Collateral and Collateral Assignment Clause Samples
The 'Collateral and Collateral Assignment' clause defines the requirements and procedures for providing collateral to secure obligations under an agreement, as well as the rights to assign or transfer that collateral. Typically, this clause outlines what assets can be used as collateral, the process for perfecting a security interest, and the conditions under which the collateral may be reassigned or transferred to another party, such as a lender or successor. Its core practical function is to protect the interests of the party receiving the collateral by ensuring they have a clear, enforceable claim to specific assets if the other party defaults, thereby reducing credit risk and providing a mechanism for recourse.
Collateral and Collateral Assignment. As security for their obligations under the Notes and the Indenture, the Issuers have granted security interests to the Trustee, on behalf of itself and the holders of Notes, in certain assets and have collaterally assigned certain contracts to the Trustee. As further security for their obligations under the Notes and the Indenture, the Issuers also have granted pursuant to the Pledge Agreement a security interest to the Trustee, on behalf of itself and the holders of the Notes, in all of the Issuers’ right, title and interest in the Construction Disbursement Account, the Interest Reserve Account and the Disbursed Funds Account (as defined herein) and any Proceeds or other amounts held in any such accounts.
Collateral and Collateral Assignment. As security for its obligations under the Notes, the Company has granted the following collateral:
1. The Company has granted senior security interests to the Trustee, on behalf of itself and the holders of Senior Notes, in certain assets and has collaterally assigned certain contracts to the Trustee. As further security for its obligations under the Senior Notes and the Indenture, the Company also has granted to the Trustee, on behalf of itself and the holders of the Senior Notes, pursuant to that certain Pledge and Assignment Agreement, dated as of even date herewith, between the Company and the Trustee (the "Senior Pledge and Assignment Agreement")
(i) a senior security interest in all of the Company's right, title and interest in the Trustee Accounts and any Proceeds or other amounts held in any such Trustee Accounts, and (ii) a subordinated security interest in all of the Company's right, title and interest in the Hyatt Gaming Accounts and any Proceeds or other amounts held in any such Hyatt Gaming Accounts.
2. The Company has granted subordinated security interests to Hyatt Gaming in certain assets and has collaterally assigned certain contracts to Hyatt Gaming. As further security for its obligations under the Subordinated Note and the Subordinated Loan Agreement, the Company also has granted to Hyatt Gaming pursuant to that certain Hyatt Gaming Pledge and Assignment Agreement, dated as of even date herewith, between the Company and Hyatt Gaming (the "Hyatt Gaming Pledge and Assignment Agreement")
(i) a senior security interest in all of the Company's right, title and interest in the Hyatt Gaming Accounts and any Proceeds or other amounts held in any such Hyatt Gaming Accounts, and (ii) a subordinated security interest in all of the Company's right, title and interest in the Trustee Accounts and any Proceeds or other amounts held in any such Trustee Accounts.
Collateral and Collateral Assignment. As security for its obligations under the Discount Notes and the Indenture, the Issuer has granted a Lien (as defined below) on and security interest in certain assets of the Issuer to the Collateral Agent under a security agreement, dated as of the date hereof (the “Security Agreement”), for the benefit of the Trustee and the holders of Discount Notes. The Lien granted to the Collateral Agent under the Security Agreement includes a security interest in the Disbursement Account, the Disbursed Funds Account (as defined below), amounts and other assets or investments credited thereto or deposited therein, and proceeds therefrom.
Collateral and Collateral Assignment. As security for its obligations ------------------------------------ under the Notes and the Indenture, the Issuers have granted security interests to the Trustee, on behalf of itself and the holders of Notes, in certain assets and has collaterally assigned certain contracts to the Trustee. As further security for its obligations under the Notes and the Indenture, the Issuers also have granted, and hereby grant, a security interest to the Trustee, on behalf of itself and the holders of the Notes, in all of its right, title and interest in the Construction Disbursement Account, the Completion Reserve Account, the Interest Reserve Account, the Disbursed Funds Account (as defined herein), and any Proceeds or other amounts held in any such accounts.
Collateral and Collateral Assignment. As secur▇▇▇ ▇▇▇ ▇▇▇ ▇bligations under the Notes and the Indenture, the Company has granted security interests to the Trustee, on behalf of the holders of Notes, in certain assets and has collaterally assigned certain contracts to the Trustee. As further security for its obligations under the Notes and the Indenture, the Company also has granted a security interest to the Trustee, on behalf of the holders of the Notes, in all of its right, title and interest in the Construction Disbursement Account, the Disbursed Funds Accounts (as defined herein), the Completion Reserve Account, the Interest Reserve Account, the Operating Reserve Account and any Proceeds or other amounts held in any such account.