Sales on Credit. If AFC sells any of the Collateral on credit, Dealer will be credited only with payments actually made by the purchaser, received by AFC and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, AFC may resell the Collateral and Dealer shall be credited with the proceeds of the sale.
Appears in 3 contracts
Samples: Note and Security Agreement (KAR Auction Services, Inc.), Note and Security Agreement (KAR Auction Services, Inc.), Receivables Purchase Agreement (Adesa Inc)
Sales on Credit. If AFC sells any of the Collateral on credit, Dealer RAC will be credited only with payments actually made by the purchaser, received by AFC and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, AFC may resell the Collateral and Dealer RAC shall be credited with the proceeds of the sale.
Appears in 2 contracts
Samples: Note and Security Agreement (KAR Auction Services, Inc.), Note and Security Agreement (KAR Auction Services, Inc.)
Sales on Credit. If AFC sells any of the Collateral on credit, Dealer will be credited only with payments actually made by the purchaser, received by AFC and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, AFC may resell the Collateral and Dealer shall be credited with the proceeds of the sale.. 8.5
Appears in 1 contract
