Common use of Distribution of Collateral Proceeds Clause in Contracts

Distribution of Collateral Proceeds. If following the occurrence or during the continuance of any Default or Event of Default, the Lender receives any monies in connection with the enforcement of any the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of the Lender for or in respect of all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Lender in connection with the collection of such monies by the Lender, for the exercise, protection or enforcement by the Lender of all or any of the rights, remedies, powers and privileges of the Lender under this Loan Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Lender against any taxes or liens which by law shall have, or may have, priority over the rights of the Lender to such monies; (b) Second, to all other Obligations in such order or preference as the Lender may determine; (c) Third, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.

Distribution of Collateral Proceeds. If In the event that following the occurrence or during the continuance of any Default or Event of Default, the Lender receives any monies in connection with the enforcement of any of the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of the Lender for or in respect of all reasonable costs, expenses, expenses and disbursements and losses which shall have been incurred or sustained by the Lender in connection with the collection of such monies by the Lender, for the exercise, protection or enforcement by the Lender of all or any of the rights, remedies, powers and privileges of the Lender under this Loan Agreement Credit Agreement, the Note or any of the other Loan Credit Documents or in respect of the Collateral or in support of any provision of and to provide adequate indemnity to the Lender against any all taxes or liens which by law shall have, or may have, priority over the rights of the Lender to such monies; (b) Second, to all other Obligations in such order or preference as the Lender may determine; provided, however, that Lender may in its discretion make proper allowance to take into account any Obligations not then due and payable; (c) Third, upon payment and satisfaction in full or other provisions for payment in full satisfactory to Lender of all of the Obligations, to the payment of any obligations required to be paid pursuant to the Uniform Commercial Code of the State of Michigan; and (d) Fourth, the excess, if any, shall be returned to the Borrower Credit Parties or to such other Persons as are entitled thereto.

Distribution of Collateral Proceeds. If In the event that, following the occurrence or during the continuance of any Default or Event of Default, the Lender receives any monies are received in connection with the enforcement of any of the Security Loan Documents, or otherwise with respect to the realization upon any of the Collateralcollateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of the Lender for or in respect of of, all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Lender in connection with the collection of such monies by the Lender, for the exercise, protection or enforcement by the Lender of all or any of the rights, remedies, powers and privileges of the Lender under this Loan Agreement or any of the other Loan Documents or in respect of the Collateral collateral or in support of any provision of adequate indemnity to the Lender against any taxes or liens which by law shall have, or may have, priority over the rights of the Lender to such monies; (b) Second, to all other Obligations in such order or preference as the Lender may shall determine;; and (c) Third, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.

Distribution of Collateral Proceeds. If In the event that, following the occurrence or during the continuance of any Default or Event of Default, the Lender receives any monies are received in connection with the enforcement of any of the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of of, the Lender Agent for or in respect of all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Lender Agent to protect or preserve the collateral or in connection with the collection of such monies by the LenderAgent, for the exercise, protection or enforcement by the Lender Agent of all or any of the rights, remedies, powers and privileges of the Lender Agent under this Loan Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Lender Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Lender Agent to such monies; (b) Second, to all other Obligations in such order or preference as the Lender Agent shall determine; provided, however, that distributions in respect of such other Obligations shall be made pari passu among Obligations with respect to the Agent's fee payable pursuant to Section 4.3 and all other Obligations, and the Agent may determine;in its discretion make proper allowance to take into account any Obligations not then due and payable; and (c) Third, the excess, if any, shall be returned to the Borrower Borrowers or to such other Persons as are entitled thereto.

Distribution of Collateral Proceeds. If In the event that following the occurrence or during the continuance of any Default or Event of Default, the Lender Bank receives any monies in connection with the enforcement of any the Security DocumentsAgreement, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of the Lender Bank for or in respect of all reasonable actual costs, expenses, expenses and disbursements and losses which shall have been incurred or sustained by the Lender Bank in connection with the collection of such monies by the LenderBank, for the exercise, protection or enforcement by the Lender Bank of all or any of the rights, remedies, powers and privileges of the Lender Bank under this Loan Agreement Agreement, the Note or any of the other Loan Documents or in respect of the Collateral or in support of any provision of and to provide adequate indemnity to the Lender Bank against any all taxes or liens which by law shall have, or may have, priority over the rights of the Lender Bank to such monies; (b) Second, to all other Obligations in such order or preference as the Lender Bank may determine; provided, however, that Bank may in its discretion make proper allowance to take into account any Obligations not then due and payable; (c) Third, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.