Common use of Application of Sale Proceeds Clause in Contracts

Application of Sale Proceeds. AESOP Leasing agrees that an amount equal to the product of (A) the applicable Loan Payment Allocation Percentage as of the beginning of the Related Month times (B) the sum of (i) all payments made by the Manufacturers and related auction dealers under the Manufacturer Programs with respect to Vehicles leased under the AESOP I Operating Lease, plus (ii) proceeds from the sale of Vehicles leased under the AESOP I Operating Lease to third parties (other than to the Manufacturer or pursuant to a Guaranteed Depreciation Program), in each case deposited in the Collection Account on any date, shall be applied, upon receipt thereof in the Collection Account, to prepay the Loan Principal Amount.

Application of Sale Proceeds. AESOP Leasing II agrees that an amount equal to the product of (A) the applicable Loan Payment Allocation Percentage as of the beginning of the Related Month times (B) the sum of (i) all payments made by the Manufacturers and related auction dealers under the Manufacturer Programs with respect to Vehicles leased under the AESOP I II Operating Lease, plus (ii) proceeds from the sale of Vehicles leased under the AESOP I II Operating Lease to third parties (other than to the Manufacturer or pursuant to a Guaranteed Depreciation Program), in each case deposited in the Collection Account on any date, shall be applied, upon receipt thereof in the Collection Account, to prepay the Loan Principal Amount.