Common use of DISPOSITION OF MONIES Clause in Contracts

DISPOSITION OF MONIES. Subject to any applicable requirements of the PPSA, upon and during the continuance of an Event of Default, all monies collected or received by the Collateral Agent pursuant to or in exercise of any right it possesses with respect to the Collateral shall be applied on account of the Obligations in such manner as the Collateral Agent deems best or, at the option of the Collateral Agent, released to the Debtor, all without prejudice to the liability of the Debtor or the rights of the Collateral Agent hereunder, and any surplus shall be accounted for as required by law.

DISPOSITION OF MONIES. Subject to any applicable requirements of the PPSA, upon and during the continuance of an Event of Default, all monies collected or received by the Collateral Agent pursuant to or in exercise of any right it possesses with respect to the Collateral shall be applied on account of the Obligations in such manner as the Collateral Agent deems best or, at the option of the Collateral Agent, released to the Debtor, all without prejudice to the liability of the Debtor debtor or the rights of the Collateral Agent hereunder, and any surplus shall be accounted for as required by law.