Separate Collateral. The parties hereto hereby acknowledge that Hedge Agreement Obligations may be secured by Separate Collateral, which Separate Collateral shall be held and maintained by X. Xxxx or the Specified Hedge Counterparty, as applicable. Notwithstanding any provision of this Agreement or any other Security Document to the contrary, (i) in no event shall any Secured Party, other than X. Xxxx or any successor as counterparty under the J. Xxxx Xxxxx Agreement, have any claim on, or right title or interest in and to any Separate Collateral (including any J. Xxxx Xxxxx Agreement LOC or any proceeds thereof) granted to X. Xxxx and (ii) in no event shall any Secured Party, other than the applicable Specifed Hedge Counterparty have any claim on, or right title or interest in and to any Separate Collateral (including any Specified Hedge Agreement LOC or any proceeds thereof) granted solely to such counterparty, as applicable. Each Secured Party (x) acknowledges and agrees that any Separate Collateral (including any J. Xxxx Xxxxx Agreement LOC) granted to X. Xxxx is solely for the benefit of X. Xxxx and any successor thereto and X. Xxxx or any such successor shall not be required to share such Separate Collateral with any Secured Party and (ii) any Separate Collateral (including any Specified Hedge Agreement LOC) granted to a Specified Hedge Counterparty is solely for the benefit of such counterparty and any successor thereto and such counterparty or any such successor shall not be required to share such Separate Collateral with any Secured Party.
Separate Collateral. (a) Notwithstanding any provision of this Agreement or any other Collateral Document (as defined in the Existing Credit Agreement) to the contrary, in no event shall any Secured Party, other than X. Xxxx or any successor as counterparty under the J. Xxxx Xxxxx Agreement, have any claim on, or right title or interest in and to the Hedge Agreement LOC or any proceeds thereof. Each Secured Party, other than X. Xxxx or any successor as counterparty under the J. Xxxx Xxxxx Agreement, acknowledges and agrees that the Hedge Agreement LOC is solely for the benefit of X. Xxxx and any successor thereto and X. Xxxx or any such successor shall not be required to share the Hedge Agreement LOC or any portion of the proceeds of such Hedge Agreement LOC with any Secured Party.
(b) If at any time the Company has in place an endorsement to the Company’s business interruption insurance policy (the “BI Policy”) that names X. Xxxx as Loss Payee (the “BI Endorsement”), and (i) a recoverable loss under such BI Policy has occurred and is continuing, (ii) X. Xxxx is permitted under such BI Endorsement to seek payment directly from the issuer of the BI Policy and (iii) amounts are payable to X. Xxxx under the J. Xxxx Xxxxx Agreement, X. Xxxx shall continue to seek payment of the obligations due to it from the Company and will only seek payment under the BI Endorsement if X. Xxxx would have the right to terminate the J. Xxxx Xxxxx Agreement. This provision shall not otherwise affect X. Xxxx’x rights set forth herein, under the Hedge Agreement LOC and under the other First Lien Debt Documents.
Separate Collateral. The Lien of the AgStar Security Agreement shall constitute a single first priority Lien or security interest on or in the Separate Collateral which shall secure all holders from time to time of the AgStar Loan Liabilities as either principal or interest, with the same force and effect as if AgStar solely held a single Lien on and security interest in the Separate Collateral, and all proceeds and products thereof, whether now owned or hereafter existing. No other Person or Party shall hold a Lien or security interest on or in the Separate Collateral. No Party shall contest the validity, perfection, priority or enforceability of any Lien or security interest granted to any other Party or contemplated hereby. Notwithstanding any failure of a Party to perfect its security interest in the Collateral or any other defect in the security interests or obligations owing to such Party, the priority and rights as between the Parties hereto shall be as set forth herein.
Separate Collateral. All amounts received in respect of any of the Separate Collateral shall first be applied to payment of the AgStar Debt to the extent necessary to effect payment in full of the AgStar Debt. All amounts received in respect of any of the Separate Collateral in excess of the amount necessary to effect payment in full of the AgStar Debt shall be remitted to the Company.
Separate Collateral. Notwithstanding anything herein or in any other Secured Obligation Document to the contrary, each of the parties hereto acknowledges and agrees that the Subordinated Liens shall not attach to any Collateral other than the Project Counterparty Collateral.
Separate Collateral. Account Agreements, duly executed by each Borrower and Key Bank of Utah, pursuant to which such Borrower and such bank establish a depository account (the "Collateral Account") in the name of and under the sole and exclusive control of the Lender, from which such institution agrees to transfer finally collected funds to the Lender for application to such Borrower's Obligations.
Separate Collateral. It is understood and agreed that (i) the obligations of certain Subsidiaries of the Company under the ABL Credit Agreement, which Subsidiaries are organized under the laws of Canada or another jurisdiction outside the United States and are not Grantors, are or may be secured from time to time by liens on their assets and (ii) certain letters of credit and Bank Products constituting ABL Obligations may be cash collateralized (including cash collateral held in Deposit Accounts or Securities Accounts or invested in Investment Property) and/or subject to set-off or netting arrangements that are solely for the benefit of the issuer of such letter of credit or the provider of such Bank Product and not for the benefit of all ABL Claimholders generally. Collateral held pursuant to the foregoing arrangements is not Collateral subject to the provisions of this Agreement, and this Agreement shall neither restrict the rights of any Claimholder as to such separate collateral nor give the any Claimholder any rights with respect thereto.
Separate Collateral. Notwithstanding anything in this Agreement to the contrary, the Subordinated Creditor may at any time following and during the continuation of a Subordinated Default take any action permitted by the Subordinated Loan Agreement to foreclose its mortgage or security interests in the Separate Collateral; provided, however, that the Subordinated Creditors shall notify the Senior Lender in writing prior to taking such action and any and all proceeds of the Separate Collateral shall be paid over to the Senior Lender for payment on the Senior Debt. The Subordinated Creditor agrees that so long as any of the Senior Debt remains unpaid, all proceeds from the enforcement or foreclosure of the Subordinated Creditor's mortgages or security interests in the Separate Collateral shall be paid to the Senior Lender for application to the Senior Debt in accordance with the Senior Loan Agreement.
Separate Collateral. The FF&E Collateral secures only the FF&E Secured Obligations and not any of the Lakes Obligations, and, as provided in Section 7.7, Lakes shall not have any Liens thereon or any security interest therein.
Separate Collateral. It is understood and agreed that (i) the obligations of certain Subsidiaries of the Company under the ABL Credit Agreement, which Subsidiaries are organized under the laws of Canada or another jurisdiction outside the United States and are not Grantors, are or may be secured from time to time by liens on their assets and assets of other Subsidiaries of the Company organized under the laws of a jurisdiction outside the United States, (ii) certain letters of credit, Banking Services, Acceptance Obligations and Secured Swap Obligations constituting ABL Obligations may be cash collateralized (including cash collateral held in Deposit Accounts or Securities Accounts or invested in Investment Property) and/or subject to set-off or netting arrangements that are solely for the benefit of the issuer of such letter of credit, the provider of such Banking Services or the holder of such Secured Swap Obligations or Acceptance Obligations and not for the benefit of all ABL Claimholders generally and (iii) that certain property that constitutes “Leased Property” as defined in the Synthetic Lease Documentation is solely for the benefit of the holders of the Synthetic Lease Obligations and not for the benefit of all ABL Claimholders generally. Collateral held pursuant to the foregoing arrangements is not Collateral subject to the provisions of this Agreement, and this Agreement shall neither restrict the rights of any Claimholder as to such separate collateral nor give the any Claimholder any rights with respect thereto.
