Common use of Remedies With Respect to the Collateral Clause in Contracts

Remedies With Respect to the Collateral. (i) At such time that a claim becomes a Secured Obligation, the Pledgee, without obligation to resort to other security, shall have the right at any time and from time to time receive all or any part of Collateral with a Value equal to the amount of the Secured Obligation, in one or more parcels at the same or different times, and all right, title and interest, claim and demand therein and right of redemption thereof. Recourse against the Pledgors is limited to the rights of the Pledgors in any such Collateral that is applied to satisfy a Secured Obligation.

Remedies With Respect to the Collateral. (ia) At such time that a claim becomes a Secured Obligation, the Pledgee, without obligation to resort to other security, shall have the right at any time and from time to time apply, to receive and transfer ownership of all or any part of Collateral with a Value equal to the amount of the Secured ObligationObligation to Pledgee and/or its nominee, in one or more parcels at the same or different times, and all right, title and interest, claim and demand therein and right of redemption thereof. Recourse against the Pledgors is limited to the rights of the Pledgors in any such Collateral that is applied to satisfy a Secured Obligation.