Common use of Collateral Assignments Clause in Contracts

Collateral Assignments. Notwithstanding any provision to the contrary contained in this Article XIII, each Party may, at any time, without the prior written consent of the other Parties, assign to its Lenders as collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of its Secured Obligations, all or any portion of its Composite Component Ownership Interest and its rights and obligations under this Agreement. Any assignment provided for in this Section 13.4, however, shall not relieve such Party of any of its obligations under this Agreement. If the Lenders exercise their remedies under the applicable Security Documents and foreclose on all or any portion of such Party’s Composite Component Ownership Interest, then the Lenders shall, except to the extent otherwise agreed by the Parties in writing, be bound by the terms and conditions of this Agreement. Each Party hereby irrevocably consents to any such assignment and to the creation of any such security interest in favor of the Lenders, in each case, pursuant to the applicable Security Documents. Each Party hereby agrees, in connection with any collateral assignment by any other Party of all or any portion of its Composite Component Ownership Interest and/or its rights and obligations under this Agreement to its Lenders, to enter into a consent to assignment containing terms and conditions substantially similar to those provided in the form attached as Exhibit E and such other commercially reasonable terms and conditions as such Lenders may reasonably require.

Collateral Assignments. Notwithstanding any provision to the contrary contained in this Article XIII, each Party may, at any time, without the prior written consent of the other Parties, assign to its Lenders as collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of its Secured Obligations, all or any portion of its Composite Component Xxxx 0 Facility Ownership Interest and its rights and obligations under this Agreement. Any assignment provided for in this Section 13.413.6, however, shall not relieve such Party of any of its obligations under this Agreement. If the Lenders exercise their remedies under the applicable Security Documents and foreclose on all or any portion of such Party’s Composite Component Unit 1 Facility Ownership Interest, then the Lenders shall, except to the extent otherwise agreed by the Parties in writing, be bound by the terms and conditions of this Agreement. Each Party hereby irrevocably consents to any such assignment and to the creation of any such security interest in favor of the Lenders, in each case, pursuant to the applicable Security Documents. Each Party hereby agrees, in connection with any collateral assignment by any other Party of all or any portion of its Composite Component Unit 1 Facility Ownership Interest and/or its rights and obligations under this Agreement to its Lenders, to enter into a consent to assignment containing terms and conditions substantially similar to those provided in the form attached as Exhibit E H and such other commercially reasonable terms and conditions as such Lenders may reasonably require.

Collateral Assignments. Notwithstanding any provision to the contrary contained in this Article XIII, each Party may, at any time, without the prior written consent of the other Parties, assign to its Lenders as collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of its Secured Obligations, all or any portion of its Composite Component Unit 2 Ownership Interest and its rights and obligations under this Agreement. Any assignment provided for in this Section 13.413.6, however, shall not relieve such Party of any of its obligations under this Agreement. If the Lenders exercise their remedies under the applicable Security Documents and foreclose on all or any portion of such Party’s Composite Component Unit 2 Ownership Interest, then the Lenders shall, except to the extent otherwise agreed by the Parties in writing, be bound by the terms and conditions of this Agreement. Each Party hereby irrevocably consents to any such assignment and to the creation of any such security interest in favor of the Lenders, in each case, pursuant to the applicable Security Documents. Each Party hereby agrees, in connection with any collateral assignment by any other Party of all or any portion of its Composite Component Unit 2 Ownership Interest and/or its rights and obligations under this Agreement to its Lenders, to enter into a consent to assignment containing terms and conditions substantially similar to those provided in the form attached as Exhibit E H and such other commercially reasonable terms and conditions as such Lenders may reasonably require.