Common use of Application of Sale and Other Proceeds Clause in Contracts

Application of Sale and Other Proceeds. The Collateral Agent shall give at least one day prior written notice to the Administrative Agent of each date (the “Application Date”) on which the proceeds and/or avails of any sale of the Collateral, or any part thereof, shall be applied, and on such Application Date, or as soon thereafter as may be practical. The proceeds and avails of the Collateral at any time received by the Collateral Agent during the existence of any Event of Default shall, when received by the Collateral Agent in cash or its equivalent, be paid over to the Administrative Agent to be applied in reduction of, or held as collateral security for, the Secured Indebtedness in accordance with the terms of the Credit Agreement. The Borrower shall remain liable to the Secured Creditors for any deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Indebtedness shall be returned to the Borrower or to whomsoever the Collateral Agent reasonably determines is lawfully entitled thereto The proceeds and/or avails of the Collateral shall be applied as set forth above notwithstanding the time or order of advance of any funds secured by any such Collateral or any other priority provided by law or otherwise. By accepting the benefits of this Agreement, each of the Secured Creditors agrees that it will not initiate or prosecute, or encourage any other person to initiate or prosecute, any claim, action or other proceeding challenging the enforceability of the claims of the Secured Creditors or challenging the enforceability of any liens or security interests in assets securing the Secured Indebtedness or any part thereof and the other obligations and liabilities relating thereto, in each case, created or incurred in accordance with the terms of this Agreement and the Subsidiary Security Agreement.

Application of Sale and Other Proceeds. The Collateral Agent shall give at least one (1) day prior written notice to the Administrative Agent of each date (the “Application Date”) on which the proceeds and/or avails of any sale of the Collateral, or any part thereof, shall be applied, and on such Application Date, or as soon thereafter as may be practical. The proceeds and avails of the Collateral at any time received by the Collateral Agent during the existence of any Event of Default shall, when received by the Collateral Agent in cash or its equivalent, be paid over to the Administrative Agent to be applied in reduction of, or held as collateral security for, the Secured Indebtedness in accordance with the terms of the Credit Agreement. The Borrower Each Company shall remain liable to the Secured Creditors for any deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Indebtedness shall be returned to the Borrower applicable Company or to whomsoever the Collateral Agent reasonably determines is lawfully entitled thereto thereto. The proceeds and/or avails of the Collateral shall be applied as set forth above notwithstanding the time or order of advance of any funds secured by any such Collateral or any other priority provided by law or otherwise. By accepting the benefits of this Agreement, each of the Secured Creditors agrees that it will not initiate or prosecute, or encourage any other person to initiate or prosecute, any claim, action or other proceeding challenging the enforceability of the claims of the Secured Creditors or challenging the enforceability of any liens or security interests in assets securing the Secured Indebtedness or any part thereof and the other obligations and liabilities relating thereto, in each case, created or incurred in accordance with the terms of this Agreement and the Subsidiary World Security Agreement.

Application of Sale and Other Proceeds. The Collateral Agent shall give at least one (1) day prior written notice to the Administrative Agent of each date (the “Application Date”) on which the proceeds and/or avails of any sale of the Collateral, or any part thereof, shall be applied, and on such Application Date, or as soon thereafter as may be practical. The proceeds and avails of the Collateral at any time received by the Collateral Agent during the existence of any Event of Default shall, when received by the Collateral Agent in cash or its equivalent, be paid over to the Administrative Agent to be applied in reduction of, or held as collateral security for, the Secured Indebtedness in accordance with the terms of the Credit Agreement. The Borrower shall remain liable to the Secured Creditors for any deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Indebtedness shall be returned to the Borrower or to whomsoever the Collateral Agent reasonably determines is lawfully entitled thereto The proceeds and/or avails of the Collateral shall be applied as set forth above notwithstanding the time or order of advance of any funds secured by any such Collateral or any other priority provided by law or otherwise. By accepting the benefits of this Agreement, each of the Secured Creditors agrees that it will not initiate or prosecute, or encourage any other person to initiate or prosecute, any claim, action or other proceeding challenging the enforceability of the claims of the Secured Creditors or challenging the enforceability of any liens or security interests in assets securing the Secured Indebtedness or any part thereof and the other obligations and liabilities relating thereto, in each case, created or incurred in accordance with the terms of this Agreement and the Subsidiary Security Agreement.

Application of Sale and Other Proceeds. The Collateral Agent shall give at least one day prior written notice to the Administrative Agent of each date (the “Application Date”) on which the proceeds and/or avails of any sale of the Collateral, or any part thereof, shall be applied, and on such Application Date, or as soon thereafter as may be practical. The proceeds and avails of the Collateral at any time received by the Collateral Agent during the existence of any Event of Default shall, when received by the Collateral Agent in cash or its equivalent, to be paid over to the Administrative Agent to be applied in reduction of, or held as collateral security for, the Secured Indebtedness in accordance with the terms of the Credit Agreement. The Borrower Each Company shall remain liable to the Secured Creditors for any deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Indebtedness shall be returned to the Borrower applicable Company or to whomsoever the Collateral Agent reasonably determines is lawfully entitled thereto thereto. The proceeds and/or avails of the Collateral shall be applied as set forth above notwithstanding the time or order of advance of any funds secured by any such Collateral or any other priority provided by law or otherwise. By accepting the benefits of this Agreement, each of the Secured Creditors agrees that it will not initiate or prosecute, or encourage any other person to initiate or prosecute, any claim, action or other proceeding challenging the enforceability of the claims of the Secured Creditors or challenging the enforceability of any liens or security interests in assets securing the Secured Indebtedness or any part thereof and the other obligations and liabilities relating thereto, in each case, created or incurred in accordance with the terms of this Agreement and the Subsidiary World Security Agreement.