Common use of Application of Liquidation Proceeds Clause in Contracts

Application of Liquidation Proceeds. All monies received by the Lender from the exercise of remedies hereunder or under the other Credit Documents or under any other documents relating to this Agreement shall, unless otherwise required by the terms of the other Credit Documents or by applicable law, be applied as follows: (a) first, to the payment of all expenses (to the extent not paid by the Borrower) incurred by the Lender in connection with the exercise of such remedies, including, without limitation, all reasonable costs and expenses of collection, attorneys' fees, court costs and any foreclosure expenses; (b) second, to the payment of interest then accrued on the outstanding Loans; (c) third, to the payment of the principal balance then owing on the outstanding Loans; (d) fourth, to the payment to the Lender of any other amounts then accrued and unpaid under the Credit Documents; (e) fifth, to the payment of all other amounts owed by the Borrower to the Lender and/or any of its Affiliates which are secured by the Security Documents, and if such proceeds are insufficient to pay such amounts in full, to the payment of such amounts pro rata; and (f) finally, any remaining surplus to the Borrower or to whomsoever shall be lawfully entitled thereto.

Application of Liquidation Proceeds. All monies received by the Administrative Agent or any Lender from the exercise of remedies hereunder or under the other Credit Documents or under any other documents relating to this Agreement shall, unless otherwise required by the terms of the other Credit Documents or by applicable law, be applied as follows: (a1) first, to the payment of all expenses (to the extent not paid by the Borrower) incurred by the Lender Administrative Agent and the Lenders in connection with the exercise of such remedies, including, without limitation, all reasonable costs and expenses of collection, attorneys' fees, court costs and any foreclosure expenses; (b2) second, to the payment pro rata of interest then accrued on the outstanding Loans; (c3) third, to the payment pro rata of any fees then accrued and payable to the Administrative Agent or any Lender under this Agreement; (4) fourth, to the payment pro rata of the principal balance then owing on the outstanding Loans; (d) fourth, to the payment to the Lender of any other amounts then accrued and unpaid under the Credit Documents; (e5) fifth, to the payment pro rata of all other amounts owed by the Borrower to the Administrative Agent or any Lender and/or under this Agreement or any of its Affiliates which are secured by the Security Documents, and if such proceeds are insufficient to pay such amounts in full, to the payment of such amounts pro rataother Credit Document; and (f6) finally, any remaining surplus after all of the Obligations have been paid in full, to the Borrower or to whomsoever shall be lawfully entitled thereto.

Application of Liquidation Proceeds. All monies received by the Administrative Agent or any Lender from the exercise of remedies hereunder or under the other Credit Documents or under any other documents relating to this Agreement shall, unless otherwise required by the terms of the other Credit Documents or by applicable law, be applied as follows: (a1) first, to the payment of all expenses (to the extent not paid by the Borrower) incurred by the Lender Administrative Agent and the Lenders in connection with the exercise of such remedies, including, without limitation, all reasonable costs and expenses of collection, attorneys' ’ fees, court costs and any foreclosure expenses; (b2) second, to the payment pro rata of interest then accrued on the outstanding Loans; (c3) third, to the payment pro rata of any fees then accrued and payable to the Administrative Agent or any Lender under this Agreement; (4) fourth, to the payment pro rata of the principal balance then owing on the outstanding Loans; (d) fourth, to the payment to the Lender of any other amounts then accrued and unpaid under the Credit Documents; (e5) fifth, to the payment pro rata of all other amounts owed by the Borrower to the Administrative Agent or any Lender and/or under this Agreement or any of its Affiliates which are secured by the Security Documents, and if such proceeds are insufficient to pay such amounts in full, to the payment of such amounts pro rataother Credit Document; and (f6) finally, any remaining surplus after all of the Obligations have been paid in full, to the Borrower or to whomsoever shall be lawfully entitled thereto.