Secondary Obligation definition
Secondary Obligation means any obligation that directly supports a primary Indebtedness obligation (so, for illustrative purposes, the operating lease payments in respect of SpectrumCo1 support the primary obligation in respect of the notes issued by SpectrumCo1, and so such operating lease payments are a “Secondary Obligation”).
Secondary Obligation means any obligation that directly supports a primary Indebtedness obligation (so, for illustrative purposes, the operating lease payments in respect of SpectrumCo1 support the primary obligation in respect of the notes issued by SpectrumCo1, and so such operating lease payments are a “ Secondary Obligation ”).
Secondary Obligation shall have the meaning provided in Section 7.4(b).
Examples of Secondary Obligation in a sentence
No holder of any Secondary Obligation shall have any right to such collateral until (x) all Primary Obligations are paid in full and (y) all Contingent Primary Obligations are terminated, cash secured by an amount not to exceed One Hundred Five Percent (105%) of the amount thereof or otherwise satisfied.