssignorBorrower’s rights and obligations (including, without limitation, the obligation to cure any then existing payment and performance defaults, but excluding any obligation to cure any then existing performance defaults which by their nature are incapable of being cured) under the Assigned Agreement.

Subsequent Owner. 1. Each Contracting Party agrees that, if Agent Xxxxxx notifies such Contracting Party in writing that, pursuant to and in accordance with the Guaranty and Security AgreementsAssignment, it has assigned, foreclosed or sold the Assigned InterestsInterest, then (iA) Agent Lender or its successor, assignee and/or designee designee, or any purchaser of the Assigned Interests (a “Subsequent Owner”) shall be substituted for such Assignor Borrower under the Assigned Agreement and (iiB) such Contracting Party shall (1) recognize Agent Lender or the Subsequent Owner, as the case may be, as its counterparty under the Assigned Agreement and (2) continue to perform its obligations under the Assigned Agreement in favor of Agent Lender or the Subsequent Owner, as the case may be; provided that Agent Lender or such Subsequent Owner, as the case may be, has assumed in writing all of such AssignorBorrower’s rights and obligations (including, without limitation, the obligation to cure any then existing payment and performance defaults, but excluding any obligation to cure any then existing performance defaults which by their nature are incapable of being cured) under the Assigned Agreement.