Application of Enforcement Proceeds Sample Clauses
Application of Enforcement Proceeds. Following the delivery of an Enforcement Notice, all Enforcement Proceeds paid to the Intercreditor Agent in accordance with the Deed of Appointment and Priority shall be applied by it (together with any other payments received by it pursuant to Clause 26.1.2 (Payments under the Senior Finance Documents)) in the following order:
(i) first, in payment of all costs and expenses incurred by or on behalf of the Intercreditor Agent in connection with such enforcement or recovery and which have been certified, in writing, as having been incurred by the Intercreditor Agent;
(ii) second, in payment pro rata of all costs and expenses incurred by or on behalf of the Facility Agents in connection with such enforcement or recovery and which have been certified, in writing, as having been incurred by the Facility Agent seeking recovery;
(iii) third, in payment pro rata of all amounts paid by the Senior Secured Creditors under Clause 23.15 (Indemnity to Intercreditor Agent) of the Common Terms Agreement but which have not been reimbursed by the Company;
(iv) fourth, in payment pro rata of all amounts paid by the Hotel Facility Lenders under clause 15.3 (Indemnity to Hotel Facility Agent) of the Hotel Facility Agreement or the Project Facility Lenders under clause 15.3 (Indemnity to Project Facility Agent) of the Project Facility Agreement but which have not been reimbursed by the Company;
(v) fifth, in payment pro rata of all costs and expenses incurred by or on behalf of each Senior Secured Creditor in accordance with the Senior Finance Documents in connection with such enforcement and which have been certified, in writing, as having been incurred by the Senior Secured Creditor seeking recovery;
(vi) sixth, in payment pro rata of all accrued and unpaid fees owing to the Agents under the Senior Finance Documents;
(vii) seventh, in payment pro rata of all accrued and unpaid fees and commissions due to the Lenders under the Senior Finance Documents;
(viii) eighth, in payment pro rata of all accrued but unpaid interest (including default interest) due under the Facility Agreements and all sums due under the Hedging Agreements;
(ix) ninth, in payment pro rata of all principal instalments due under the Facility Agreements;
(x) tenth, in payment pro rata of all other amounts owing to the Senior Secured Creditors due and payable under the Senior Finance Documents; and
(xi) eleventh, in payment of the surplus (if any) to the Security Agent in accordance with the Deed of Appoint...
Application of Enforcement Proceeds. After delivery of an Enforcement Notice and notwithstanding the provisions of Schedule 6 (Accounts), all Enforcement Proceeds shall be applied in accordance with the Deed of Appointment and Priority and Clause 33.6 (Application of Enforcement Proceeds).
Application of Enforcement Proceeds. Following a realisation of the Collateral, the proceeds shall be applied (i) FIRST, to the satisfaction of the Collateral Agent's and the Administrative Agent's claims for reimbursement of its costs and expenses and (ii) SECOND, pro rata (based on the amount of each Pledgee's Secured Obligations) to the satisfaction of the Secured Obligations of all Pledgees.
Application of Enforcement Proceeds. (a) All Enforcement Proceeds not in the form of cash shall be forthwith delivered (subject to the Administration Agent’s acceptance of such delivery) to the Administration Agent on behalf of the Senior Lenders and disposed of, or realized upon, by the Administration Agent on behalf of the Senior Lenders in a commercially reasonable manner so as to produce proceeds in the form of cash.
(b) All Enforcement Proceeds in the form of cash shall be applied and distributed, and the Liens constituted by the Senior Security shall be deemed to have the relative priorities which would result in the Enforcement Proceeds being applied and distributed, as follows:
(i) firstly, to the payment of all costs and expenses (subject to applicable law) incurred by the Administration Agent and the Senior Lenders in the exercise of all or any of the powers granted to them under the Senior Security and in payment of all of the remuneration of any Receiver and all costs incurred by such Receiver in the exercise of all or any powers granted to them under the Senior Security;
(ii) secondly, in payment of all amounts of money borrowed or advanced by the Senior Lenders or such Receiver pursuant to the Senior Security and any interest thereon;
(iii) thirdly, to the payment or prepayment of the Senior Obligations in full (including holding cash collateral to be applied against Senior Obligations which have not then matured) in such manner as the Administration Agent and the Senior Lenders may see fit or have agreed upon; and
(iv) the balance, if any, in accordance with applicable law.
