Common use of Qualified Collateral Clause in Contracts

Qualified Collateral. (a) On each Business Day prior to the termination of the Security Interest pursuant to Section 9.1(i), (i) the value of the Qualified Loans, including any Qualified Loans supporting XXXX, (as determined by the Grantor in accordance with the immediately succeeding sentence) pledged hereunder shall be at least equal to 100% of the AgVantage Bond Balance and (ii) the value of the Qualified Collateral, including the value of the Qualified Loans referred to in clause (i) (as determined by the Grantor or the Performance Guarantor, as applicable, in accordance with the immediately succeeding sentence) pledged hereunder shall be at least equal to 110% of the AgVantage Bond Balance (clauses (i) and (ii), collectively, the “Minimum Required Collateralization Level”). For the avoidance of doubt, for all purposes of this Agreement, as of any date of determination, the value of any Qualified Loan and any other items included in the Qualified Collateral shall be equal to the Market Value of such Qualified Loan or item, as applicable, as of such date of determination. (b) If the value of Qualified Collateral (as determined by the Grantor or Performance Guarantor, as applicable, in accordance with Section 2.3(a)) falls below the Minimum Required Collateralization Level as of any Business Day, the Grantor or Performance Guarantor, as applicable, shall provide additional Qualified Collateral in which such party has rights or the power to transfer rights to a secured party, such that the value of Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) pledged to the Collateral Agent under this Agreement as of such Business Day shall be at least equal to the Minimum Required Collateralization Level. (c) For as long as the value of Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) is above the Minimum Required Collateralization Level, the Grantor (or Performance Guarantor, as applicable) may freely withdraw, replace or substitute or sell, dispose, pledge, assign or otherwise transfer any Qualified Collateral and any other item of Qualified Collateral then listed on the Qualified Collateral Schedule free and clear of the Security Interest, pledge, lien and encumbrance created under this Agreement, in accordance with Section 9.1, so long as any such withdrawal, replacement or substitution or any such sale, disposition, pledge, assignment or other transfer would not cause the value of the Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) after such action to be below the Minimum Required Collateralization Level (in the case of any replacement or substitution, after taking into account any replacement or substitute Qualified Collateral provided by the Grantor or Performance Guarantor, as applicable, to the Collateral Agent simultaneously therewith, as evidenced by a revised Qualified Collateral Schedule provided simultaneously by the Grantor and Performance Guarantor to the Collateral Agent (with a copy to Xxxxxx Mac, if Xxxxxx Mac is no longer serving as Collateral Agent), which revised Qualified Collateral Schedule shall form a part of this Agreement.) (d) At any time, the Grantor or Performance Guarantor, as applicable, may pledge additional Qualified Collateral (in which such party has rights or the power to transfer rights to a secured party) under this Agreement by filing the appropriate UCC statements and delivering a Certificate of Pledged Collateral to the Collateral Agent specifying such additional collateral. (e) The Grantor shall certify to the Collateral Agent (with a copy to Xxxxxx Mac, if Xxxxxx Mac is no longer serving as Collateral Agent), within fifteen (15) Business Days following each Valuation Date, that (i) the value of Qualified Collateral (as determined by the Grantor or Performance Guarantor, as applicable, in accordance with Section 2.3(a)) shall have been at least equal to the Minimum Required Collateralization Level as of such Valuation Date, and (ii) the Grantor and Performance Guarantor, collectively, have provided adequate Qualified Collateral (in which each of the Grantor and the Performance Guarantor have rights or the power to transfer rights to a secured party, as applicable) to maintain the Minimum Required Collateralization Level with respect to the AgVantage Bond Balance, in each case, which certification shall be in the form of a Certificate of Pledged Collateral.

