Proceeds of Recoveries from Lessee. Any payments received by the Lender when an Event of Default exists (or has ceased to exist by reason of a rejection of the Lease in a proceeding with respect to the Lessee described in Article XIII(g) of the Lease), from the Lessee as a payment in accordance with the Lease, shall be paid to the Lender as promptly as possible, and shall then be applied by the Lender as promptly as possible in the order of priority set forth in subsection (a) of this Section.
Appears in 2 contracts
Sources: Loan Agreement (Eagle Usa Airfreight Inc), Loan Agreement (Eagle Usa Airfreight Inc)