Rules Generally Applicable to Sales of Collateral Loans Sample Clauses

Rules Generally Applicable to Sales of Collateral Loans. (i) All sales of Collateral Loans or any portion thereof (including participation interests) pursuant to this Section 10.1 shall be for Cash on a non-recourse basis, which shall be deemed Principal Proceeds for all purposes hereunder. (ii) Anything herein to the contrary notwithstanding, both prior to and after an Event of Default, the Borrower shall cause any sale or liquidation of any Collateral Loan or other property or assets to be conducted on an arm’s length basis upon fair and reasonable terms no less favorable to the Borrower than would be obtainable in a comparable arm’s length transaction with a Person not an Affiliate.
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Rules Generally Applicable to Sales of Collateral Loans. (i) All sales of Collateral Loans or any portion thereof (including Participation Interests) pursuant to this Section 10.1 shall be for Cash on a non-recourse basis, which shall be deemed Principal Proceeds for all purposes hereunder. (ii) Anything herein to the contrary notwithstanding, the Borrower shall cause any sale of any Collateral Loan or other property or assets to be conducted on an arm’s length basis upon fair and reasonable terms no less favorable to the Borrower than would be obtainable in a comparable arm’s length transaction with a Person not an Affiliate. (iii) Anything herein to the contrary notwithstanding, the Aggregate Principal Balance of (A) all Collateral Loans that are sold to Affiliates of the Borrower and (B) all Collateral Loans distributed to the BDC pursuant to Section 5.31(b), collectively, in the 12-month period preceding the proposed date of sale (or such lesser number of months as shall have elapsed since the Closing Date) shall not exceed 20% of the Net Purchased Collateral Loan Balance as of such date of sale; provided that the Aggregate Principal Balance of (A) all Collateral Loans that were Defaulted Loans sold to Affiliates of the Borrower and (B) all Collateral Loans that were Defaulted Loans distributed to the BDC pursuant to Section 5.31(b), collectively, in the 12-month period preceding the proposed date of sale (or such lesser number of months as shall have elapsed since the Closing Date) shall not exceed 10% of the Net Purchased Collateral Loan Balance as of such date of sale.
Sample 1
Rules Generally Applicable to Sales of Collateral Loans. (i) All sales of Collateral Loans or any portion thereof (including Participation Interests) pursuant to this Section 10.1 shall be for Cash on a non-recourse basis, which shall be deemed Principal Proceeds for all purposes hereunder. (ii) Anything herein to the contrary notwithstanding, both prior to and after an Event of Default, the Borrower shall cause any sale or liquidation of any Collateral Loan or other property or assets to be conducted on an arm’s length basis upon fair and reasonable terms no less favorable to the Borrower than would be obtainable in a comparable arm’s length transaction with a Person not an Affiliate.
Sample 1Sample 2
Rules Generally Applicable to Sales of Collateral Loans. (1) All sales of Collateral Loans or any portion thereof pursuant to this Section 10.1 shall be for Cash on a non-recourse basis, which shall be deemed Principal Proceeds for all purposes hereunder. (2) Anything herein to the contrary notwithstanding, the Borrower and the Investment Subsidiary shall cause any sale of any Collateral Loan or other property or assets to be (x) conducted on an arm’s length basis upon fair and reasonable terms no less favorable to the Borrower or the Investment Subsidiary than would be obtainable in a comparable arm’s length transaction with a Person not an Affiliate or an Affiliate Employee and (y) in the case of a sale to any of its Affiliates or any Affiliate Employee, at a price at least equal to its Market Price. (3) For the avoidance of doubt, any sale of Collateral Loans may be effected as an outright assignment or as a sale of a participation interest therein; any Collateral Loan (or portion thereof) with respect to which the applicable Borrower Entity has sold a participation interest therein shall be treated as having been sold for all purposes hereunder; and any Collateral Loan with respect to which the applicable Borrower Entity has sold a participation interest therein (in whole but not in part) shall be treated as having been sold for all purposes hereunder and shall no longer constitute Collateral or be subject to the Lien of the Collateral Agent hereunder.
Sample 1

Related to Rules Generally Applicable to Sales of Collateral Loans

  • Use of Proceeds; Margin Regulations The Company will apply the proceeds of the sale of the Bonds to repay existing indebtedness and for general corporate purposes and in compliance with all laws referenced in Section 5.16. No part of the proceeds from the sale of the Bonds hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 2% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 2% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.