Secured Money definition
Examples of Secured Money in a sentence
The Guarantor agrees that if, for any reason, any Obligor does not pay when due any of the Secured Money, it will pay the relevant amount immediately upon demand.
The Guarantor guarantees to the Lender the due payment by the Borrower and each other Obligor of the Secured Money and the due performance by the Borrower and each other Obligor of the Secured Obligations.
Each Obligor named in the Specific Terms or an Additional Security Schedule as a “Security Provider” grants a Security Interest in favour of the Lender over the Secured Property as security for the payment of the Secured Money and for the performance of the Secured Obligations.
If at the time of distribution of any money under clause 13.1, any part of the Secured Money is contingently owing to the Lender, the Lender or any Receiver may retain any surplus money until the amount of the Secured Money which is contingently due has been finally determined.
All moneys received by the Lender in respect of the Secured Money from a Guarantor may be placed in a separate account which will not reduce the amount of the Loan so that the Lender can maximise its claim in the event of the insolvency of an Obligor.