Common use of Application of Proceeds of Senior Collateral Clause in Contracts

Application of Proceeds of Senior Collateral. The Senior Representative and Junior Representative hereby agree that all Senior Collateral, and all Proceeds thereof, received by either of them in connection with the collection, sale or disposition of Senior Collateral by such Senior Representative, Junior Representative or any Secured Party after an “Event of Default” under any Loan Documents shall be applied, first, to the payment of costs and expenses (including reasonable attorneys’ fees and expenses and court costs) of the Senior Representative in connection with such Enforcement Action, second, to the payment of the Senior Obligations in accordance with the Senior Documents until the Senior Obligations Payment Date, third, to the payment of the Junior Obligations in accordance with the terms thereof, and fourth, the balance, if any, to the Loan Parties or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

Application of Proceeds of Senior Collateral. The Senior Representative and Junior Representative hereby agree that all Senior Collateral, and all Proceeds thereof, received by either of them in connection with the collection, sale or disposition of Senior Collateral by such Senior Representative, Junior Representative or any Secured Party after an “Event of Default” under any Loan Documents shall be applied, first, to the payment of costs and expenses (including reasonable attorneys’ fees and expenses and court costs) of the Senior Representative in connection with such Enforcement Action, second, to the payment of the Senior Obligations in accordance with the Senior Documents until the Senior Obligations Payment Date, third, to the payment of the Junior Obligations in accordance with the terms thereofof the Junior Documentation, and fourth, the balance, if any, to the Loan Parties or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

Application of Proceeds of Senior Collateral. The Senior Representative Representative, on behalf of the Senior Secured Parties, and Junior Representative Representative, on behalf of the Junior Secured Parties, hereby agree that all Senior Collateral, and all Proceeds thereof, received by either any of them in connection with the collection, sale or disposition of Senior Collateral by such Senior Representative, Junior Representative or any Secured Party after an “Event of Default” under any Loan Documents shall be applied, : first, to the payment of costs and expenses (including reasonable attorneys’ ' fees and expenses and court costs) of the Senior Representative in connection with such Enforcement ActionRepresentative, second, to the payment of the Senior Obligations in accordance with the Senior Documents until the payment in full in cash of the Senior Obligations Payment DateObligations, third, to the payment of the Junior Obligations in accordance with the terms thereofJunior Documents until the payment in full in cash of the Junior Obligations, and fourth, the balance, if any, to the Loan Parties applicable Obligor or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.