Distribution of Loral Transponder Sale Proceeds Sample Clauses

Distribution of Loral Transponder Sale Proceeds. (a) (i) If as a result of any enforcement action or exercise of rights and remedies by the Collateral Trustee hereunder, Satmex 5 or Satmex 6 is transferred in a Changing Orbital Foreclosure Sale, then the Collateral Trustee shall, and is hereby irrevocably directed to, segregate from the sale proceeds and hold in escrow (i) the Loral Transponder Sale Proceeds with respect to Satmex 5 on the Satmex 5 Transponder Sale Date and (ii) the Loral Transponder Sale Proceeds with respect to Satmex 6 on the Satmex 6 Transponder Sale Date. On or before the Satmex 5 Loral Transponder Sale Date or the Satmex 6 Loral Transponder Sale Date, as applicable, the Collateral Trustee shall, and is hereby irrevocably directed to, notify Loral Skynet Corporation (the “Sale Notice”) of the sale, the location of the New Orbital Slot, and the proposed course of action, if any. The applicable Gxxxx Xxxxxx shall have the right, within ninety (90) days of receipt of the Sale Notice, to advise the Collateral Trustee in writing, whether it elects to continue or terminate any existing Loral Usufructo on some or all of the Loral Transponders at the New Orbital Slot, which election shall be at the applicable Grant Holderssole discretion. In no event shall Satmex 5 or Satmex 6, as applicable, be moved to the New Orbital Slot prior to the expiration of such ninety (90) day period.
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