Auction Proceeds Clause Samples

Auction Proceeds. The net proceeds from the Auction shall be utilised by the Company in recovering all unpaid principal, interest, default interest and other costs and charges, including those relating to the conduct of the Auction, in respect of the Loan. The net proceeds of the Auction shall be utilised in the following order: (i) towards the payment of default interest, costs, charges and expenses relating to the Loan, (ii) towards the interest payable on the Loan and (iii) towards the unpaid principal amount of the Loan. The surplus amount, if any, shall first be adjusted by theCompany against any other liability of the Borrower to the Company (whether owed solely or jointly with others) on any account whatsoever. Thereafter, any surplus shall be refunded to the Borrower within 30 days from the date of completion of the Auction. If the proceeds of the Auction are less than the total amount owed by the Borrower to the Company, the Borrower shall continue to be responsible for repayment of such shortfall and the Company may take such legal actions against the Borrower to recover such shortfall as it deems fit.

Auction Proceeds. Contractor is required to send full TOTAL GROSS proceeds to the MnDOT Fleet Division (6000 Minnehaha Avenue, St ▇▇▇▇, MN 55111-4014) within twenty-one (21) calendar days after sale date, unless an alternate arrangement is mutually agreed upon by the State and Contractor. A detailed invoice itemizing fees due to the Contractor is to be included with the payment. Fees may only include auction commission and/or additional services provided and defined in the Price Schedule. TOTAL GROSS PROCEEDS = Final Auction Sale Price + Buyer’s Fee (if applicable) The Contractor is required to submit Certificates of Insurance acceptable to the State as evidence of insurance coverage requirements prior to commencing work under this Contract. Contractor shall not commence work under the contract until they have obtained all the insurance described below and the State has approved such insurance. Contractor shall maintain such insurance in force and effect throughout the term of this Contract, unless otherwise specified in this Contract The failure of the Contractor to provide a Certificate of Insurance, for the policies required under this Contract or renewals thereof, or failure of the insurance company to notify the State of the cancellation of policies required under this Contract shall not constitute a waiver by the State to the Contractor to provide such insurance. The State reserves the right to immediately terminate this Contract if the Contractor is not in compliance with the insurance requirements and retains all rights to pursue any legal remedies against the Contractor. All insurance policies must be open to inspection by the State, and copies of policies must be submitted to the State’s Authorized Representative upon written request.

Auction Proceeds. 7.2.1. The Contractor must forward by bank check, payable to the Commissioner of Public Safety, the Gross Revenue of each forfeited vehicle sold at auction. 7.2.1.1. Gross Revenue is Final Auction Sale Price. 7.2.1.2. The Contractor will be paid in the amount of the Gross Revenue multiplied by the Auction Commission Fee Percentage as established in Exhibit D: Price Schedule, and for any approved make ready expenses that have not been invoiced separately (see section 11.1.1). 7.2.1.3. The check for auction proceeds must be submitted within ten (10) business days of the auction sale date. 7.2.1.4. Additionally, a statement must be included with the bank check that includes the following: • Date of Vehicle Sale • Copy of the ▇▇▇▇ of Sale • Gross sale amount • Vehicle Identification Number (VIN)

Auction Proceeds. It is understood by the Parties that Borrower has a certain limited interest in the Collateral. In the event that the Collateral is sold in one of more transactions, then in that event, Lender shall share pari parsu, from the net proceeds of said transactions w▇▇▇ ▇▇▇ ▇ther parties entitled to payment from the sale of said Collateral.

Auction Proceeds