Multiple Collateral Clause Samples

The Multiple Collateral clause defines the rules and procedures for situations where more than one form of collateral is provided to secure an obligation. It typically outlines how different types of collateral—such as cash, securities, or property—are to be managed, valued, and applied in the event of default or enforcement. For example, the clause may specify the order in which collateral is used or how proceeds from various collateral sources are distributed. Its core function is to ensure clarity and fairness in handling multiple collateral sources, reducing disputes and uncertainty for both parties.
Multiple Collateral. (a) No recovery of any judgment by Trustee or Beneficiary and no levy of an execution under any judgment upon the Trust Property or upon any property of Trustor encumbered by any other Collateral Document shall affect in any manner or to any extent the lien of this Hyatt Gaming Deed of Trust upon the Trust Property or any part thereof, and any Liens, rights, powers and remedies of Trustee or Beneficiary shall continue unimpaired until all of the Obligations have been satisfied and indefeasibly paid in full. (b) Trustor agrees that it shall not at any time insist upon, plead, seek or in any manner whatever claim or take any benefit or advantage of a judgment, declaration or a determination that: (i) the Trust Property or any other property of Trustor encumbered by a Transaction Document represents, on an individual basis, an allocable portion of the then outstanding aggregate principal amount of the Subordinated Note or the Obligations; (ii) the lien of this Hyatt Gaming Deed of Trust or of any other Transaction Document has been released, unless the Obligations have been satisfied and indefeasibly paid in full; (iii) a deficiency judgment with respect to any action taken by Trustee or Beneficiary against the Trust Property or any other property of Trustor encumbered by a Transaction Document extinguishes all or any portion of the remaining Obligations, or precludes Trustee or Beneficiary from proceeding against the Trust Property or to satisfy such remaining Obligations; or (iv) Trustee's or Beneficiary's commencement, prosecution, or taking to judgment of any action (including without limitation Trustee's or Beneficiary's acceptance of a deed in lieu of foreclosure) or Trustee's or Beneficiary's application for or use of any remedy (including without limitation the appointment of a receiver for the Trust Property or any other property of Trustor encumbered by a Transaction Document) against the Trust Property or any other property of Trustor encumbered by a Transaction Document precludes or bars Trustee or Beneficiary (under a "single action" rule, "security first" rule or similar rule) from commencing, prosecuting or taking to judgment any other action or applying for or using any remedy against the Trust Property or any other property of Trustor encumbered by a Transaction Document. (v) Beneficiary may, at its option, in such order, and utilizing such combinations of remedies with respect to the Trust Property and/or any other property of Trustor encumb...
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Multiple Collateral. No recovery of any judgment by Beneficiary and no levy of an execution under any judgment upon the Trust Property or upon any property of Grantor encumbered by any other Loan Document shall affect in any manner or to any extent the lien of this Deed of Trust upon the Trust Property or any part thereof, or any liens, rights, powers and remedies of Beneficiary shall continue unimpaired.
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Multiple Collateral. 25 10. Extensions and Partial Payments....................26
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Multiple Collateral. (a) No recovery of any judgment by Secured Party and no levy of an execution under any judgment upon the Collateral or upon any property of Debtor encumbered by any other Collateral Document shall affect in any manner or to any extent the lien of this Instrument upon the Collateral or any part thereof, or any liens, rights, powers and remedies of Secured Party shall continue unimpaired to the fullest extent permitted by applicable law. (b) Debt▇▇ ▇▇▇ees that it shall not at any time insist upon, plead, seek or in any manner whatever claim or take any benefit or advantage of a judgment, declaration or a determination that: (i) the Collateral or any other property of Debtor encumbered by a Collateral Document represents, on an individual basis, an allocable portion of the then outstanding aggregate principal amount of the Note or the Obligations;
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Related to Multiple Collateral

  • Assemble Collateral Lender may require Grantor to deliver to Lender all or any portion of the Collateral and any and all certificates of title and other documents relating to the Collateral. Lender may require Grantor to assemble the Collateral and make it available to Lender at a place to be designated by Lender. Lender also shall have full power to enter upon the property of Grantor to take possession of and remove the Collateral. If the Collateral contains other goods not covered by this Agreement at the time of repossession, Grantor agrees Lender may take such other goods, provided that Lender makes reasonable efforts to return them to Grantor after repossession.

