Collateral Sales Sample Clauses

Collateral Sales. Upon receipt by any Borrower or any Subsidiary of Net Cash Proceeds of an Asset Sale of any Collateral (including without limitation, any Airbus A321 model aircraft then subject to an A321 Airbus Financing). The Borrowers shall prepay the Loans in an aggregate amount equal to the Net Cash Proceeds of such sale, provided that no such prepayment shall be required for Asset Sales of Spare Parts until the aggregate amount thereof (not applied to prior prepayments) exceeds $100,000. In the event that any such Asset Sale results in a note payable to any Borrower or any Subsidiary, such note shall be pledged by such Borrower or Subsidiary, as the case may be, as collateral security for the obligations and the Cross-Default Obligations in a manner reasonably satisfactory to the Loan Agent. Any partial prepayments of the Loans made by the Borrowers in accordance with this Section 2.6(a) shall be applied pro rata as among the outstanding Tranches of the Loans and pro rata among the Loans in each such Tranche and to the then remaining installments of the outstanding principal balance of the Loan on a pro rata basis. If any such prepayment is made by the Borrowers other than on an Interest Payment Date, subject to clause (c) below, the Borrowers shall also pay any amounts owing pursuant to Section 2.10(e). Any such prepayment of the Loan shall be paid to the Loan Agent for application as provided in Section 2.9.
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Collateral Sales. 51 7.21 Sale or Discount of Receivables..............................52 7.22 Affiliate Transactions.......................................52 7.23
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Collateral Sales. Upon receipt by any Borrower or any Subsidiary of Net Cash Proceeds of an Asset Sale of any Collateral (including without limitation, any Airbus A321 model aircraft then subject to an A321 Airbus Financing). The Borrowers shall prepay the Loans and the other Obligations then due in an aggregate amount equal to the Net Cash Proceeds of such sale, which have not been applied to payment of the Other Loan Agreement Loans under Section 2.6(a) of the Other Loan Agreement, provided that no such prepayment shall be required for Asset Sales of Spare Parts until the aggregate amount thereof (not applied to prior prepayments) exceeds $100,000. In the event that any such Asset Sale results in a note payable to any Borrower or any Subsidiary, such note shall be pledged by such Borrower or Subsidiary, as the case may be, as collateral security for the obligations and the Cross-Default Obligations in a manner reasonably satisfactory to the Loan Agent. Any partial prepayments of the Loans made by the Borrowers in accordance prepayments of the Loans made by the Borrowers in accordance with this Section 2.6(a) shall be applied pro rata as among the outstanding Tranches of the Loans and pro rata among the Loans in each such Tranche and to the then remaining installments of the outstanding principal balance of the Loan on a pro rata basis. If any such prepayment is made by the Borrowers other than on an Interest Payment Date, subject to clause (c) below, the Borrowers shall also pay any amounts owing pursuant to Section 2.10(e). Any such prepayment of the Loan shall be paid to the Loan Agent for application as provided in Section 2.9.
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Collateral Sales. Except as set forth in Sections 7.6 and 7.7 of this Agreement, Borrowers shall not sell, lease, assign, transfer or otherwise dispose of any of the Collateral, except (i) for sales of Hydrocarbons in the ordinary course of Borrowers' business and (ii) as otherwise permitted pursuant to the Security Instruments.
Sample 1
Collateral Sales. Except as set forth in Sections 7.6 and 7.7, or after approval by the Board of Directors voting as set forth in the Bylaws, Borrower shall not sell, lease, assign, transfer or otherwise dispose of any of the Collateral, except for sales of Hydrocarbons in the ordinary course of Borrower's business.
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Collateral Sales. Borrower shall either sell or liquidate, or contract to sell or liquidate, a substantial amount of the Collateral by December 22, 1997. 2.
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Collateral Sales. Except as set forth in Sections 7.6 and 7.7 of the Financing Agreement, Pledgor shall not, and shall cause each other Borrower not to, sell, lease, assign, transfer or otherwise dispose of any of the Collateral or the Other Collateral, except for (i) sales of Hydrocarbons in the ordinary course of Borrowers' respective businesses, and (ii) as otherwise permitted pursuant to the Obligation Documents.
Sample 1
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Collateral Sales. Borrowers are presently engaged in and will continue to engage in efforts to sell Collateral (particularly, Collateral consisting of intellectual property identified on Exhibit 2 to the Security Agreement). Borrowers will not sell all or any portion of the Collateral without the prior written consent of Lender. The proceeds of the sale or other disposition of Collateral (including the sale or other disposition of property, whether directly or indirectly and including by way of a sale of Borrowers’ business (including by way of a section 363 sale or as part of a chapter 11 plan(s)), that had been included in the Collateral (even if the Loans have been repaid) (subject only to the final sentence of this Section 11), net only of the expenses directly attributable (excluding any commission, incentive or similar fee payable to broker or investment bankers to such sale or disposition) (“Collateral Proceeds”), shall upon Borrowers’ receipt be paid as follows: (a) the first Five Million Dollars ($5,000,000) of Collateral Proceeds shall be paid one hundred percent (100%) to Holder to reduce the Obligations until payment in full of the Obligations, (b) after the aggregate Collateral Proceeds exceed Five Million Dollars ($5,000,000) and until payment in full of the Obligations, ninety-seven and one-half percent (97.5%) to Holder and two and one-half percent (2.5%) to LC Fund for a period of one year following confirmation of a plan of reorganization for the Borrowers and thereafter one hundred percent (100%) to Holder to reduce the Obligations, and (c) after the aggregate Collateral Proceeds exceed Ten Million Dollars ($10,000,000) and until payment in full of the Obligations, ninety-six and one-half percent (96.5%) to Holder and two and one-half percent (3.5%) to LC Fund for a period of one year following confirmation of a plan of reorganization for the Borrowers and thereafter one hundred percent (100%) to Holder to reduce the Obligations. For the avoidance of doubt, while no Event of Default exists, Collateral consisting of accounts receivable and inventory created in the ordinary course of business may be used by Borrowers in the ordinary course of their business.
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Related to Collateral Sales

