Common use of BITCO Collateral Clause in Contracts

BITCO Collateral. Subject to the provisions of paragraph 6 hereof, any money, property, securities or other direct or indirect distributions of any nature whatsoever received from the sale, disposition or other realization upon a forclosure or other exercise of remedies upon the occurrence and continuance of an Event of Default (as defined in the Credit Agreements or the Indenture) by any Senior Secured Party or the Trustee of all or any part of the BITCO Collateral, regardless of whether such money, property, securities or other distributions are received directly or indirectly during the pendency of or in connection with any bankruptcy, insolvency or other like proceeding or otherwise, shall be delivered to the BAI Agent in the form received, duly indorsed to such party, if required, and applied by the BAI Agent in the following order: First, to the payment in full of all costs and expenses (including, without limitation, attorneys' fees and disbursements) paid or incurred by the Senior Secured Lenders in connection with such realization on the BITCO Collateral or the protection of any of their rights and interests therein; Second, to the payment in full of all BAI Obligations in the order prescribed by Section 2.13 of the BAI Credit Agreement; Third, to the payment in full of all BIPCO Obligations in the order prescribed by Section 2.16 of the BIPCO Credit Agreement shall provide; Fourth, to the Trustee for application to the Trustee Obligations to the full extent thereof at such time; and Fifth, to pay to the appropriate Loan Party or designee thereof or as a court of competent jurisdiction may direct, any surplus then remaining.