Application of Enforcement Proceeds. (a) Proceeds on deposit in, or credited to, the General Enforcement Proceeds Sub-Account shall be applied as promptly as practicable by the Collateral Agent at the direction of the Required Creditors (acting through the Intercreditor Agent), in the following order of priority: first, pro rata to the payment of the Applicable Portion of all reasonable fees, costs and expenses hereunder and under any of the other Financing Documents (including legal fees and expenses) and other similar amounts owed to the Collateral Agent, the Depository Bank and the Mortgage Trustees in connection with the execution and administration of its duties hereunder or under any other Financing Document to which it is a party and the taking of any Enforcement Action; second, pro rata to the payment of the Applicable Portion of all reasonable fees, costs, expenses (including legal fees and expenses) and any other amounts payable to the other Agents in connection with such Agent’s execution and administration of its duties hereunder or under any other Financing Document to which it is a party and the taking of any Enforcement Action; third, pro rata to the payment of all Secured Obligations to each Representative Agent for further application by such Representative Agent to its Related Creditors in accordance with the terms of the relevant Financing Documents; and
Application of Enforcement Proceeds. Each party to this Agreement agrees that the proceeds of enforcement of the OFCA Floating Security received by the Bond Trustee (as assignee of the Issuer under the Issuer Deed of Charge or any Administrative Receiver appointed by it) (the "OFCA Proceeds") will:
(a) (for so long as any amounts are outstanding under the Subordinated Facility Agreement) be paid to the Borrower Security Trustee (in its capacity as senior security trustee under the Senior/Subordinated Intercreditor Agreement) and applied by the Borrower Security Trustee (acting in such capacity) in accordance with the terms of the Senior/Subordinated Intercreditor Agreement; and
(b) (following the repayment in full of the Subordinated Facility Agreement) be paid to the Borrower Security Trustee and applied by the Borrower Security Trustee, together with any proceeds of enforcement of the other Borrower Security received by the Borrower Security Trustee (or any Receiver appointed by it), in accordance with the Borrower Post-Enforcement (Pre- Acceleration) Revenue Priority of Payments or the Borrower Post- Enforcement (Post-Acceleration) Priority of Payments, as the case may be.
Application of Enforcement Proceeds. The proceeds of any Enforcement Action shall be paid to the Security Agent for application in the following order: (a) firstly, in or towards payment pro rata of unpaid fees, costs, expenses and indemnities payable by the Group Companies to the Security Agent (or its delegate); (b) secondly, in or towards payment pro rata of unpaid fees, costs, expenses and indemnities payable by the Issuer to the Issuing Agent, the Facility Agent, the Bonds Agent and any agent representing creditors of any New Debt; (c) thirdly, towards payment pro rata of accrued interest unpaid under the Super Senior WCF Documents; (d) fourthly, towards payment pro rata of principal under the Super Senior WCF and any other costs or outstanding amounts under the Super Senior WCF Documents, and any close out amount and any other outstanding amounts under the Hedging Obligations; (e) fifthly, towards payment pro rata of accrued interest unpaid under the Senior Debt (interest due on an earlier Interest Payment Date to be paid before any interest due on a later Interest Payment Date); (f) sixthly, towards payment pro rata of principal under the Senior Debt; (g) seventhly, in or towards payment pro rata of any other costs or outstanding amounts unpaid under the Finance Documents and any New Debt Documents; (h) eightly, after the Final Discharge Date, towards payment pro rata of accrued interest unpaid and principal under the Intercompany Debt; (i) ninethly, after the Final Discharge Date, towards payment pro rata of accrued interest unpaid and principal under the Shareholder Debt; and (j) tenthly, after the Final Discharge Date, in payment of the surplus (if any) to the relevant ICA Group Company or other person entitled to it.
Application of Enforcement Proceeds. Proceeds on deposit in, or credited to, the Enforcement Proceeds Account shall be applied as promptly as practicable by the Collateral Agent at the direction of the Required Lenders, in the following order of priority: first, pro rata to the payment of all reasonable fees, costs and expenses hereunder and under any of the Mortgages (including legal fees and expenses) and other similar amounts owed to the Collateral Agent and the Mortgage Trustees in connection with the execution and administration of their respective duties hereunder or under any Mortgages and the taking of any Enforcement Action; second, pro rata to the payment of all reasonable fees, costs, expenses (including legal fees and expenses) and any other amounts payable to the Administrative Agent in connection with the Administrative Agent’s execution and administration of its duties hereunder or under any other Financing Document to which it is a party and the taking of any Enforcement Action; third, pro rata to the payment of all Secured Obligations to the Administrative Agent for further application in accordance with the terms of the Credit Agreement; and fourth, after payment in full of the Secured Obligations, to the payment of the remainder, if any, to the Grantor, its successors or assigns, or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct.
Application of Enforcement Proceeds. Proceeds from the Enforcement Proceeds Account shall be applied promptly by the Collateral Trustee, at the direction of Majority Lenders, in the following order of priority:
(a) first, to the payment of all fees, indemnities and any other amounts owed to the Collateral Trustee, the Applicable Agent or Applicable Agents and the Depositary Bank in their individual or trust capacity (but not, where applicable, as Senior Lender) relating to services rendered in their capacity as Collateral Trustee (including in connection with the taking of any Enforcement Action), Applicable Agent or Applicable Agents, or Depositary Bank, as the case may be.
(b) second, to the payment of all fees, costs, expenses, indemnities and any other amounts owed to the Secured Parties and the whole amount then outstanding of Senior Debt Obligations and in case such moneys shall not be sufficient to pay in full the whole amount so due and unpaid, then to make Pro Rata Payments, without any preference or priority, as among the Secured Parties; and
(c) third, after the payment in full of the Senior Debt Obligations, to the payment of the remainder, if any, to the Partnership or its successors, or in the case of proceeds from the transfer or disposition of all or part of the interests in the General Partner or Limited Partner to the Shareholders or the General Partner, as the case may be, or as a court of competent jurisdiction may otherwise direct.
Application of Enforcement Proceeds. 58 ARTICLE XI RESTRICTED PAYMENTS