Common use of Notice of Payment on ML Guarantee or Collateral Foreclosure Clause in Contracts

Notice of Payment on ML Guarantee or Collateral Foreclosure. The Sleeve Provider shall notify REPS, promptly upon receipt from any beneficiary or recipient of an ML Guarantee or any secured party to which the Sleeve Provider has provided collateral pursuant to Article II (“▇▇▇▇▇▇▇ Collateral”) of any demand for payment under such ML Guarantee or any Collateral Foreclosure thereon. The Sleeve Provider shall notify REPS of the Dollar amount paid by the ▇▇▇▇▇▇▇ Parties as a result of such demand or the Dollar amount of ▇▇▇▇▇▇▇ Collateral relating to such Collateral Foreclosure, as applicable, and the date on which payment was made by a ▇▇▇▇▇▇▇ Party in respect of such demand or the date on which such Collateral Foreclosure occurred, as applicable (any such date, a “Capital Outlay Date”).

Notice of Payment on ML Guarantee or Collateral Foreclosure. The Sleeve Provider shall notify REPS, promptly upon receipt from any beneficiary or recipient of an ML Guarantee or any secured party to which the Sleeve Provider has provided collateral pursuant to Article II 2 (whether a ML Guarantee, posted cash collateral, surety bond, letter of credit or other collateral or credit support, “▇▇▇▇▇▇▇ Collateral” or “ML Collateral”) of any demand for payment under such ML Guarantee Collateral or any Collateral Foreclosure thereonthereon or of any notice of default. The Sleeve Provider shall notify REPS of the Dollar amount paid by the ▇▇▇▇▇▇▇ Parties as a result of such demand or the Dollar amount of ▇▇▇▇▇▇▇ Collateral relating to such Collateral Foreclosure, as applicable, and the date on which payment was made by a ▇▇▇▇▇▇▇ Party in respect of such demand or the date on which such Collateral Foreclosure occurred, as applicable (any such date, a “Capital Outlay Date”).