Sales on Credit. If the Collateral Agent sells any of the Collateral upon credit, the Collateral Agent may retain such Collateral until the sale price is paid by the purchaser thereof, and the Grantor will be credited only with payments actually made by the purchaser and received by the Collateral Agent and applied to indebtedness of such purchaser. In the event such purchaser fails to pay for the Collateral, neither the Collateral Agent nor any other Secured Party shall incur any liability, and such Collateral may be sold again upon like notice, and the Collateral Agent may resell the Collateral and Grantor shall be credited with proceeds of the sale.
Appears in 4 contracts
Samples: Pledge and Security Agreement (Sun Country Airlines Holdings, Inc.), Pledge and Security Agreement (Sun Country Airlines Holdings, Inc.), Aircraft and Engine Pledge and Security Agreement (Alaska Air Group, Inc.)
Sales on Credit. If the Collateral Agent sells any of the Collateral upon credit, the Collateral Agent may retain such Collateral until the sale price is paid by the purchaser thereof, and the Grantor Grantors will be credited only with payments actually made by the purchaser and received by the Collateral Agent and applied to indebtedness of such purchaser. In the event such purchaser fails to pay for the Collateral, neither the Collateral Agent nor any other Secured Party shall incur any liability, and such Collateral may be sold again upon like notice, and the Collateral Agent may resell the Collateral and Grantor shall be credited with proceeds of the sale.
Appears in 1 contract
Samples: Horizon Aircraft, Engine and Propeller Pledge and Security Agreement (Alaska Air Group, Inc.)
