Common use of ASSIGNMENT FOR SECURITY PURPOSES Clause in Contracts

ASSIGNMENT FOR SECURITY PURPOSES. Notwithstanding anything to the contrary in this Section 12, any Partner may assign, its Partnership Interest, or a Partner Affiliate may pledge the shares of a Partner, as security for a loan that is secured by both its Partnership Interest (or pledged shares) and by its or its Partner Affiliate's Project or rights to develop a Project that makes use, or will make use, of the Transmission Line; provided, however, that said assignment recognizes that any person succeeding to said Partnership Interest or pledged shares by foreclosure or transfer must comply with all of the conditions of this Section 12.