  • Collateral; Collateral Security (a) The Borrower has not assigned, pledged, or otherwise conveyed or encumbered any Mortgage Loan to any other Person, and immediately prior to the pledge of any such Mortgage Loan, the Borrower was the sole owner of such Mortgage Loan and had good and marketable title thereto, free and clear of all Liens, in each case except for Liens to be released simultaneously with the Liens granted in favor of the Lender hereunder and no Person other than the Borrower has any Lien on any Mortgage Loan.

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

  • Collateral The Collateral for this Note includes the Funding Agreement and the Guarantee specified on the face hereof.

  • Collateral; Security Interest (a) Pursuant to the Custodial Agreement, the Custodian shall hold the Mortgage Loan Documents as exclusive bailee and agent for the Lender pursuant to terms of the Custodial Agreement and shall deliver to the Lender Trust Receipts (as defined in the Custodial Agreement) each to the effect that it has reviewed such Mortgage Loan Documents in the manner and to the extent required by the Custodial Agreement and identifying any deficiencies in such Mortgage Loan Documents as so reviewed.

  • Accounts Receivable; Inventory (a) For each Account with respect to which Advances are requested, on the date each Advance is requested and made, such Account shall be an Eligible Account.

  • Inventory To the extent Inventory held for sale or lease has been produced by any Borrower, it has been and will be produced by such Borrower in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder.

  • Accounts Receivable; Inventories The accounts and notes receivable which are reflected on the Final Closing Balance Sheet are good and collectible in the ordinary course of business at the aggregate recorded amounts thereof, less the amount of the allowance for doubtful accounts reflected thereon, and are not subject to offsets. The accounts and notes receivable of the Company which were thereafter added and which will be reflected on the Final Closing Balance Sheet are good and collectible in the ordinary course of business at the aggregate amounts recorded in its books of account, less the amount of the allowance for doubtful accounts reflected thereon (which allowance was established on a basis consistent with prior practice), and are not subject to offsets. The inventories reflected on the Audited and Unaudited Balance Sheets, and thereafter added, as reflected on the Closing Date Balance Sheet, consist of items of a quality and quantity usable or saleable within one year (except as set forth on Schedule 5.7) in the ordinary course of business, except for obsolete materials, slow-moving items, materials of below standard quality and not readily marketable items, all of which have been written down to net realizable value or adequately reserved against on the books and records of the Company. To the extent there is inventory not listed on Schedule 5.7 of a quality and quantity not usable or saleable in the ordinary course of business within one year, in lieu of a claim for indemnification, Buyer shall sell and the Selling Shareholders shall purchase such items of inventory at the value carried on the Final Closing Balance Sheet. All inventories not written off are stated at the lower of cost or market.

  • Eligible Inventory As to each item of Inventory that is identified by any Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than Agent-discretionary criteria) set forth in the definition of Eligible Inventory.

  • Collateral Event In the event that either (a) the Advisor does not make the Fund Reimbursement Payment due in connection with a particular calendar month by the tenth day of the following calendar month or (b) the Board enacts a resolution calling for the liquidation of the Fund (either (a) or (b), a “Collateral Event”), then, in either event, the Board shall have absolute discretion to redeem any shares or other Collateral held in the Collateral Account and utilize the proceeds from such redemptions or such other Collateral to make any required Fund Reimbursement Payment, or to cover any costs or expenses which the Board, in its sole and absolute discretion, estimates will be required in connection with the liquidation of the Fund (the “Liquidation Expenses”). Pursuant to the terms of Paragraph 6 of this Agreement, upon authorization from the Board, but subject to the provisions of the Control Agreement, no further instructions shall be required from the Advisor for the Securities Intermediary to transfer any Collateral from the Collateral Account to the Fund. The Advisor acknowledges that in the event the Collateral available in the Collateral Account is insufficient to cover the full cost of any Fund Reimbursement Payment or Liquidation Expenses, the Fund shall retain the right to receive from the Advisor any costs in excess of the value of the Collateral.

  • After-Acquired Collateral From and after the Issue Date, subject to the Intercreditor Agreement and any other Pari Passu Intercreditor Agreement, if (a) any Subsidiary becomes a Guarantor pursuant to Section 4.16 or (b) the Company or any Guarantor acquires any property or rights which are of a type constituting Collateral under the Notes Security Agreement (excluding, for the avoidance of doubt, any Excluded Assets or assets expressly not required to be Collateral pursuant to this Indenture or the Security Documents), it will be required to execute and deliver such security instruments, financing statements and certificates as are required under this Indenture and/or the Notes Security Agreement (for avoidance of doubt, after taking into account any exclusions or exceptions to the Collateral and/or the requirements to perfect a security interest in the Collateral pursuant to the Notes Security Agreement or other applicable Security Document) to vest in the Notes Collateral Agent a security interest (subject to Permitted Liens) in such after-acquired collateral and to take such actions to add such after-acquired collateral to the Collateral, and thereupon all provisions of this Indenture and the Security Documents relating to the Collateral shall be deemed to relate to such after-acquired collateral to the same extent and with the same force and effect.

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