Contingent Secured Obligations definition
Examples of Contingent Secured Obligations in a sentence
All insurance proceeds remaining after the payment for rebuilding and replacement of Damaged Property pursuant to this Section 4.04 may, at the option of the Secured Party, be applied to the prepayment of the principal of the Secured Obligations s (and/or to provide cover for Contingent Secured Obligations).
For purposes hereof, whenever this Agreement contemplates that cover shall be provided for Contingent Secured Obligations, such cover shall be effected by the payment to the Administrative Agent of any amount that will be deposited into a cash collateral account to be held by the Administrative Agent as collateral security for the payment of such Contingent Secured Obligations as and when they become due and payable.
For purposes hereof, whenever this Agreement contemplates that cash collateral shall be provided for Contingent Secured Obligations, such cash collateral shall be effected by the payment to the Administrative Agent of any amount that will be deposited into a cash collateral account to be held by the Administrative Agent as collateral security for the payment of such Contingent Secured Obligations as and when they become due and payable.
For purposes hereof, whenever this Agreement contemplates that cover shall be provided for Contingent Secured Obligations, such cover shall be effected by the payment to the Administrative Agent of any amount that will be deposited into a Collateral Account to be held by the Administrative Agent as collateral security for the payment of such Contingent Secured Obligations as and when they become due and payable.
Upon indefeasible payment in full -------------------- in cash of all Secured Obligations (other than Contingent Secured Obligations if Alternative Collateral has been delivered to ▇▇▇▇▇▇▇▇▇ or its Agent), or termination of the obligations of ▇▇▇▇▇▇▇▇▇ to make the loans under the Purchase Agreement, ▇▇▇▇▇▇▇▇▇ shall, at the request of STS, release the Liens created hereby and redeliver to STS any remaining Collateral in the possession of ▇▇▇▇▇▇▇▇▇ or its Agent.
For purposes hereof, whenever this Agreement contemplates that cover shall be provided for Contingent Secured Obligations, such cover shall be effected by the payment to the Secured Party of any amount that will be deposited into a Collateral Account to be held by the Secured Party as collateral security for the payment of such Contingent Secured Obligations as and when they become due and payable.
For purposes hereof, whenever this Agreement contemplates that cover shall be provided for Contingent Secured Obligations, such cover shall be effected by the payment to the Secured Party of any amount that will be deposited into an account of the Secured Party to be held by the Secured Party as collateral security for the payment of such Contingent Secured Obligations as and when they become due and payable.
In connection therewith, each of the Purchasers, the Trustee and the Agent hereby appoint National City Bank (in its capacity as administrative agent under the Company's Credit Agreement and the Company's 364-Day Credit Agreement) as its collateral agent in connection with the Contingent Secured Obligations.
In the case of any holder of Contingent Secured Obligations consisting of contingent LC Reimbursement Obligations or other Contingent Secured Obligations as to which the Collateral Agent shall have received notice from the holder thereof in accordance with the preceding sentence, the Collateral Agent will allocate to such holder a portion of the monies to be distributed in such distribution, calculated as if such Contingent Secured Obligation were outstanding in such maximum ascertainable amount.
Next, to the payment in full of the Secured Obligations (or, in the case of any Contingent Secured Obligations, to the provision of cover as provided below), in such order as the Secured Party shall in its sole discretion determine; and Finally, to the payment to the Grantor, or its successors or assigns, or as a court of competent jurisdiction may direct, of any surplus then remaining.