Intermediation Collateral means, with respect to the Company or any of its Subsidiaries that is party to an Intermediation Agreement all of the following property or assets of such party: (a) all inventory; (b) all receivables other than receivables constituting identifiable proceeds of Collateral for the Notes; (c) all renewable identification numbers; (d) all investment property, chattel paper, general intangibles (excluding trademarks, trade names and other intellectual property), documents, commercial tort claims and instruments, in each case, to the extent relating to items in clauses (a), (b) and (c) (but for the avoidance of doubt, excluding Equity Interests of each Subsidiary); (e) all deposit accounts and other bank and securities accounts (excluding any Collateral Account) and cash and cash equivalents; (f) books and records relating to clauses (a) through (e); and (g) all proceeds of (including proceeds of business interruption and other insurance), and supporting obligations (including letter of credit rights) with respect to, any of the foregoing; provided that “Intermediation Collateral” shall not include any of the foregoing assets to the extent such assets are excluded pursuant to the express agreement of the applicable Intermediation Counterparty. “Intermediation Collateral” includes the X. Xxxx Intermediation Collateral and the Washington Refinery Intermediation Collateral.
Intermediation Collateral means, with respect to any Subsidiary of the Par Borrower that is party to an Intermediation Facility and is an Intermediation Subsidiary, all of the following property or assets of such party:
Intermediation Collateral shall not include any of the foregoing assets to the extent such assets are excluded pursuant to the express agreement of the applicable Intermediation Counterparty. For the avoidance of doubt, the Intermediation Collateral does not include any Intermediation Property.
Examples of Intermediation Collateral in a sentence
No Intermediation Facility is secured by any Lien other than a Lien on Intermediation Collateral, and no event or condition has occurred which would, with the passage of time or the giving of notice or both, constitute an event of default under or permit the termination of, any Intermediation Facility, except to the extent such event of default or termination could not reasonably be expected to cause a Material Adverse Effect.
Xxxx Intermediation Collateral does not include any Intermediation Property.
For the avoidance of doubt, the Intermediation Collateral does not include any Intermediation Property.
Unless a Default or Event of Default shall exist or have occurred and be continuing, to the extent that Agent receives proceeds of insurance maintained by a Loan Party (other than with respect to any such proceeds constituting the Intermediation Collateral), such proceeds shall be applied in accordance with Section 2.
Xxxx Intermediation Agreement in effect on the Closing Date, taken as a whole, as determined in good faith by an Officer of the Company, (ii) no Intermediation Agreement shall provide for any lien on any assets other than Intermediation Collateral, and (iii) none of the Company and its Consolidated Subsidiaries, other than PHR or a Future Intermediation Subsidiary, shall enter into an Intermediation Facility.
More Definitions of Intermediation Collateral
Intermediation Collateral has the meaning assigned to such term in Section 2.01.
Intermediation Collateral has the meaning specified in Section 19.2(o).
Intermediation Collateral means any or all of the following property or assets of an Intermediation Subsidiary: (a) all inventory; (b) all receivables other than receivables constituting identifiable proceeds of Collateral; (c) all Renewable Identification Numbers; (d) all investment property, chattel paper, general intangibles (excluding trademarks, trade names and other intellectual property), documents and instruments, in each case, to the extent relating to items in clauses (a), (b) and (c) (but for the avoidance of doubt, excluding Equity Interests of each Subsidiary); (e) deposit accounts and other bank and securities accounts (excluding, for the avoidance of doubt, any Collateral Account) to the extent the Existing Intermediation Documents contemplate the granting of security interests on deposit accounts and other bank and securities accounts, and cash and Cash Equivalents on deposit therein; (f) commercial tort claims, (g) commodities accounts and contracts, (h) rights to business interruption insurance to the extent the Existing Intermediation Documents contemplate the granting of security interests in business interruption insurance, (i) Intermediation Documents, (j) tax refunds, (k) Hedge Agreements, (l) books and records relating to clauses (a) through (k); and (m) all proceeds of, and supporting obligations, including letter of credit rights, with respect to, any of the foregoing (except to the extent that such proceeds and supporting obligations constitute Collateral); provided, that Intermediation Collateral may also include such other property or assets of an Intermediation Subsidiary as agreed in writing by the Agent and such Intermediation Subsidiary.
Intermediation Collateral. “Intermediation Counterparty”, “Intermediation Facility”, “Intermediation Property”, “X. Xxxx Intermediation Agreement”, “X. Xxxx Intermediation Collateral”, “Restricted Subsidiary”, “Intermediation Subsidiary”, “Insurance and Condemnation Event”, “Unrestricted Cash”, or “Intermediation Document” under the ABL Agreement or clause (i) of the definition of “Excluded Asset”, clauses (g) and (r) of the definition of “Permitted Indebtedness”, clauses (l), (m) and (o) of the definition of “Permitted Investments”, clauses (u) and (dd) of the definition of “Permitted Liens”, clause (c) of the definition of “Permitted Disposition” or Sections 2.4, 6.13(b)(ix), 6.17 or 16.16 of the ABL Agreement (or any provision with similar effect permitting the Uncommitted Facility under the ABL Agreement), in each case, without written notice to, and the consent of, all of the Lenders; and (c) pursuant to the terms of Section 2.11(g) of the Collateral Agency Agreement, X. Xxxx is not permitted to amend, modify, terminate, waive or consent in respect of (collectively, “Revise”) the following terms appearing in the Supply and Offtake Agreement: SPM Delivery Point or Liquidity, Revise Sections 5.3(e)(C) or 18.5(c)(ii)(B)(iv) of the Supply and Offtake Agreement, or Revise any provision in the Supply and Offtake Agreement decreasing the minimum Liquidity amount required to be maintained by the Borrower without the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld or delayed and shall be provided only with the consent of the Required Lenders.
Intermediation Collateral set forth in Section 1.1 thereof to read in its entirety as follows:
Intermediation Collateral means, with respect to the Par Borrower or any of its Subsidiaries that is party to an Intermediation Facility all of the following property or assets of such party: (a) all inventory; (b) all receivables other than receivables constituting identifiable proceeds of Collateral; (c) all Renewable Identification Numbers; (d) all investment property, chattel paper, general intangibles (excluding trademarks, trade names and other intellectual property), documents and instruments, in each case, to the extent relating to items in clauses (a), (b) and (c) (but for the avoidance of doubt, excluding Equity Interests of each Subsidiary); (e) deposit accounts and other bank and securities accounts (excluding, for the avoidance of doubt, any Collateral Account), and cash and Cash Equivalents on deposit therein; (f) commercial tort claims, (g) commodities accounts and contracts, (h) Intermediation Documents, (i) tax refunds, (j) Hedge Agreements, (k) books and records relating to clauses (a) through (j); and (l) all proceeds of (including proceeds of business interruption insurance and other insurance), and supporting obligations, including letter of credit rights, with respect to, any of the foregoing (except to the extent that such proceeds and supporting obligations constitute Collateral); provided, that Intermediation Collateral may also include such other property or assets as agreed in writing by the Agent and the Par Borrower; provided, further, that “Intermediation Collateral” shall not include any of the foregoing assets to the extent such assets are excluded pursuant to the express agreement of the applicable Intermediation Counterparty.
Intermediation Collateral includes the X. Xxxx Intermediation Collateral and the Washington Refinery Intermediation Collateral.