Application of the proceeds. Subject to the rights of any preferential creditors under any applicable law, the Collateral Trustee agrees with the Issuer to pay any sums received or recovered by the Collateral Trustee from or by the enforcement of the Issuer-Owned Bonds Collateral and/or the Crypto-Asset Collateral granted to secure the Collateral Trustee Claim in the following order: (a) in discharging any sums owing to the Collateral Trustee; (b) in discharging all costs and expenses incurred by the Collateral Trustee in connection with any realisation or enforcement of the Relevant Collateral taken in accordance with the terms of this Agreement, or any action taken at the request of the Collateral Trustee; (c) in discharging all costs and expenses incurred by the Bondholders' Representative in connection with any realisation or enforcement of the Relevant Collateral taken in accordance with the terms of this Agreement, or any action taken at the request of the Collateral Trustee; (d) in discharging any sums owing to the relevant Bondholder or Bondholders; and (e) the balance, if any, in payment or distribution to the Issuer. For the purposes of this paragraph 3.3, in case the Issuer obtains an insurance policy covering certain losses of Issuer-Owned Bonds and/or Deposited Crypto-Asset and states the Collateral Trustee as a payee with respect of any compensations provided by such policy, any sums paid
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Samples: Collateral Trust Agreement, Collateral Trust Agreement, Collateral Trust Agreement