Collateral Base. Beginning October 1, 2016, if, at any time the amount of Credit Party Debt exceeds the Collateral Base, Debtor shall, on demand, repay the Credit Party Debt in an amount sufficient to reduce the Credit Party Debt by an amount equal to such excess. For purposes of this Section 13, Debtors’ rights and obligations in respect of Key Man life insurance policies shall be excluded from such covenant and Collateral Base calculations. For purposes of this Section 13, the following terms are used with the meanings set forth below:
Appears in 2 contracts
Samples: Movable Hypothec and General Security Agreement (Quest Solution, Inc.), Universal Movable Hypothec and General Security Agreement (Quest Solution, Inc.)
Collateral Base. Beginning October 1, 2016, if, at any time the amount of Credit Party Debt exceeds the Collateral Base, Debtor shall, on demand, repay the Credit Party Debt in an amount sufficient to reduce the Credit Party Debt by an amount equal to such excess. For purposes of this Section 139, Debtors’ rights and obligations in respect of Key Man life insurance policies shall be excluded from such covenant and Collateral Base calculations. For purposes of this Section 139, the following terms are used with the meanings set forth below:
Appears in 2 contracts
Samples: Pledge and Security Agreement (Quest Solution, Inc.), Security Agreement (Quest Solution, Inc.)
