Common use of Margin for All Your Obligations Clause in Contracts

Margin for All Your Obligations. Notwithstanding any provision to the contrary contained in any Governing Agreement, all Margin pledged by you to a XX Xxxxxx Entity, whether under this Agreement, any Governing Agreement or any Activity, shall be and shall constitute, to the fullest extent of any rights you have in such assets, Margin pledged by you under and in connection with this Agreement, each Governing Agreement and each Activity, to margin and secure your Obligations under this Agreement, each Governing Agreement and each Activity, and each Governing Agreement and each Activity, whenever entered into, shall be deemed amended accordingly. Each XX Xxxxxx Entity shall, without your further consent, comply with any orders or instructions of each other XX Xxxxxx Entity with respect to Margin, including (a) any Entitlement Orders or other instructions, including to transfer to a XX Xxxxxx Entity or other person or to redeem any Margin, and (b) if the XX Xxxxxx Entity is a Commodity Intermediary, any instructions to such XX Xxxxxx Entity to apply any value distributed on account of a Commodity Contract as directed by each other XX Xxxxxx Entity. All Margin is held as Margin by each XX Xxxxxx Entity both for itself as a secured party and as agent and bailee of each other XX Xxxxxx Entity, and each XX Xxxxxx Entity acknowledges that it is so acting and that it is on notice of the security interest you have granted to each other XX Xxxxxx Entity.