Sales on Credit. If Priority Lien Collateral Trustee sells any of the Collateral upon credit, Grantor will be credited only with payments actually made by purchaser and received by Priority Lien Collateral Trustee and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Priority Lien Collateral Trustee may resell the Collateral and Grantor shall be credited with proceeds of the sale.
Appears in 3 contracts
Samples: Pledge and Security Agreement (NewPage Holding CORP), Pledge and Security Agreement (NewPage Energy Services LLC), Pledge and Security Agreement (NewPage CORP)
Sales on Credit. If Priority Parity Lien Collateral Trustee sells any of the Collateral upon credit, Grantor will be credited only with payments actually made by purchaser and received by Priority Parity Lien Collateral Trustee and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Priority Parity Lien Collateral Trustee may resell the Collateral and Grantor shall be credited with proceeds of the sale.
Appears in 1 contract
Samples: Pledge and Security Agreement (NewPage Energy Services LLC)
Sales on Credit. If the Priority Lien Collateral Trustee sells any of the Collateral upon credit, Grantor the Grantors will be credited only with payments actually made by purchaser and received by the Priority Lien Collateral Trustee and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, the Priority Lien Collateral Trustee may resell the Collateral and Grantor the Grantors shall be credited with proceeds of the sale.
Appears in 1 contract
Samples: Pledge and Security Agreement (Foresight Energy LP)
