Application of Investments. From and after the receipt by the Collateral Agent of a Notice of Acceleration Default from the Applicable Representative or a Notice of Actionable Default from Majority Creditors, and for as long as such Notice of Acceleration Default or Notice of Actionable Default, as applicable, shall not have been withdrawn, assets held in the Collateral Account (other than cash) shall be sold or otherwise liquidated from time to time and the proceeds thereof shall, to the extent available for distribution, be distributed by the Collateral Agent on the first and each succeeding Distribution Date as follows:
Appears in 4 contracts
Samples: Collateral Agent Agreement (Arch Wireless Inc), Collateral Agent Agreement (Arch Wireless Inc), Collateral Agent Agreement (Arch Wireless Inc)
