Examples of Second Priority Obligations Payment Date in a sentence
This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the First Priority Obligations Payment Date and the Second Priority Obligations Payment Date shall have occurred with respect to each Type of Common Collateral.
Upon the occurrence of the Second Priority Obligations Payment Date and without further action by any Person, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Grantors subject to any existing liens, security interests or encumbrances on such Collateral (other than any thereof attributable to actions or inactions of the Collateral Agent or any Second Priority Secured Party).
With respect to each Type of Common Collateral, after the Second Priority Obligations Payment Date and prior to the Third Priority Obligations Payment Date, the Fourth Priority Representative shall promptly execute and deliver such release or subordination documents and instruments and shall take such further actions as the Third Priority Representative or any Grantor shall reasonably request to evidence any release or subordination of the Fourth Priority Lien described in Section 4.02(c).
With respect to each Type of Common Collateral, after the Second Priority Obligations Payment Date and prior to the Third Priority Obligations Payment Date, no Fourth Priority Secured Party may accept any such Common Collateral, including any such Common Collateral constituting proceeds, in satisfaction, in whole or in part, of the Fourth Priority Secured Obligations in violation of Sections 4.01(a) or 4.01(b).
This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the First Priority Obligations Payment Date and the Second Priority Obligations Payment Date shall have occurred.