Relationship Between Multiple Sub-Phase Security Instruments Sample Clauses

Relationship Between Multiple Sub-Phase Security Instruments. In the event that a claim or demand with respect to Sub-Phase Other Obligations may be made against more than one instrument of Sub-Phase Security, the Agency shall have the right to proceed against any or all of such Sub-Phase Security instruments simultaneously or in such order as may be determined by the Agency in its sole discretion, and there shall be no application against or reduction to the Sub-Phase Other Secured Amount Cap unless and until the obligor under a Sub-Phase Security makes a payment to the Agency or otherwise performs a Sub-Phase Other Obligation under such Sub-Phase Security. Once such payment or performance has been made, the Sub-Phase Other Secured Amount Cap shall be reduced by the amount of the payment or performance of the Sub-Phase Other Obligation. The obligor under any Sub-Phase Security shall have no right to refuse a demand for payment or performance of a Sub-Phase Other Obligation on the grounds that there may be other potential or existing claims that the Agency may make, and the Agency shall have no obligation to apportion the value of multiple claims.
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Related to Relationship Between Multiple Sub-Phase Security Instruments

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