Application of Sale of Proceeds and Rents. (a) After any foreclosure sale of all or any of the Encumbered Property, the Mortgagee shall receive the proceeds of sale, no purchaser shall be required to see to the application of the proceeds, and the Mortgagee shall apply the proceeds of the sale together with any Rents that may have been collected and any other sums that then may be held by the Mortgagee under this Mortgage as set forth in Article IV of the Noteholder Collateral Agency Agreement.
Appears in 2 contracts
Samples: Credit Agreement (ATD Corp), Credit Agreement (American Tire Distributors Holdings, Inc.)
Application of Sale of Proceeds and Rents. (a) After any foreclosure sale of all or any of the Encumbered Property, the Mortgagee shall receive the proceeds of sale, no purchaser shall be required to see to the application of the proceeds, and the Mortgagee shall apply the proceeds of the sale together with any Rents that may have been collected and any other sums that then may be held by the Mortgagee under this Mortgage as set forth in Article IV of the Noteholder Collateral Agency Agreement.
Appears in 1 contract
Samples: Security Agreement and Financing Statement (American Tire Distributors Holdings, Inc.)
Application of Sale of Proceeds and Rents. (a) After any foreclosure sale of all or any of the Encumbered Property, the Mortgagee shall receive the proceeds of sale, no purchaser shall be required to see to the application of the proceeds, and the Mortgagee shall apply the proceeds of the sale together with any Rents that may have been collected and any other sums that then may be held by the Mortgagee under this Mortgage as set forth in Article IV of the Noteholder Collateral Agency Equal Priority Intercreditor Agreement.
Appears in 1 contract
Samples: Credit Agreement (ATD Corp)
