Common use of Demand Obligations Clause in Contracts

Demand Obligations. The Leasing Company agrees that it will cause each of the Restricted Subsidiaries that is obligated on any Intercompany Note constituting Collateral that constitutes a demand obligation, within the meaning of Section 3-108 of the Uniform Commercial Code of the State of New York, to execute and deliver to the Collateral Agent and/or the Trustees a new instrument extending, renewing and replacing such demand obligation not later than the second anniversary of the date of original issue thereon and on each succeeding second anniversary thereof.

Demand Obligations. The Leasing Company agrees that it will cause each of the Restricted Subsidiaries that is obligated on any Intercompany Note constituting Collateral that constitutes a demand obligation, within the meaning of Section 3-108 of the Uniform Commercial Code of the State of New York, to execute and deliver to the Collateral Agent and/or the Trustees either Trustee a new instrument extending, renewing and replacing such demand obligation not later than the second anniversary of the date of original issue thereon and on each succeeding second anniversary thereof.

Demand Obligations. The Leasing Company agrees that it will cause each of the Restricted Subsidiaries that is obligated on any Intercompany Note constituting Collateral that constitutes a demand obligation, within the meaning of Section 3-108 of the Uniform Commercial Code of the State of New York, to execute and deliver to the Collateral Agent and/or the Trustees Trustee a new instrument extending, renewing and replacing such demand obligation not later than the second anniversary of the date of original issue thereon and on each succeeding second anniversary thereof.