Sale of Collateral Obligations Purchase of Additional Collateral Obligations Sample Clauses

This clause governs the sale of existing collateral obligations and the purchase of new collateral obligations within a financial agreement. It typically outlines the procedures and conditions under which the parties may sell assets that serve as collateral or acquire additional assets to be used as collateral, such as specifying approval requirements, pricing mechanisms, or eligibility criteria for new collateral. The core function of this clause is to provide a clear framework for managing the pool of collateral, ensuring that the value and quality of collateral are maintained or enhanced throughout the life of the agreement.
Sale of Collateral Obligations Purchase of Additional Collateral Obligations. Section 10.01 Sales and Substitutions of Collateral Obligations. (a) So long as no Event of Default has occurred and is continuing, and no Borrowing Base Deficiency exists before and after giving effect to the sale, the Borrower (or the Collateral Manager on behalf of the Borrower acting pursuant to the Collateral Management Agreement) may direct the Collateral Agent in writing to sell, and the Collateral Agent shall sell in the manner directed by the Collateral Manager (on behalf of the Borrower) in writing any Collateral Obligation. (b) In the event of a prepayment, the Borrower or the Collateral Manager shall direct the Collateral Agent in writing to sell, and the Collateral Agent shall sell in the manner directed by the Collateral Manager (on behalf of the Borrower), any Collateral Obligation, subject to Section 2.05 (c) ReservedThe Borrower shall immediately provide a substitute Collateral Obligation to the Collateral Agent if at any time any Collateral Obligation becomes Blocked Property.
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Sale of Collateral Obligations Purchase of Additional Collateral Obligations. 1Sales of Collateral Obligations. Subject to the satisfaction of the conditions specified in Section 12.3, the Investment Manager may, pursuant to an Issuer Order delivered by an Authorized Officer of the Investment Manager on behalf of the Issuer (except as ​ otherwise specified in this Section 12.1), direct the Trustee to sell and the Trustee shall sell on behalf of the Issuer in the manner directed by the Investment Manager any Collateral Obligation, Loss Mitigation Obligation, Equity Security or Unsaleable Asset if, as certified by the Investment Manager (which may be satisfied by delivery of an Issuer Order) or an Opinion of Counsel, such sale meets the requirements of any one of subsections (a) through (h) of this Section 12.1 (subject in each case to any applicable requirement of disposition under Section 12.1(d) and provided that if an Event of Default has occurred and is continuing, the Investment Manager may not direct the Trustee to sell any Collateral Obligation or Equity Security pursuant to Section 12.1(f), (g) or (i)).
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Sale of Collateral Obligations Purchase of Additional Collateral Obligations 
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Related to Sale of Collateral Obligations Purchase of Additional Collateral Obligations

  • Sale of Collateral (a) The power to effect any sale or other disposition (a “Sale”) of any portion of the Collateral shall not be exhausted by any one or more Sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all Secured Obligations shall have been paid. The Collateral Agent from time to time may postpone any public Sale by public announcement made at the time and place of such Sale. Collateral Agent hereby expressly waives its right to any amount fixed by law as compensation for any Sale. (b) In connection with a Sale of all or any portion of the Collateral: (i) The Collateral Agent may bid for and purchase the property offered for sale, and upon compliance with the terms of sale may hold, retain and possess and dispose of such property, without further accountability; (ii) The Collateral Agent may bid for and acquire the property offered for Sale in connection with any Sale thereof, and, subject to any requirements of, and to the extent permitted by, applicable Law in connection therewith, may purchase all or any portion of the Collateral in a private sale, and, in lieu of paying cash therefor, may make settlement for the purchase price by crediting the gross Sale price against the sum of (A) the amount which would be distributable to the Collateral Agent as a result of such Sale in accordance with Section 5.2 on the Distribution Date next succeeding the date of such Sale and (B) the expenses of the Sale and of any Proceedings in connection therewith which are reimbursable to it; (iii) The Collateral Agent shall execute and deliver an appropriate instrument of conveyance prepared by the Servicer transferring its interest in any portion of the Collateral in connection with a Sale thereof; (iv) The Collateral Agent is, pursuant to Section 13.1 of this Agreement, appointed the agent and attorney-in-fact of each Grantor to transfer and convey its interest in any portion of the Collateral in connection with a Sale thereof, and to take all action necessary to effect such Sale; and (v) No purchaser or transferee at such a Sale shall be bound to ascertain the Collateral Agent’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

  • Application of Collateral Proceeds The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Collateral Agent at the time of, or received by Collateral Agent after, the occurrence of an Event of Default) shall be paid to and applied as follows: (i) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Collateral Agent; (ii) Second, to the payment to each Investor of the amount then owing or unpaid on such Investor’s Note, and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon such Note, then its Pro Rata Share of the amount remaining to be distributed (to be applied first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to each Investor under any of the Transaction Documents, and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid under such Transaction Documents, then its Pro Rata Share of the amount remaining to be distributed; and (iv) Fourth, to the payment of the surplus, if any, to Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

  • Purchase of Collateral Credit bid and purchase all or any portion of the Collateral at any public sale. Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.