Common use of Application of Enforcement Proceeds Clause in Contracts

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) All Enforcement Proceeds not in the form of cash shall be forthwith delivered (subject to the Administration Agent’s '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. Proceeds from Enforcement Actions specified to be applied in accordance with this Section 10.04 shall be applied promptly by the Collateral Agent, at the direction of the Majority Secured Parties (provided that the Majority Secured Parties, in issuing such a direction, cannot amend the priority of payments set out in this Section 10.04), in the following order of priority: (a) All Enforcement Proceeds not in the form of cash shall be forthwith delivered (subject FIRST, to the Administration Agent’s acceptance pro rata payment of such delivery) all fees and moneys owed to the Administration Collateral Agent on behalf of and the other Agents, each in its individual or trust capacity (but not as Senior Lenders and disposed ofor Hedge Banks), or realized upon, by the Administration Agent on behalf of the relating to services rendered in their respective capacities as agents (but not as Senior Lenders or Hedge Banks) in a commercially reasonable manner so as each case including monies owed to produce proceeds them pursuant to indemnities provided in the form of cash.connection with such services; (b) All Enforcement Proceeds SECOND, to the payment of the whole amount outstanding of Secured Debt Obligations (whether accelerated or otherwise); and in the form event such moneys shall not be sufficient to pay in full the whole amount so due and unpaid, then to make payments on a pro rata basis to each Person entitled to receive such payments based on the amounts of cash shall be applied and distributedSecured Debt Obligations owed to such Person, and the Liens constituted without preference or priority, provided that in such case any Person may apply funds received by the it to Senior Security shall be deemed to have the relative priorities which would result Loan Obligations held by it in the Enforcement Proceeds being applied and distributed, as follows:any order it chooses; (ic) firstlyTHIRD, after payment in full of the foregoing amounts, to the payment of all costs and expenses PRI Insurer Obligations; and (subject to applicable lawd) incurred by the Administration Agent and the Senior Lenders FOURTH, after payment in the exercise of all or any full 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) thirdlyforegoing amounts, 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 balanceremainder, if any, in accordance with applicable lawto the holder of the equity of redemption, if any, of the Collateral subject to enforcement, or its respective successor, or as a court of competent jurisdiction may otherwise direct.