Common use of Application of Sale Proceeds Clause in Contracts

Application of Sale Proceeds. The proceeds from any sale of the Trust Assets (including any Transferred Shares and Additional Shares), shall be delivered to the Trustee, who shall proceed as instructed by the Beneficiary pursuant to the Intercreditor Agreement, provided that the following order of application shall be followed: (1) to the payment of any and all taxes due by any of the Settlors, as a result of the sale of the Trust Assets, if such taxes shall have not been paid by the corresponding Settlor; (2) to the payment of expenses and fees incurred in connection with the sale of the Trust Assets, including, without limitation, any expenses or fees charged or incurred by the Trustee or the Beneficiary, if any such expenses or fees shall have not been paid by the Settlors; (3) to the payment of the Trustee’s fees, if such fees shall have not been paid by the Settlors; (4) to the payment, on a pro-rata basis, of any and all outstanding Secured Obligations, for which purpose the amounts requested by the Beneficiary shall be delivered thereto, so that the Beneficiary may apply such amounts or cause such amounts to be applied, in the order specified in Clause 9.1 of the Intercreditor Agreement; and (5) upon payment of the foregoing items, any remaining amounts shall be delivered pursuant to the instructions of the Settlors or, absent such instructions, as ordered by a court of competent jurisdiction.

Application of Sale Proceeds. The purchase money proceeds from of any sale of all or any portion of the Trust Assets (including Collateral and the proceeds of any Transferred Shares and Additional Shares)remedy exercised hereunder, together with any other moneys then held by the Lender hereunder as part of the Collateral, shall be delivered to the Trustee, who shall proceed applied as instructed by the Beneficiary pursuant to the Intercreditor Agreement, provided that the following order of application shall be followedfollows: (1a) to To the payment of any costs and all taxes due by any expenses of the Settlors, as a result of the sale of the Trust Assetsforeclosure or suit, if such taxes shall have not been paid any, and of all proper expenses, liability and advances, including reasonable legal expenses and attorneys' and paralegal fees, incurred or made hereunder by the corresponding SettlorLender and of all taxes, assessments or Liens superior to the security interest hereof, except any taxes, assessments or other superior Liens subject to which said sale may have been made; (2b) to the payment of expenses and fees incurred in connection with the sale of the Trust Assets, including, without limitation, any expenses or fees charged or incurred by the Trustee or the Beneficiary, if any such expenses or fees shall have not been paid by the Settlors; (3) to To the payment of the Trustee’s feeswhole amount then due, if owing and unpaid upon the outstanding balance of the Note for principal and interest; and in case such fees proceeds shall have not been paid by be insufficient to pay in full the Settlors; (4) whole amount so due, owing or unpaid upon the outstanding Note, then ratably according to the aggregate of such principal and the accrued and unpaid interest with application on the outstanding Note to be made, first, to the unpaid interest thereof and second, to unpaid principal thereof and premium thereon; such application to be made upon presentation of the Note, and the notation thereon of the payment, on a pro-rata basisif partially paid, of any or the surrender and all outstanding Secured Obligationscancellation thereof, for which purpose the amounts requested by the Beneficiary shall be delivered thereto, so that the Beneficiary may apply such amounts or cause such amounts to be applied, in the order specified in Clause 9.1 of the Intercreditor Agreementif fully paid; and (5c) upon To the payment of the foregoing itemssurplus, any remaining amounts shall be delivered pursuant if any, to the instructions of Borrower or to the Settlors orperson, absent such instructions, as ordered by a court of competent jurisdictionpersons or entities lawfully entitled to receive the same.

Application of Sale Proceeds. The proceeds from any sale of the Trust Assets (including any Transferred Shares and Additional Shares), shall be delivered to the Trustee, who shall proceed as instructed by the Beneficiary pursuant to the Intercreditor Agreement, provided that in the following order of application shall be followedapplication: (1) to the payment of any and all taxes due by any of the Settlors, as a result of the sale of the Trust Assets, if such taxes shall have not been paid by the corresponding Settlor; (2) to the payment of expenses and fees reasonably incurred in connection with the sale of the Trust Assets, including, without limitation, any expenses or fees charged or incurred by the Trustee or the Beneficiary, if any such expenses or fees shall have not been paid by the Settlors; (3) to the payment of the Trustee’s fees, if such fees shall have not been paid by the Settlors; (4) to the payment, on a pro-rata basis, of any and all outstanding Secured Obligations, for which purpose the amounts requested by the Beneficiary shall be delivered thereto, so that the Beneficiary may apply such amounts or cause such amounts to be applied, in the order specified in Clause 9.1 10.1 of the Intercreditor Agreement; and (5) upon payment of the foregoing items, any remaining amounts shall be delivered pursuant to the instructions of the Settlors or, absent such instructions, as ordered by a court of competent jurisdiction.