Common use of Certain Prepayments Clause in Contracts

Certain Prepayments. Notwithstanding anything to the contrary contained in this Section 2.05, to the extent any mandatory prepayment is required because of the failure of the title to any Financed Property that was a Bid Receipt Property to be transferred to the applicable Borrower due to an effective order or ruling issued by any Governmental Authority pursuant to a bankruptcy or other insolvency proceeding involving the owner of such Financed Property, such prepayment shall only be required on the immediately succeeding Monthly Payment Date following the date of determination of the failure of title in respect of the applicable Financed Property; provided, however, if the net cash proceeds intended to refund or reimburse the applicable Borrower for the costs and expenses associated with the attempted purchase of such Financed Property are received by such Borrower prior to such immediately succeeding Monthly Payment Date referred to above, such net cash proceeds shall be immediately deposited by such Borrower into the Collection Account and applied to the Loans on such immediately succeeding Monthly Payment Date.