Section 401. Collateral Sample Clauses
Section 401. Collateral establishes the requirement for a party to provide assets or property as security for fulfilling its obligations under the agreement. In practice, this clause details what types of collateral are acceptable, how they must be delivered or maintained, and the conditions under which the collateral may be used or released. Its core function is to protect the interests of the party receiving the collateral by reducing credit risk and ensuring there are tangible assets available in case of default.
Section 401. Collateral. The Notes and the obligations of the Issuer hereunder shall be obligations of the Issuer as provided in Section 203 hereof. The Noteholders, each Interest Rate Hedge Provider and each Series Enhancer shall also have the benefit of, and the Notes shall be secured by and be payable from, the Issuer’s right, title and interest in the Collateral. The income, payments and Proceeds of such Collateral shall be allocated to each such Series of Notes strictly in accordance with the applicable payment priorities set forth in Section 302 and Section 806 hereof.
Section 401. Collateral. The Notes and the obligations of the Issuer hereunder shall be solely an obligation of the Issuer as provided in Section 209 hereof (except as provided for in the Guaranty). The Noteholders shall have only the benefit of, and the Notes shall be secured by and be payable from, the Issuer’s right, title and interest in the Collateral.
Section 401. Collateral. The Notes and the obligations of the Issuer hereunder shall be an obligation of the Issuer as provided in Section 203 hereof. The Indenture Trustee, for the benefit of the Noteholders of all Series, and the Noteholders of a particular Series and the Series Enhancer (if any) of such Series, all in accordance with the Supplement for such Series, shall also have the benefit of, and the Notes of such Series shall be secured by and be payable from, the Issuer's right, title and interest in that portion of the Collateral allocated or identified to such Series in accordance with the terms of this Indenture and the Supplement pursuant to which such Notes were issued.
Section 401. Collateral. The Notes and the obligations of the Issuer hereunder shall be obligations of the Issuer as provided in Section 203 hereof. The Noteholders and each Interest Rate Hedge Provider shall also have the benefit of, and the Notes shall be secured by and be payable from, the Issuer’s right, title and interest in the Collateral. The income, payments and Proceeds of such Collateral shall be allocated to each such Series of Notes strictly in accordance with the applicable payment priorities set forth in Section 302 and Section 806 hereof. Notwithstanding anything contained in this Indenture to the contrary, the Indenture Trustee or any Secured Party may reject or refuse to accept any Collateral for credit toward payment of the Notes that is an account, instrument, chattel paper, lease, or other obligation or property of any kind due from, owed by, or belonging to, a Prohibited Person.