KEF definition
Examples of KEF in a sentence
Upon giving such notice of Default to Customer, KEF may notify each Permitted User (or, if requested by KEF, Customer will notify each Permitted User) to pay directly to KEF all rentals and other sums payable and to become payable under the Permitted Leases.
If any remittance is thereafter received by Customer relating to such Permitted Lease, such remittance will be immediately delivered to KEF bearing the endorsement “Pay to the order of KEY EQUIPMENT FINANCE, A DIVISION OF KEYBANK NATIONAL ASSOCIATION” Until such amounts are remitted to KEF, or if the remittance is in a form that precludes an endorsement, Customer will segregate, separately account for and hold all such funds in trust for KEF and immediately pay the amount of the remittance to KEF.
Notwithstanding the foregoing, if Customer receives the proceeds of any insurance as a result of a casualty suffered by leased Equipment, Customer immediately will remit such insurance proceeds to KEF.
Notwithstanding the foregoing assignment, Customer will cause each Permitted User to pay Customer all rentals and other sums payable under the applicable Permitted Lease until KEF delivers to Customer notice of a Default under the Agreement.
KEF and Customer have executed this Agreement as of the date first written above.
The representations, warranties and covenants contained herein will be binding upon Customer and its successors and assigns, and the benefits thereof will extend to and include the successors and assigns of KEF.
Customer hereby appoints KEF its attorney-in-fact to negotiate any remittance which is received by KEF from a Permitted User after a Default and made payable to Customer.
Upon Permitted User’s receipt of such notice, Customer hereby authorizes and directs Permitted User to pay KEF all rentals and other sums payable and to become payable under the Permitted Leases.
Upon the occurrence of a Default, upon receipt of KEF’s request therefor, Customer will deliver to KEF the original certificates of title with respect to the Equipment.
Customer will deliver to KEF all original copies of the Permitted Leases promptly upon execution thereof, and will ▇▇▇▇ prominently all other copies of a Permitted Lease “Not an Original”.