Shared Collateral Sample Clauses

Shared Collateral. With respect to the Shared Collateral: 4.5.1 any Shared Collateral Proceeds received by the Disbursement Agent, the Intercreditor Agent or the Securities Intermediary shall be retained by the Disbursement Agent, the Intercreditor Agent or the Securities Intermediary and (i) shall be deposited into the Company's Funds Account pursuant to Section 5.1.1 of the Disbursement Agreement (except as otherwise specifically required by the terms of any Account Agreement), or (ii), if received after the date of Final Completion, shall be retained in an account maintained by the Intercreditor Agent for the benefit of the Bank Lenders and the Mortgage Note Holders; provided, however, that any unused insurance proceeds available for application to the Secured Obligations pursuant to Section 5.20 of the Disbursement Agreement (if received prior to the Mall Release Date, such sums shall be allocated between the Mall and the Hotel/Casino in accordance with Section 4.8) shall be applied to repayment of the Obligations of the Secured Lenders in the order of priority of their respective liens on the Hotel/Casino Collateral in accordance with Section 2.1 (and, with respect to such amounts allocated to the Mall prior to the Mall Release Date, in the order of priority of their respective liens on the Mall Collateral in accordance with Section 2.1). 4.5.2 if a Secured Credit Party is entitled to Exercise Remedies against such Shared Collateral in accordance with the applicable provisions of Section 4.6.1 or Section 4.6.2 below, such Exercise of Remedies shall be in accordance with Section 4.7.1 and Section 4.7.1 and the Shared Collateral shall be allocated between the Mall and the Hotel/Casino in accordance with Section 4.8 below; and 4.5.3 prior to the Mall Release Date, notwithstanding the commencement of the Exercise of Remedies against the Shared Collateral, in the event that all Disbursement Agreement Defaults are cured (or are waived, as provided for in Section 4.4 of this Agreement), and the Disbursement Agent delivers an Advance Confirmation Notice to the Secured Credit Parties, then all Shared Collateral Proceeds (except to the extent such Shared Collateral Proceeds have been realized upon in accordance with Section 4.7.1) shall be used to pay Project Costs.

Shared Collateral. (1) The Notes are secured, together with all other Parity Secured Debt of the Company, equally and ratably by security interests granted to the Collateral Trustee in all of the assets of the Company; and (2) each Guarantor’s subsidiary guarantees are secured, together with such Guarantor’s guarantee of all future Parity Secured Debt of such Guarantor, equally and ratably by security interests granted to the Collateral Trustee in all assets of such Guarantor.

Shared Collateral other goods and personal property, whether tangible or intangible, now owned or hereafter acquired by such Obligor and such Partnership Obligor or in which such Obligor and such Partnership Obligor now has or hereafter acquires any rights and wherever located;

Shared Collateral. Notwithstanding anything to the contrary contained in the TEC Pledge Agreement, the New Note Security Documents or the TARC Note Security Documents, Shared Collateral in the possession of the Collateral Agent pursuant to this Agreement, in the possession of TEC or the TEC Note Trustee pursuant to any of the New Note Security Documents, or in the possession of the TARC Note Trustee pursuant to any of the TARC Note Security Documents shall, pursuant to Section 9-305 of the Uniform Commercial Code as in effect in the State of New York, be held by such party in possession for its own account to the extent of its interest therein, and as pledgeholder and bailee for each of the other Secured Creditors, so that each of the Secured Creditors shall be deemed to have possession of such Shared Collateral. Each Secured Creditor is authorized and directed by the Issuer to deliver to the Collateral Agent for the benefit of the Secured Creditors pursuant to this Agreement any Shared Collateral now or hereafter in the possession of such Secured Creditor, and none of such Shared Collateral shall be released or distributed to TEC or the Issuer without the prior written consent of the TEC Note Trustee, on behalf of the TEC Note Holders or the Junior Secured Creditor, and the TARC Note Trustee, on behalf of the Senior Secured Creditors.

Shared Collateral. All proceeds from the sale or disposition of any Collateral (and/or all cash and Cash Equivalents held as Collateral) (other than Collateral under the Borrower Non-Shared Pledge Agreement) shall be applied by the Administrative Agent in the following order:

Shared Collateral. If (a) Borrower receives signed written commitments for New Financing of at least $7,500,000 by December 31, 2011, (b) Borrower closes on that New Financing and receives the cash proceeds thereof by March 31, 2012, and (c) the New Financing is in the form of debt, Bank agrees that Borrower may grant the lenders of that New Financing (“New Secured Creditors”) a Lien on the Collateral that (x) may be senior in priority to Bank’s Lien as to Borrower’s machinery and equipment, the Surplus Cash and the Collateral described in Schedule 4.5, (y) may be equal in priority as to Bank’s Lien on the Intellectual Property Collateral, and (z) shall be junior in priority to Bank’s Lien on all other Collateral. Bank agrees to enter into agreements with the New Secured Creditors that will carry out the purposes of this Section and are otherwise in form and substance reasonably satisfactory to Bank. For avoidance of doubt, Borrower understands and agrees that any intercreditor agreement to be entered into with any New Secured Creditor shall contain a provision whereby such New Secured Creditor acknowledges that, upon the Bank’s exercise of its remedies as a secured party, cash proceeds from the collection, sale or other disposition of the Collateral that is subject to a senior lien in favor of Bank (including the Minimum Cash) shall be applied first to satisfy the Obligations before any Surplus Cash is applied to satisfy the obligations of any such New Secured Creditor.

Shared Collateral. Each of the Joint Secured Parties agrees ----------------- that all Collateral pledged under this Agreement is for the joint benefit of all the Joint Secured Parties.

Shared Collateral. 7 Section 2.2 Grant of Security Interest in Shared Collateral.......................7 Section 2.3 Collateral Account....................................................7

Shared Collateral. As used in this Agreement, “Shared Collateral” shall mean, at any given time, all personal property of Borrower in which Bank and Creditor concurrently hold a security interest, and all proceeds and products thereof, as collateral to secure the Bank Obligations and the Creditor Obligations.

Shared Collateral. Subject to Section 2.06(d) hereof, the Secured Parties hereby agree that, if any Secured Party (other than the Collateral Agent, in its capacity as such) shall realize any funds on any Shared Collateral, or otherwise realize any funds under any Shared Security Document, other than as a result of distributions by the Collateral Agent in accordance with the provisions of this Agreement or the other Shared Security Documents, such Secured Party shall forthwith remit the same to the Collateral Agent, who shall deposit the same in the Shared Collateral Account.