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Obligatory Advance
Definition
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| any advance which, under the terms of the credit line deed of Trust or other agreement, the secured party has legally obligated itself to make in the absence of a default, breach, or other such event. obligatory advances include, but are not limited to, advances which the secured party has agreed to make as a term or condition of the credit line deed of Trust or other related agreement; obligations arising out of the occurrence of a condition, event or circumstance contemplated by the agreement; obligations arising on a specified date or time; or advances made upon application therefore by the grantor under the credit line deed of Trust or by another obligor whose indebtedness is secured by the deed of Trust.
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