  • Eligible Collateral (a) As used herein the term “Eligible Collateral” shall mean the amount of Collateral which has an aggregate fair market value equal to the amount by which the Pledgor is in default (without regard to any amounts owing solely as the result of an acceleration of the Loan Agreement) or such lesser amount of Collateral as may be required pursuant to section 13 of this Pledge Agreement.

  • Negotiable Collateral In the event that any Collateral, including proceeds, is evidenced by or consists of Negotiable Collateral, and if and to the extent that perfection or priority of Agent's security interest is dependent on or enhanced by possession, the applicable Borrower, immediately upon the request of Agent, shall endorse and deliver physical possession of such Negotiable Collateral to Agent.

  • Real Estate Collateral With respect to any real property (individually and collectively, the “Premises”) (a) owned in fee simple by the Borrower or any of the Guarantors on the date hereof, (b) acquired in fee simple by the Borrower or any Guarantor after the date hereof with a purchase price of greater than $1,000,000 or (c) leased by the Borrower or any of the Guarantors, which leasehold estate becomes Additional Leasehold Collateral (each a “Material Real Property”), within 60 days after the date hereof in the case of clause (a), within 90 days of the acquisition thereof in the case of clause (b) and, subject to the proviso of the definition of “Additional Leasehold Collateral”, within 90 days after receipt of the Administrative Agent’s request (at the direction of the Lenders in accordance with the definition of “Additional Leasehold Collateral”) to include such leasehold as additional Collateral in the case of clause (c): (i) the Borrower shall deliver to the Administrative Agent, as mortgagee, fully executed counterparts of Mortgages, each dated not later than 60 days after the date hereof or 90 days after the date of acquisition of such Material Real Property, as the case may be, duly executed by the Borrower or the applicable Guarantor, together with evidence of the completion (or satisfactory arrangements for the completion), of all recordings and filings of such Mortgage as may be necessary to create a valid, perfected Lien, subject to Permitted Liens, against the properties purported to be covered thereby; (ii) the Borrower shall deliver to the Administrative Agent mortgagee’s title insurance policies (or marked up title insurance commitments having the effect of title insurance policies) in favor of the Administrative Agent, as mortgagee for the ratable benefit of the Secured Parties in an amount equal to 100% of the fair market value of the Premises purported to be covered by the related Mortgage, as estimated by the Borrower in good faith, insuring that title to such property is marketable and that the interests created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects and encumbrances other than Permitted Liens, and shall be accompanied by evidence of the payment in full of all premiums thereon; and (iii) the Borrower shall deliver to the Administrative Agent, with respect to each of the covered Premises, the most recent survey of such Premises, together with either (A) an updated survey certification in favor of the Administrative Agent from the applicable surveyor stating that, based on a visual inspection of the property and the knowledge of the surveyor, there has been no change in the facts depicted in the survey or (B) an affidavit from the Borrower and the Guarantors stating that there has been no change, other than, in each case, changes that do not materially adversely affect the use by the Borrower or Guarantor, as applicable, of such Premises for the Borrower or such Guarantor’s business as so conducted, or intended to be conducted, at such Premises. Notwithstanding the foregoing, (i) the Borrower and the Guarantors shall not be required to pledge or grant any security interest in any Material Real Property if the cost of perfecting the lien exceeds the fair market value of such Material Real Property and (ii) so long as the Indenture is outstanding, the provisions of this Section 6.17 shall not apply with respect to any real property which has not been included as “Collateral” under the Indenture.

  • Collateral Each of the Banks represents to the Agent and each of the other Banks that it in good faith is not relying upon any "margin stock" (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.