Collateral Base. Beginning October 1, 2016, if, at any time the amount of Credit Party Debt exceeds the Collateral Base, Debtor shall, on demand, repay the Credit Party Debt in an amount sufficient to reduce the Credit Party Debt by an amount equal to such excess. For purposes of this Section 9, Debtors’ rights and obligations in respect of Key Man life insurance policies shall be excluded from such covenant and Collateral Base calculations. For purposes of this Section 9, the following terms are used with the meanings set forth below:
Appears in 2 contracts
Sources: Pledge and Security Agreement (Quest Solution, Inc.), Security Agreement (Quest Solution, Inc.)
Collateral Base. Beginning October 1, 2016, if, at any time the amount of Credit Party Debt exceeds the Collateral Base, Debtor shall, on demand, repay the Credit Party Debt in an amount sufficient to reduce the Credit Party Debt by an amount equal to such excess. For purposes of this Section 913, Debtors’ rights and obligations in respect of Key Man life insurance policies shall be excluded from such covenant and Collateral Base calculations. For purposes of this Section 913, the following terms are used with the meanings set forth below:
Appears in 2 contracts
Sources: Movable Hypothec and General Security Agreement (Quest Solution, Inc.), Universal Movable Hypothec and General Security Agreement (Quest Solution, Inc.)