Unencumbered Payment definition
Unencumbered Payment means, at any time, a payment under a contract or agreement for the sale of Products by the Guarantor which payment is not subject to any Security and which neither Obligor has not dedicated to the payment of any specific indebtedness at such time.
Unencumbered Payment means:
(i) a payment made by any third parties to Nak’azdli Whut’en which is not subject to any right, title or interest of any party other than that of Nak’azdli Whut’en; or
(ii) a payment made by any third parties to Nak’azdli Whut’en which was initially subject to right, title or interest of a party or parties other than Nak’azdli Whut’en and for which the right, title or interest of the other party or parties has subsequently been entirely extinguished; and