Possession and Management of the Collateral. 7.1 The collateral shall be possessed and managed by Party A. Party A shall maintain the integrity of the collateral and shall not impair the value of the collateral through improper utilization. Party B is entitled to supervise the possession and management of the collateral. 7.2 In case of loss or damage to the collateral, Party A shall notify Party B timely and take necessary efforts to minimize the loss. Party A shall also provide Party B with necessary proof of the loss or damage issued by the relevant authorities.
Appears in 3 contracts
Sources: Mortgage Contract (Las Vegas Resorts Corp), Mortgage Contract (Las Vegas Resorts Corp), Mortgage Contract of Maximum Amount (Las Vegas Resorts Corp)
Possession and Management of the Collateral. 7.1 The collateral shall be possessed and managed by Party A. Party A shall maintain the integrity of the collateral and shall not impair the value of the collateral through improper utilization. Party B is entitled to supervise the possession and management of the collateral.;
7.2 In case of loss or damage to the collateral, Party A shall notify Party B timely promptly and take necessary efforts to minimize the loss. Party A shall also provide Party B with necessary proof of the loss or damage issued by the relevant authorities.
Appears in 1 contract