Receipt of Sale Proceeds. Upon any sale of the Pledged Collateral, or ------------------------ any portion thereof, by Pledgee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of Pledgee or the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Pledged Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to Pledgee or such officer or be answerable in any way for the misapplication or nonapplication thereof.
Appears in 2 contracts
Samples: Secured Promissory Note (Leslies Poolmart Inc), Secured Promissory Note (Leslies Poolmart Inc)
Receipt of Sale Proceeds. Upon any sale of the Pledged Collateral, or ------------------------ any portion thereof, Collateral by the Pledgee hereunder (whether by virtue of the pursuant to any power of sale herein granted, pursuant to judicial process or otherwise), the receipt of by the Pledgee or the officer making the sale of the proceeds of such sale shall be a sufficient discharge to the purchaser or purchasers of the Pledged Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any way for the misapplication or nonapplication non-application thereof.
Appears in 2 contracts
Samples: Revolving Credit Agreement (TPG Specialty Lending, Inc.), Revolving Credit Agreement (TPG Specialty Lending, Inc.)
Receipt of Sale Proceeds. Upon any sale of the Pledged Collateral, or ------------------------ any portion thereof, Collateral by Pledgee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of by Pledgee or the officer making the sale of the proceeds of such sale shall be a sufficient discharge to the purchaser or purchasers of the Pledged Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to Pledgee or such officer or be answerable in any way for the misapplication or nonapplication non-application thereof.
Appears in 1 contract
Samples: Interest Rate Cap Agreement Pledge and Security Agreement (Reckson Services Industries Inc)
Receipt of Sale Proceeds. Upon any sale of the Pledged Collateral, or ------------------------ any portion thereof, by Pledgee Trustee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of Pledgee the proceeds by Trustee or the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Pledged Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to Pledgee Trustee or such officer or be answerable in any way for the misapplication or nonapplication non-application thereof.
Appears in 1 contract
Samples: Pledge and Security Agreement (GMH Communities Trust)
Receipt of Sale Proceeds. Upon any sale of the Pledged Collateral, or ------------------------ any portion thereof, Collateral by Pledgee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of by Pledgee or the officer making the sale or the proceeds of such sale shall be a sufficient discharge to the purchaser or purchasers of the Pledged Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to Pledgee or such officer or be answerable in any way for the misapplication or nonapplication non-application thereof.
Appears in 1 contract
Samples: Interest Rate Agreement, Pledge and Security Agreement (Metropolis Realty Trust Inc)
