Covered Claims

Covered Claims. Means all obligations of Borrower in respect of loans made by any Covered Creditor to Borrower, or borrowed money owing by Borrower to any Covered Creditor, whether such obligations now exist or are hereafter incurred or arise, or whether the obligation of Borrower thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such obligations be evidenced by a note, written instrument or agreement or otherwise, and irrespective of the... Person or Persons in whose favor such debts or obligations may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired. Notwithstanding the foregoing, and for avoidance of doubt, "Covered Claims" shall exclude any (a) loan or advance made by any Covered Creditor to Borrower prior to the date hereof, provided that all such loans are repaid at the time of the first advance on the Loan, and (b) ordinary course of business accounts payable and accrued expenses of the type excluded from Indebtedness (as such term is used in the Loan Agreement). View More