Receipt of Lease Balance, Proceeds from Certain Collateral Sample Clauses

Receipt of Lease Balance, Proceeds from Certain Collateral. If, on any date after a Construction Agency Event of Default that is a Full Recourse Event of Default has occurred and is continuing (and the parties hereby agree that prior to a Disposition of the Facility, the Lenders will have received an appraisal from the Appraiser or another Person acceptable to them as to the fair market value of the Equipment and the fair market value of the Facility (excluding the Equipment), and the parties hereto further agree that in making the payments described below, (i) "Proceeds resulting from the Disposition of the Equipment" shall be determined based on the proportion that the appraised value of the Equipment bears to the aggregate appraised value of the Equipment plus the Facility (without the Equipment) and (ii) "Proceeds resulting from the Disposition of other than the Equipment" shall be determined based on the proportion that the appraised value of the Facility (without the Equipment) bears to the aggregate appraised value of the Equipment plus the Facility (without the Equipment), the Lessee makes a payment of (A) all or a portion of the Lease Balance or (B) a payment is made of any other amount, including proceeds from the sale of Collateral (referred to as "Proceeds"), then, with respect to amounts described in clause (A), such amount shall be or shall have been distributed in accordance with Section 10.4(a), and with respect to amounts described in clause (B), then distributions of such amounts shall be in the following order of priority: first, so much of such payment or amount as shall be required to reimburse the Collateral Agent, the Administrative Agent, the Trust Company, the Trustee, the Investors, the Conduit Loan Lender, the other Lenders or the Lessor for any taxes, expenses, fees, indemnities or other losses incurred by such Persons under the Operative Documents or in connection with the collection of such amounts (to the extent not previously reimbursed) shall be distributed to such Persons, as applicable (to be divided among such parties pro rata to the extent insufficient to satisfy all claims), second, after payment in full of the preceding amounts,
Sample 1
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Receipt of Lease Balance, Proceeds from Certain Collateral. If, on any date after a Construction Agency Event of Default that is a Full Recourse Event of Default has occurred and is continuing, Lessee makes a payment of (A) all or a portion of the Lease Balance or (B) a payment is made of any other amount, including proceeds from the sale of Collateral (other than Liquid Collateral), then, with respect to amounts described in clause (A), such amount shall be or shall have been distributed in accordance with Section 10.4, and with respect to amounts described in clause (B), then distributions of such amounts shall be in the following order of priority: PARTICIPATION AGREEMENT first, so much of such payment or amount as shall be required to reimburse the Collateral Agents, Administrative Agent, the Trust Company, the Trustee, Investors, Conduit, the Liquidity Providers or Lessor for any taxes, expenses, fees, indemnities or other losses incurred by the Collateral Agents, Administrative Agent, Investors, Conduit, the Liquidity Providers or Lessor under the Operative Documents or in connection with the collection of such amounts (to the extent not previously reimbursed) shall be distributed to the Collateral Agents, Administrative Agent, Investors, Conduit, the Liquidity Providers, or Lessor, as applicable (to be divided among such parties pro rata to the extent insufficient to satisfy all claims), second, the balance, if any, to the extent actually paid on or prior to the date of such distribution shall be distributed:
Sample 1

Related to Receipt of Lease Balance, Proceeds from Certain Collateral

  • Application of Proceeds from Collateral All proceeds from each sale of, or other realization upon, all or any part of the Collateral by any Secured Party after an Event of Default arises shall be applied as follows:

  • DISPOSITION OF COLLATERAL AND PROCEEDS; TRANSFER OF INDEBTEDNESS In disposing of Collateral hereunder, Bank may disclaim all warranties of title, possession, quiet enjoyment and the like. Any proceeds of any disposition of any Collateral or Proceeds, or any part thereof, may be applied by Bank to the payment of expenses incurred by Bank in connection with the foregoing, including reasonable attorneys’ fees, and the balance of such proceeds may be applied by Bank toward the payment of the Indebtedness in such order of application as Bank may from time to time elect. Upon the transfer of all or any part of the Indebtedness, Bank may transfer all or any part of the Collateral or Proceeds and shall be fully discharged thereafter from all liability and responsibility with respect to any of the foregoing so transferred, and the transferee shall be vested with all rights and powers of Bank hereunder with respect to any of the foregoing so transferred; but with respect to any Collateral or Proceeds not so transferred, Bank shall retain all rights, powers, privileges and remedies herein given.