Qualified Collateral. (a) On each Business Day prior to the termination of the Security Interest pursuant to Section 9.1(i), (i) the value of the Qualified Loans, including any Qualified Loans supporting XXXX, (as determined by the Grantor in accordance with the immediately succeeding sentence) pledged hereunder shall be at least equal to 100% of the AgVantage Bond Balance and (ii) the value of the Qualified Collateral, including the value of the Qualified Loans referred to in clause (i) (as determined by the Grantor or the Performance Guarantor, as applicable, in accordance with the immediately succeeding sentence) pledged hereunder shall be at least equal to 110% of the AgVantage Bond Balance (clauses (i) and (ii), collectively, the “Minimum Required Collateralization Level”). For the avoidance of doubt, for all purposes of this Agreement, as of any date of determination, the value of any Qualified Loan and any other items included in the Qualified Collateral shall be equal to the Market Value of such Qualified Loan or item, as applicable, as of such date of determination. (b) If Subject to all applicable notice and cure periods, if the value of Qualified Collateral (as determined by the Grantor or Performance Guarantor, as applicable, in accordance with Section 2.3(a)) falls below the Minimum Required Collateralization Level as of any Business Day, the Grantor or Performance Guarantor, as applicable, shall provide additional Qualified Collateral in which such party the Grantor has rights or the power to transfer rights to a secured party, such that the value of Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) pledged to the Collateral Agent under this Agreement as of such Business Day shall be at least equal to the Minimum Required Collateralization Level. (c) For as long as the value of Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) is above the Minimum Required Collateralization Level, the Grantor (or Performance Guarantor, as applicable) may freely withdraw, replace or substitute or sell, dispose, pledge, assign or otherwise transfer any Qualified Collateral and any other item of Qualified Collateral then listed on the Qualified Collateral Schedule free and clear of the Security Interest, pledge, lien and encumbrance created under this Agreement, in accordance with Section 9.19.1 and 9.2, so long as any such withdrawal, replacement or substitution or any such sale, disposition, pledge, assignment or other transfer would not cause the value of the Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) after such action to be below the Minimum Required Collateralization Level (in the case of any replacement or substitution, after taking into account any replacement or substitute Qualified Collateral provided by the Grantor or Performance Guarantor, as applicable, to the Collateral Agent simultaneously therewith, as evidenced by a revised Qualified Collateral Schedule provided simultaneously by the Grantor and Performance Guarantor to the Collateral Agent (with a copy to Xxxxxx Mac, if Xxxxxx Mac is no longer serving as Collateral Agent), which revised Qualified Collateral Schedule shall form a part of this Agreement.) (d) At any time, the Grantor or Performance Guarantor, as applicable, may pledge additional Qualified Collateral (in which such party has rights or the power to transfer rights to a secured party) under this Agreement by filing the appropriate UCC statements and delivering a Certificate of Pledged Collateral to the Collateral Agent specifying such additional collateral. (e) The Grantor shall certify to the Collateral Agent (with a copy to Xxxxxx Mac, if Xxxxxx Mac is no longer serving as Collateral Agent), within fifteen (15) Business Days following each Valuation Date, that (i) the value of Qualified Collateral (as determined by the Grantor or Performance Guarantor, as applicable, in accordance with Section 2.3(a)) shall have been at least equal to the Minimum Required Collateralization Level as of such Valuation Date, and (ii) the Grantor and Performance Guarantor, collectively, have has provided adequate Qualified Collateral (in which each of the Grantor and the Performance Guarantor have has rights or the power to transfer rights to a secured party, as applicable) to maintain the Minimum Required Collateralization Level with respect to the AgVantage Bond Balance, in each case, which certification shall be in substantially the form of a Certificate of Pledged Collateral.

Qualified Collateral. (a) On each Business Day prior to the termination of the Security Interest pursuant to Section 9.1(i), (i) the value of the Qualified Loans, including any Qualified Loans supporting Qualified XXXX, (as determined by the Grantor in accordance with the immediately succeeding sentence) pledged hereunder as of the date of such determination shall be at least equal to 100% of the AgVantage Bond Balance and (ii) the value of the Qualified Collateral, including the value of the Qualified Loans referred to in clause (i) (as determined by the Grantor or the Performance Guarantor, as applicable, in accordance with the immediately succeeding sentence) pledged hereunder as of the date of such determination shall be at least equal to 110% of the AgVantage Bond Balance (clauses (i) and (ii), collectively, the “Minimum Required Collateralization Level”). For the avoidance of doubt, for all purposes of this Agreement, as of any date of determination, the value of any Qualified Loan and any other items included in the Qualified Collateral shall be equal to the Market Value of such Qualified Loan or item, as applicable, as of such date of determination. (b) If Subject to all applicable notice and cure periods, if the value of Qualified Collateral (as determined by the Grantor or Performance Guarantor, as applicable, in accordance with Section 2.3(a)) falls below the Minimum Required Collateralization Level as of any Business Day, the Grantor or Performance Guarantor, as applicable, shall provide additional Qualified Collateral in which such party the Grantor has rights or the power to transfer rights to a secured partyparty as Collateral hereunder, such that the value of Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) pledged to the Collateral Agent under this Agreement as of such Business Day shall be at least equal to the Minimum Required Collateralization Level. (c) For as long as the value of Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) is above the Minimum Required Collateralization Level, the Grantor (or Performance Guarantor, as applicable) may freely withdraw, replace or substitute or sell, dispose, pledge, assign or otherwise transfer any Qualified Collateral and any other item of Qualified Collateral then listed on the Qualified Collateral Schedule free and clear of the Security Interest, pledge, lien and encumbrance created under this Agreement, in accordance with Section 9.1, so long as any such withdrawal, replacement or substitution or any such sale, disposition, pledge, assignment or other transfer would not cause the value of the Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) after such action to be below the Minimum Required Collateralization Level (in the case of any replacement or substitution, after taking into account any replacement or substitute Qualified Collateral provided by the Grantor or Performance Guarantor, as applicable, to the Collateral Agent simultaneously therewith, as evidenced by a revised Qualified Collateral Schedule provided simultaneously by the Grantor and Performance Guarantor to the Collateral Agent (with a copy to Xxxxxx Mac, if Xxxxxx Mac is no longer serving as Collateral Agent), which revised Qualified Collateral Schedule shall form a part of this Agreement.)item (d) At any time, the Grantor or Performance Guarantor, as applicable, may pledge additional Qualified Collateral (in which such party has rights or the power to transfer rights to a secured party) under this Agreement by filing the appropriate UCC statements and delivering a Certificate of Pledged Collateral to the Collateral Agent specifying such additional collateral. (e) The Grantor shall certify to the Collateral Agent (with a copy to Xxxxxx Mac, if Xxxxxx Mac is no longer serving as Collateral Agent), within fifteen forty-five (1545) Business Days following calendar days of the end of each Valuation DateFiscal Quarter, that (i) the value of Qualified Collateral (as determined by the Grantor or Performance Guarantor, as applicable, in accordance with Section 2.3(a)) shall have been at least equal to the Minimum Required Collateralization Level as of the end of such Valuation DateFiscal Quarter, and (ii) the Grantor and Performance Guarantor, collectively, have has provided adequate Qualified Collateral (in which each of the Grantor and the Performance Guarantor have has rights or the power to transfer rights to a secured party, as applicable) to maintain the Minimum Required Collateralization Level with respect to the AgVantage Bond Balance, in each case, which certification shall be in substantially the form of a Certificate of Pledged Collateral.

