Separate Realization Clause Samples

Separate Realization. With respect to foreclosure against or other realization upon the Collateral ("Realization"), unless the Secured Credit Parties agree upon a single or coordinated Realization on all of the Collateral for the benefit of all of the Secured Credit Parties (and no Secured Credit Party shall be required to so agree), then notwithstanding the foregoing provisions of Section 4.7.1 limiting enforcement of the Related Collateral Documents to the Intercreditor Agent (acting on the direction of the Controlling Party), any Secured Credit Party holding subordinate liens on any personal property Collateral encumbered under the Project Security Agreements or the Account Agreements, so that such Secured Credit Party is not a Controlling Party with respect to such personal property Collateral, shall have the right to effect a unified sale of such personal property Collateral together with its real property Collateral, i.e., simultaneous Realization under the applicable Deeds of Trust and the applicable Project Security Agreements and the Account Agreements (a "Separate Unified Realization") in accordance with the following terms and conditions of this Section 4.7.2: 4.7.2.1 Realization by such Secured Credit Party must be permitted in accordance with the terms and conditions of Section 4.6.1 or Section 4.6.2 above, as applicable. 4.7.2.2 The date of such Separate Unified Realization shall be not earlier than thirty (30) days following the date such Secured Credit Party has given the other Secured Parties notice of its election to pursue Separate Unified Realization. 4.7.2.3 With respect to the personal property Collateral to be sold at such Separate Unified Realization, the electing Secured Credit Party or an agent on its behalf (other than the Intercreditor Agent) shall have the right to schedule such sale, the right to give any required notices of such sale, the right to conduct such sale in conjunction with the foreclosure or other realization under such Secured Credit Party's Deeds of Trust, and the right to take any other actions necessary for a secured party to so foreclose such security interests in accordance with applicable law, but such Secured Credit Party shall take no other action with respect to such personal property Collateral, including, without limitation, giving any other notices or directions to the debtor, the Intercreditor Agent, the depository or Securities Intermediary with respect to any Account, the account party on any assigned account or the con...