  • Compromises and Collection of Collateral The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action.

  • Investment of Balance in Collateral Account Amounts on deposit in the Collateral Account shall be invested from time to time in such Permitted Investments as the respective Pledgor through the Company (or, after the occurrence and during the continuance of a Default, the Agent) shall determine, which Permitted Investments shall be held in the name and be under the control of the Agent, PROVIDED that (i) at any time after the occurrence and during the continuance of an Event of Default, the Agent may (and, if instructed by the Banks as specified in Section 11.03 of the Second Amended and Restated Credit Agreement, shall) in its (or their) discretion at any time and from time to time elect to liquidate any such Permitted Investments and to apply or cause to be applied the proceeds thereof to the payment of the Secured Obligations in the manner specified in Section 5.09 hereof and (ii) if requested by the respective Pledgor through the Company, such Permitted Investments may be held in the name and under the control of one or more of the Banks (and in that connection each Bank, pursuant to Section 11.10 of the Second Amended and Restated Credit Agreement) has agreed that such Permitted Investments shall be held by such Bank as a collateral sub-agent for the Agent hereunder).

  • Distribution of Collateral Proceeds In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the Collateral or other assets of the Borrower or the Guarantors, such monies shall be distributed for application as follows:

  • Application of Payments and Proceeds Upon Default If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor.

  • CONCERNING MARGIN ACCOUNTS, SENIOR SECURITY ACCOUNTS, AND COLLATERAL ACCOUNTS 1. The Custodian shall, from time to time, make such deposits to, or withdrawals from, a Senior Security Account as specified in a Certificate received by the Custodian. Such Certificate shall specify the Series for which such deposit or withdrawal is to be made and the amount of cash and/or the amount and kind of Securities specifically allocated to such Series to be deposited in, or withdrawn from, such Senior Security Account for such Series. In the event that the Fund fails to specify in a Certificate the Series, the name of the issuer, the title and the number of shares or the principal amount of any particular Securities to be deposited by the Custodian into, or withdrawn from, a Senior Securities Account, the Custodian shall be under no obligation to make any such deposit or withdrawal and shall so notify the Fund.

  • Proceeds from Shares Sold The Custodian shall receive funds representing cash payments received for shares issued or sold from time to time by each Fund, and shall credit such funds to the account of the appropriate Fund. The Custodian shall notify the appropriate Fund of Custodian's receipt of cash in payment for shares issued by such Fund by facsimile transmission or in such other manner as such Fund and the Custodian shall agree. Upon receipt of Instructions, the Custodian shall: (a) deliver all federal funds received by the Custodian in payment for shares as may be set forth in such Instructions and at a time agreed upon between the Custodian and such Fund; and (b) make federal funds available to a Fund as of specified times agreed upon from time to time by such Fund and the Custodian, in the amount of checks received in payment for shares which are deposited to the accounts of such Fund.

  • Condemnation Proceeds all Condemnation Proceeds other than proceeds to be applied to the restoration or repair of the property subject to the related Mortgage or released to the related Mortgagor in accordance with the Servicing Standard, which proceeds shall be deposited by the Master Servicer into an Escrow Account and not deposited in the Collection Account;

  • Sale Proceeds The proceeds of sale of any new Series of Notes shall be wired to the Collection and Funding Account, and the Indenture Trustee shall disburse such sale proceeds at the direction of the Administrator on behalf of the Issuer, except to the extent such funds are needed to satisfy the Collateral Test. The Administrator on behalf of the Issuer may direct the Issuer to apply such proceeds to reduce pro rata based on Invested Amounts, the VFN Principal Balance of any Classes of Variable Funding Notes, or to redeem any Series of Notes in accordance with Section 13.1. In the absence of any such direction, the proceeds of such sale shall be distributed to the Depositor or at the Depositor’s direction on the Issuance Date for the newly issued Notes. The Administrator shall deliver to the Indenture Trustee a report demonstrating that the release of sale proceeds pursuant to the Issuer’s direction will not cause a failure of the Collateral Test, as a precondition to the Indenture Trustee releasing such proceeds.

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