Common use of Application of Proceeds; Deficiency Clause in Contracts

Application of Proceeds; Deficiency. Collections which are received into the Collection Account shall be deposited into the Borrower’s Funding Account; provided that, during each Cash Dominion Period, all amounts deposited in the Collection Account shall be deemed received by the Administrative Agent in accordance with Section 2.18 of the Credit Agreement and shall, after having been credited to the Collection Account, be applied (and allocated) by Administrative Agent in accordance with Section 2.10(b) of the Credit Agreement. The Administrative Agent shall require all other cash proceeds of the Collateral, which are not required to be applied to the Obligations pursuant to Section 2.11 of the Credit Agreement, to be deposited in a special non-interest bearing cash collateral account with the Administrative Agent and held there as security for the Secured Obligations. No Grantor shall have any control whatsoever over said cash collateral account. Any such proceeds of the Collateral shall be applied in the order set forth in Section 2.18 of the Credit Agreement unless a court of competent jurisdiction shall otherwise direct. The balance, if any, after all of the Secured Obligations have been satisfied, shall be deposited by the Administrative Agent into such Grantor’s general operating account with the Administrative Agent. The Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Secured Obligations, including any attorneys’ fees and other expenses incurred by Administrative Agent or any other Secured Party to collect such deficiency.

Application of Proceeds; Deficiency. Collections All amounts deposited in the Collection Account shall be deemed received by the Collateral Agent in accordance with Section 2.19 of the Credit Agreement and shall, after having been credited in immediately available funds to the Collection Account, be applied (and allocated) by Collateral Agent in accordance with Section 2.11(b) of the Credit Agreement; provided that, so long as no Triggering Event has occurred and is continuing, collections which are received into the Collection Account shall be deposited into the Borrower’s Borrowers' Funding Account; provided that, during each Cash Dominion Period, all amounts deposited Account (as defined in the Collection Account shall be deemed received by the Administrative Agent in accordance with Section 2.18 of the Credit Agreement and shall, after having been credited to the Collection Account, be applied (and allocated) by Administrative Agent in accordance with Section 2.10(b) of the Credit Agreement. The Administrative Agent shall require all other cash proceeds of the Collateral, which are not required ) rather than being used to be applied to the Obligations pursuant to Section 2.11 of reduce amounts owing under the Credit Agreement, to be deposited in a special non-interest bearing cash collateral account with the Administrative Agent and held there as security for the Secured Obligations. No Grantor shall have any control whatsoever over said cash collateral account. Any such proceeds of the Collateral shall be applied in the order set forth in Section 2.18 2.19 of the Credit Agreement unless a court of competent jurisdiction shall otherwise direct. The balance, if any, after all of the Secured Obligations have been satisfied, shall be deposited by the Administrative Collateral Agent into such Grantor’s the Borrowers' general operating account with the Administrative Collateral Agent. The Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Secured Obligations, including any reasonable attorneys’ ' fees and other out-of-pocket expenses incurred by Administrative Collateral Agent or any other Secured Party to collect such deficiency.

Application of Proceeds; Deficiency. Collections which are received into the Collection Account shall be deposited into the Borrower’s Funding Account; provided that, during each Cash Dominion Period, all All amounts deposited in the Collateral Account and Collection Account Accounts shall be deemed received by the Administrative Collateral Agent in accordance with Section 2.18 8.03 of the Credit Agreement and shall, after having been credited to the applicable Collateral Account or Collection Account, as applicable, be applied (and allocated) subject to the Intercreditor Agreement, by Administrative the Collateral Agent in accordance with Section 2.10(b2.13(b) of the Credit Agreement. The Administrative Agent shall require all other cash proceeds of the Collateral; provided that, so long as no Cash Dominion Period has occurred and is continuing, collections which are not required received into the Collateral Account or the Collection Account shall be deposited into an account designated by the Borrower rather than being used to be applied to the Obligations pursuant to Section 2.11 of reduce amounts owing under the Credit Agreement, to be deposited in a special non-interest bearing cash collateral account with the Administrative Agent and held there as security for the Secured Obligations. No Grantor shall have any control whatsoever over said cash collateral account. Any such proceeds of the Collateral shall be applied in Accounts or the order set forth in Section 2.18 of the Credit Agreement unless a court of competent jurisdiction shall otherwise directCollection Account. The balance, if any, after all of the Secured Obligations have been satisfied, shall be deposited by the Administrative Collateral Agent into such Grantorthe Borrower’s general operating account with the Administrative AgentCollateral Agent or such other account designated by the Borrower. The Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Secured Obligations, including any attorneys’ fees and other expenses incurred by Administrative Collateral Agent or any other Secured Party to collect such deficiency.