Common use of No Partner Clause in Contracts

No Partner. Notwithstanding anything to the contrary contained herein, until such time, if any, as Secured Party or a successor thereto acquires the Collateral following the occurrence of an Event of Default, neither Secured Party nor any successor-in-interest thereof shall be deemed to be a partner in the Partnership. The security interests granted to Secured Party herein are collateral assignments only, serving as security for the Secured Obligations.

No Partner. Notwithstanding anything to the contrary contained herein, until such time, if any, as Secured Party or a successor thereto acquires the Collateral following the occurrence of an Event of Default, neither Secured Party nor any Lender nor any successor-in-interest thereof shall be deemed to be a partner in the Partnership. The security interests granted to Secured Party herein are collateral assignments only, serving as security for the Secured Obligations.