Multiple Collateral Loan definition
Multiple Collateral Loan means an Installment Loan secured by two or more pieces of Eligible Collateral. The entire Unpaid Net Balance will not be paid in full if the collateral listed on page 1 suffers a loss. In the event of a Multiple Collateral Loan, we will not pay more than a proportionate share of the total Unpaid Net Balance that each piece of Eligible Collateral represents to the total loan. You will be responsible for the remaining amount of the Unpaid Net Balance that is secured by the other collateral.