Finans
Muteselsil Kefalet (Joint and Several Guarantee)
İngilizce: joint and several guarantee
Türkçe Tanım
Birden fazla kefilin, ayni borcun tamami icin hem birlikte hem de ayri ayri sorumlu oldugu kefalet turudur; alacakli, borcun tamamini kefillerden herhangi birine tek basina yoneltebilir ve payini once bolmek zorunda kalmaz. Bu yapi, alacakliya kefiller arasindaki ic paylasimi gozardi edip en varlikli tarafi butun borctan takip etme serbestisi tanir. Proje finansmaninda sponsor garantilerinde bu tur tercih edilir; cunku birden fazla sponsorun ortaklastigi bir SPV'de, kredi veren zayif ortagin odeme guclugunu tasimak yerine, guclu sponsoru ozkaynak payindan bagimsiz olarak tam maruziyet uzerinden takip edebilir.
English Definition
A form of guarantee in which several guarantors are liable both together and separately for the whole of the same debt; the creditor may pursue any one of them alone for the entire amount and need not first apportion its claim. This structure gives the creditor the freedom to disregard the internal split among guarantors and pursue the wealthiest party for the whole obligation. In project financing it is the preferred form of sponsor guarantee: in an SPV shared by several sponsors, the lender can pursue the strong sponsor on the full exposure, independent of its equity share, rather than carry the payment weakness of a weaker partner.