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 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 Lender of the amount then owing or unpaid on such Lender's Long Term Note, and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon such Long Term 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); and (iii) third, to the payment of the surplus, if any, to Guarantor, 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 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 Lender of the amount then owing or unpaid on such Lender's Long Term Note, and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon such Long Term 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); and (iii) third, to the payment of the surplus, if any, to GuarantorPledgor, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The Subject to Section 8.10, 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 Investor at the time of, or received by Collateral Agent Investor after, the occurrence of an Event of Default) shall be paid to and applied as follows: (ia) firstFirst, 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 AgentInvestor; (iib) secondSecond, to the payment to each Lender the Investor of the amount then owing payable to the Investor under this Agreement, the Note or unpaid on such Lender's Long Term Noteany related agreement; (c) Third, and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon such Long Term Note, then its Pro Rata Share payment to the Prior Collateral Agent of the amount remaining then payable to be distributed (to be applied first to accrued interest and second to outstanding principal); andthe Prior Collateral Agent in accordance with the terms of the Intercreditor Agreement; (iiid) thirdFourth, to the payment of the surplus, if any, to GuarantorIssuer, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The Upon the occurrence and during the continuance of any Event of Default, 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) firstFirst, 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) secondSecond, to the payment to each Lender Investor of the amount then owing or unpaid on such Lender's Long Term 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 Long Term 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); and (iii) thirdThird, to the payment of the surplus, if any, to GuarantorCompany, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.