Qualified Collateral. (a) On each Business Day prior to the termination of the Security Interest pursuant to Section 9.1(i), (i) the value of the Qualified Loans, including any Qualified Loans supporting XXXX, (as determined by the Grantor in accordance with the immediately succeeding sentence) pledged hereunder shall be at least equal to 100% of the AgVantage Bond Balance and (ii) the value of the Qualified Collateral, including the value of the Qualified Loans referred to in clause (i) (as determined by the Grantor or the Performance Guarantor, as applicable, in accordance with the immediately succeeding sentence) pledged hereunder shall be at least equal to 110% of the AgVantage Bond Balance (clauses (i) and (ii), collectively, the “Minimum Required Collateralization Level”). For the avoidance of doubt, for all purposes of this Agreement, as of any date of determination, the value of any Qualified Loan and any other items included in the Qualified Collateral shall be equal to the Market Value of such Qualified Loan or item, as applicable, as of such date of determination. (b) If the value of Qualified Collateral (as determined by the Grantor or Performance Guarantor, as applicable, in accordance with Section 2.3(a)) falls below the Minimum Required Collateralization Level as of any Business Day, the Grantor or Performance Guarantor, as applicable, shall provide additional Qualified Collateral in which such party has rights or the power to transfer rights to a secured party, such that the value of Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) pledged to the Collateral Agent under this Agreement as of such Business Day shall be at least equal to the Minimum Required Collateralization Level. (c) For as long as the value of Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) is above the Minimum Required Collateralization Level, the Grantor (or Performance Guarantor, as applicable) may freely withdraw, replace or substitute or sell, dispose, pledge, assign or otherwise transfer any Qualified Collateral and any other item of Qualified Collateral then listed on the Qualified Collateral Schedule free and clear of the Security Interest, pledge, lien and encumbrance created under this Agreement, in accordance with Section 9.1, so long as any such withdrawal, replacement or substitution or any such sale, disposition, pledge, assignment or other transfer would not cause the value of the Qualified Collateral (as determined by the Grantor in accordance with Section 2.3(a)) after such action to be below the Minimum Required Collateralization Level (in the case of any replacement or substitution, after taking into account any replacement or substitute Qualified Collateral provided by the Grantor or Performance Guarantor, as applicable, to the Collateral Agent simultaneously therewith, as evidenced by a revised Qualified Collateral Schedule provided simultaneously by the Grantor and Performance Guarantor to the Collateral Agent (with a copy to Xxxxxx Mac, if Xxxxxx Mac is no longer serving as Collateral Agent), which revised Qualified Collateral Schedule shall form a part of this Agreement.) (d) At any time, the Grantor or Performance Guarantor, as applicable, may pledge additional Qualified Collateral (in which such party has rights or the power to transfer rights to a secured party) under this Agreement by filing the appropriate UCC statements and delivering a Certificate of Pledged Collateral to the Collateral Agent specifying such additional collateral. (e) The Grantor shall certify to the Collateral Agent (with a copy to Xxxxxx Mac, if Xxxxxx Mac is no longer serving as Collateral Agent), within fifteen (15) 15 Business Days following each Valuation Date, that (i) the value of Qualified Collateral (as determined by the Grantor or Performance Guarantor, as applicable, in accordance with Section 2.3(a)) shall have been at least equal to the Minimum Required Collateralization Level as of such Valuation Date, and (ii) the Grantor and Performance Guarantor, collectively, have provided adequate Qualified Collateral (in which each of the Grantor and the Performance Guarantor have rights or the power to transfer rights to a secured party, as applicable) to maintain the Minimum Required Collateralization Level with respect to the AgVantage Bond Balance, in each case, which certification shall be in the form of a Certificate of Pledged Collateral.