Common use of Application of Collateral Proceeds Clause in Contracts

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 a Secured Party at the time of, or received by a Secured Party 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 the Secured Parties; (ii) Second, to the payment to the Secured Parties of the amount then owing or unpaid to the Secured Parties (to be applied on a pro rata basis among the Secured Parties, first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to the Secured Parties under any of the Transaction Documents; 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.

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 a Secured Party at the time of, or received by a Secured Party 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 the Secured PartiesParty; (ii) Second, to the payment to Secured Party (ratably, to each entity constituting the "Secured Parties Party") of the amount then owing or unpaid to the Secured Parties Party (to be applied on a pro rata basis among the Secured Parties, first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to the Secured Parties Party under any of the Transaction Documents; 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.

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 a Secured Party at the time of, or received by a Secured Party after, the occurrence and during the continuance 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 the Secured PartiesParty; (ii) Second, to the payment to the Secured Parties Party of the amount then owing or unpaid to the Secured Parties Party (to be applied on a pro rata basis among the Secured Parties, first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to the Secured Parties Party under any of the Transaction Documents; 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.

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 a Secured Party at the time of, or received by a Secured Party 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 the Secured PartiesParty; (ii) Second, to the payment to the Secured Parties Party of the amount Obligations then owing or unpaid to the Secured Parties (to be applied on a pro rata basis among the Secured Parties, first to accrued interest and second to outstanding principal);unpaid; and (iii) Third, to the payment of other amounts then payable to the Secured Parties under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to the Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

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 a Secured Party at the time of, or received by a Secured Party 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 the Secured PartiesParty; (ii) Second, to the payment to the Secured Parties Party of the amount then owing or unpaid to on the Secured Parties Note and/or the Consolidated Note (to be applied on a pro rata basis among the Secured Parties, first to accrued interest and second to outstanding principal);; and (iii) Third, to the payment of other amounts then payable to the Secured Parties under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to CompanyDebtor, its his successors and assigns, or to whomsoever whosoever may be lawfully entitled to receive the same. In the absence of final payment and satisfaction in full of all of the Obligations, Debtor shall remain liable for any deficiency.

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 a the Secured Party at the time of, or received by a the Secured Party 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 the Secured PartiesParty; (ii) Second, to the payment to the Secured Parties Party of the amount then owing or unpaid to on the Secured Parties Party’s Senior Secured Notes (to be applied on a pro rata basis among the Secured Parties, first to any accrued but unpaid interest and second thereafter to outstanding principalprincipal amounts); (iii) Third, to the payment of other amounts then payable to the Secured Parties Party under any of the Transaction DocumentsLoan Documents (applied first to any accrued but unpaid interest and thereafter to outstanding principal amounts); and (iv) Fourth, to the payment of the surplus, if any, to Companythe Debtor, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

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 a Secured Party at the time of, or received by a Secured Party 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 the Secured PartiesParty; (ii) Second, to the payment to the Secured Parties Party of the amount then owing or unpaid to under the Secured Parties Note and/or the Consolidated Note (to be applied on a pro rata basis among the Secured Parties, first to accrued interest and second to outstanding principal);; and (iii) Third, to the payment of other amounts then payable to the Secured Parties under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to CompanyCorp, its successors itssuccessors and assigns, or to whomsoever whosoever may be lawfully entitled to receive the same. In the absence of final payment and satisfaction in full of all of the Obligations, Guarantor shall remain liable for any deficiency.

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 a Secured Party at the time of, or received by a Secured Party 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 the Secured PartiesParty; (ii) Second, to the payment to the Secured Parties Party of the amount then owing or unpaid to on the Secured Parties Notes (to be applied on a pro rata basis among the Secured Parties, first to accrued interest and second to outstanding principal);; and (iii) Third, to the payment of other amounts then payable to the Secured Parties under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to CompanyDebtor, its his successors and assigns, or to whomsoever whosoever may be lawfully entitled to receive the same.

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 a Secured Party at the time of, or received by a Secured Party 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 the Secured PartiesParty; (ii) Second, to the payment to the Secured Parties Party of the amount then owing or unpaid to Secured Party under the Secured Parties Note (to be applied on a pro rata basis among the Secured Parties, first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to the Secured Parties Party under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to CompanyGrantor, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.