pf_02729 - Laserfiche WebLink

Home

-' outstanding loans under Equipment Loan 1. Such notations shall be presumed to be accurate until the contrary is established. If at any time the Participant shall request an accounting, the Originator shall promptly furnish such an accounting to the Participant in writing. IV. REMITTANCE OF COLLECTIONS All amounts received by the Originator on account of Equipment Loan I from whatsoever source said amounts are derived, shall be applied, first. to the payment of the Originator's expenses that are reimbursable under Paragraph vm hereof; second, to the payment of any penalties and late charges; third, to the payment of interest due on Equipment Loan I; fourth, to ~he repayment of principal of Equipment Loan I; and last, if any surplus remains, to the Borrower or its successors or assigns, or as a court of competent jurisdiction may direct. The Originator shall receive all payments of penalties, late charges and interest on, and all repayments of principal of Equipment Loan I, including the proceeds of any collection, as agent for the benefit of itself and the Participant and shall remit to the Participant its Participation Percentage of all such amounts so received, and following such remittances the Originator shall also mark its records to reflect such remittances, which notations shall be presumed to be accurate until the contrary is established. All such rem,ittances from the Originator to the Participant shall be made as soon as practicable, but in no event later than (i) if such payment is received by 2:00 P.M. (Saint Paul time) on any business day of the Originator, the close of business on such bu~iness day and (ii) if such payment is received after 2:00 P.M. (Saint Paul time) on any business day, 11:00 A.M. (Saint Paul time) on the next succeeding business day of the Originator. V. PRO RATA TREATMENT a. In the event the Participant shall receive and retain (i) any voluntary payment in excess the aggregate outstanding amount of the Participations purchased by Participant hereunder or (ii) any involuntary payment, whether by set-off, application of deposit balance or otherwise, in excess of the Participations purchased by Participant hereunder, then,the Participant shall pay over such excess amounts to the Originator; provided, however, that if such payment or any part thereof is thereafter recovered from the Participant, the amounts so paid over to the Originator shall be repaid ratably to the Participant. b. The Participant shall, pursuant to the terms of Equipment Note I, be deemed to have a right of set-off in respect of the Participations in amounts owing under Equipment Note I to the same extent as if the amount of its Participations were owing directly to the Participant, provided that such right of set-off shall be -4-