APPLICATION OF PROCEEDS AND RELEASE OF THE PLEDGE Sample Clauses

APPLICATION OF PROCEEDS AND RELEASE OF THE PLEDGE. Any monies received by the Collateral Agent in respect of the Pledged Assets following the enforcement of the Pledge in accordance with clause 8 (Enforcement of the Pledge) above and/or under the rights and powers hereby conferred, shall be applied by the Collateral Agent as set forth below: FIRST, to the payment of all reasonable and documented or invoiced out-of-pocket costs and expenses incurred by the Collateral Agent in connection with such collection or sale or otherwise in connection with this Pledge Agreement, any other Loan Document or any of the CFC Secured Obligations, including all reasonable and documented or invoiced out-of-pocket court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under any other Loan Document on behalf of the Pledgor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document (but only to the extent that such costs or expenses are incurred in connection with the CFC Secured Obligations);
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APPLICATION OF PROCEEDS AND RELEASE OF THE PLEDGE. (a) Any monies received by the Pledgee in respect of the PECs before or following the enforcement of the Pledge in accordance with Clause 8 above and/or under the rights and powers hereby conferred shall be applied by the Pledgee in and towards payment and discharge of the Obligations in accordance with the terms of the Credit Agreement.
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APPLICATION OF PROCEEDS AND RELEASE OF THE PLEDGE. (a) The Pledgee shall apply the proceeds of any collection or sale of the Pledged Claims, including any Pledged Claims consisting of cash, as follows: FIRST, to the payment of all costs and expenses incurred by the Pledgee in connection with such collection or sale or otherwise in connection with this Agreement, any other Loan Document or any of the Secured Obligations, including all court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances made by the Pledgee hereunder or under any other Loan Document on behalf of any Loan Party and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of the Secured Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Secured Obligations owed to them on the date of any such distribution); and THIRD, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Pledgee shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Pledged Claims by the Pledgee (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Pledgee or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Pledged Claims so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any way for the misapplication thereof.
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APPLICATION OF PROCEEDS AND RELEASE OF THE PLEDGE. 9.1 Any monies received by the Collateral Receiver in respect of the Collateral Account or the Collateral following the enforcement of the Pledge in accordance with Article 8 above of this Pledge Agreement and/or under the rights and powers hereby conferred shall be applied by the Collateral Receiver in or towards the payment and discharge of the Secured Obligations. Following the application of the monies as aforesaid, any surplus shall be immediately paid by the Collateral Receiver to the Collateral Giver.
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APPLICATION OF PROCEEDS AND RELEASE OF THE PLEDGE. 15.1 Any monies received by the Collateral Agent in respect of the Pledged Collateral following the enforcement of the Pledge in accordance with Clause 9 above shall be applied by the Collateral Agent in or towards payment and discharge of the Secured Obligations or, at the discretion of the Collateral Agent, be held as continuing security for the Secured Obligations.
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APPLICATION OF PROCEEDS AND RELEASE OF THE PLEDGE. (b) The Pledge shall be cumulative, in addition to and independent of every other security which the Pledgee may at any time hold as security for the Secured Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee may now or at any time in the future have in respect of the Secured Obligations.
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Related to APPLICATION OF PROCEEDS AND RELEASE OF THE PLEDGE

  • Application of Proceeds The Collateral Agent shall apply the proceeds of any collection, sale, foreclosure or other realization upon any Collateral, including any Collateral consisting of cash, as follows: FIRST, to the payment of all costs and expenses incurred by the Administrative Agent or the Collateral Agent (in their respective capacities as such hereunder or under any other Loan Document) in connection with such collection, sale, foreclosure or realization or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent or the Administrative Agent hereunder or under any other Loan Document on behalf of any Grantor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of Unfunded Advances/Participations (the amounts so applied to be distributed between or among the Administrative Agent, any Swingline Lender and any Issuing Bank pro rata in accordance with the amounts of Unfunded Advances/Participations owed to them on the date of any such distribution); THIRD, to the payment in full of all other Obligations (the amounts so applied to be distributed (subject to the first proviso to Section 3.01 and clause (B) of the first proviso to Section 4.01(a)) among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and FOURTH, to the Grantors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

  • Release of Collateral Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

  • 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 Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows:

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