Debtor Security definition
Examples of Debtor Security in a sentence
After the occurrence of an Insolvency Event, any Party entitled to receive a distribution out of the assets of that Debtor, Security Grantor or member of the Group in respect of Liabilities owed to that Party shall, to the extent it is able to do so, direct the person responsible for the distribution of the assets of that Debtor, Security Grantor or member of the Group to pay that distribution to the Security Agent until the Liabilities owing to the Secured Parties have been paid in full.
For the avoidance of doubt, nothing in this Agreement shall limit the ability of the Super Senior Creditors or the Pari Passu Creditors to make a proposal to the Group or the bankruptcy court to provide Bankruptcy Financing to any Debtor, Security Guarantor or member of the Group.
Upon receipt of the Substitution Documents by Agent's attorney, Agent agrees that the security interests granted under the Debtor Security Agreement are released and the Agent hereby authorizes Borrower and the Debtors to execute and file Uniform Commercial Code financing terminations as may be necessary in order to evidence or otherwise give public notice of such collateral terminations.
Doing so may cause confusion because a similar Debtor Security Agreement will also be obtained on each of the Other Healthcare Facilities.
Subject to Clause 23 (Application of Proceeds) where applicable, nothing in this Agreement will prevent payment by any Debtor, Security Grantor or member of the Group of the Creditor Representative Amounts or the receipt and retention of any Creditor Representative Amounts by the relevant Creditor Representative(s).
Capitalized terms used herein but not defined herein shall have the meanings given such terms in the Debtor Security Agreement.
Upon the filing of a UCC-1 financing statement in the State of Delaware naming the Pledgor as Debtor, Security Agent as the secured party, and describing the collateral as the Pledged Collateral, the security interest created hereunder in favor of the Security Agent for the benefit of the Secured Parties will be perfected by filing.
Subject to Clause 15 (Application of Proceeds) where applicable, nothing in this Agreement will prevent payment by any Debtor, Security Grantor or member of the Group of the Creditor Representative Amounts or the receipt and retention of any Creditor Representative Amounts by the relevant Creditor Representative(s).