Common use of Satisfaction of Obligations in Respect of any Series of Secured Debt other than the Notes Clause in Contracts

Satisfaction of Obligations in Respect of any Series of Secured Debt other than the Notes. Notwithstanding anything herein to the contrary, in addition to any release pursuant to Section 4.1 hereof, (i) as to any Series of Secured Debt (other than the Notes), the Collateral Trustee’s Priority Lien automatically will no longer secure such Series of Secured Debt if the requirements of a Discharge of Secured Obligations are satisfied with respect to such Series of Secured Debt.

Appears in 4 contracts

Samples: Collateral Trust Agreement (Triumph Group Inc), Collateral Trust Agreement (Endo International PLC), Second Lien Collateral Trust Agreement (Endo International PLC)

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Satisfaction of Obligations in Respect of any Series of Secured Debt other than the Notes. Notwithstanding anything herein to the contrary, in addition to any release pursuant to Section 4.1 hereof, (i) as to any Series of Secured Debt (other than the Notes or the Private Exchange Notes), the Collateral Trustee’s Priority Lien automatically will no longer secure such Series of Secured Debt if the requirements of a Discharge of Secured Obligations are satisfied with respect to such Series of Secured Debt.

Appears in 1 contract

Samples: Second Lien Collateral Trust Agreement (Geo Group Inc)

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