Common use of Execution on Collateral Clause in Contracts

Execution on Collateral. If Debtor fails to have discharged within a period of sixty (60) days any attachment, sequestration or similar writ levied upon any property (other than the Collateral) of Debtor, or the Collateral or any portion thereof is taken on execution or other process of law in any action against Debtor or any attachment, sequestration or similar writ is levied upon any Collateral; or

Execution on Collateral. If Debtor fails to have discharged within a period of sixty (60) days any attachment, sequestration or similar writ levied upon any property (other than the Collateral) of Debtor, or the Collateral or any portion thereof is taken on execution or other process of law in any action against Debtor Debtor; or any attachment, sequestration or similar writ is levied upon any Collateral; or