Distribution of Proceeds. In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the assets of the Borrower or the Guarantors, 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 Agent for or in respect of, all reasonable out-of-pocket costs, expenses, disbursements and losses which shall have been paid, incurred or sustained by the Agent in connection with the collection of such monies by the Agent, for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent or the Lenders under this Agreement or any of the other Loan Documents or in support of any provision of adequate indemnity to the Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent or the Lenders to such monies;
(b) Second, to all other Obligations and Hedge Obligations (including any interest, expenses or other obligations incurred after the commencement of a bankruptcy or other proceeding under any Insolvency Law) in such order or preference as the Majority Lenders shall determine; provided, that (i) Swing Loans shall be repaid first, (ii) distributions in respect of such other Obligations shall include, on a pari passu basis, any Agent’s fee payable pursuant to §4.2, (iii) in the event that any Lender is a Defaulting Lender, payments to such Lender shall be governed by §2.13, and (iv) except as otherwise provided in clause (iii), Obligations owing to the Lenders with respect to each type of Obligation such as interest, principal, fees and expenses and Hedge Obligations (but excluding the Swing Loans) shall be made among the Lenders and Lender Hedge Providers, pro rata, and as between the Revolving Credit Loans and Term Loans pro rata; and provided, further that the Majority Lenders may in their 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 or to such other Persons as are entitled thereto.
Distribution of Proceeds. The Liquidator shall liquidate the assets of the Company and Distribute the proceeds of such liquidation in the following order of priority, unless otherwise required by mandatory provisions of Applicable Law:
(i) First, to the payment of all of the Company’s debts and liabilities to its creditors (including Members, if applicable) and the expenses of liquidation (including sales commissions incident to any sales of assets of the Company);
(ii) Second, to the establishment of and additions to reserves that are determined by the Board in its sole discretion to be reasonably necessary for any contingent unforeseen liabilities or obligations of the Company; and
(iii) Third, to the Members in the same manner as Distributions are made under Section 7.02.
Distribution of Proceeds. (a) All payments by the Issuer relating to the Bonds and the Finance Documents following an acceleration of the Bonds in accordance with Clause 15 (Events of Default and Acceleration of the Bonds) and any proceeds received from an enforcement of the Transaction Security or Guarantees shall be distributed in the following order of priority, in accordance with the instructions of the Trustee:
(i) first, in or towards payment pro rata of (i) all unpaid fees, costs, expenses and indemnities payable by the Issuer to the Trustee in accordance with the Trustee Agreement (other than any indemnity given for liability against the Bondholders), (ii) other costs, expenses and indemnities relating to the acceleration of the Bonds, the enforcement of the Transaction Security or the protection of the Bondholders’ rights as may have been incurred by the Trustee, (iii) any costs incurred by the Trustee for external experts that have not been reimbursed by the Issuer in accordance with Clause 22.2(e), and (iv) any costs and expenses incurred by the Trustee in relation to a Bondholders’ Meeting or a Written Procedure that have not been reimbursed by the Issuer in accordance with Clause 18(c), together with default interest in accordance with Clause 9(d) on any such amount calculated from the date it was due to be paid or reimbursed by the Issuer;
(ii) secondly, in or towards payment pro rata of any cost and expenses incurred by a Bondholders’ Committee in accordance with an agreement with the Issuer pursuant to Clause 17(e) that have not been reimbursed by the Issuer;
(iii) thirdly, in or towards payment pro rata of accrued but unpaid Interest under the Bonds (Interest due on an earlier Interest Payment Date to be paid before any Interest due on a later Interest Payment Date);
(iv) fourthly, in or towards payment pro rata of any unpaid principal under the Bonds; and
(v) fifthly, in or towards payment pro rata of any other costs or outstanding amounts unpaid under the Finance Documents, , including default interest in accordance with Clause 9(d) on delayed payments of Interest and repayments of principal under the Bonds.. Any excess funds after the application of proceeds in accordance with paragraphs (i) to (v) above shall be paid to the Issuer.
(b) If a Bondholder or another party has paid any fees, costs, expenses or indemnities referred to in Clause 16(a)(i) or ((a)(ii)), such Bondholder or other party shall be entitled to reimbursement by way of a corresponding distribut...
Distribution of Proceeds. Upon the winding up of the Company, the Board of Managers shall distribute the proceeds and undisposed property as follows:
(i) to creditors, including the Member if the Member is a creditor (to the extent and in the order of priority provided by law) in satisfaction of liabilities of the Company, whether by payment or the making of reasonable provisions for payment thereof; and
(ii) thereafter, to the Member.
Distribution of Proceeds. In any condemnation proceeding, the parties will request that the condemning authority grant separate awards for value of the Fee Estate taken and the Leasehold Estate taken.
(a) If the condemning authority grants separate awards, then Landlord shall be entitled to the award for the value of the then current Fee Estate and Tenant shall, unless U.T. is the condemning authority, be entitled to the award for the value of the Leasehold Estate (but without duplication). If U.T. is the condemning authority, Landlord shall be entitled to the entire Award.
(b) If the condemning authority refuses to grant separate awards, then the parties shall have the Property that is being taken appraised (by a Qualified Appraiser) and valued as if the condemnation had not occurred. Such appraisal process will determine the percentage of any award that should be attributed to the Fee Estate (the “Fee Estate Percentage”) and the percentage of any award that should be attributed to the Leasehold Estate (the “Leasehold Estate Percentage”) (and the aggregate of such percentages must equal one hundred percent [100%]). Landlord shall be entitled to the Fee Estate Percentage of any award and, so long as U.T. is not the condemning authority, Tenant shall be entitled to the Leasehold Estate Percentage of the award which shall be disbursed by Tenant in accordance with and pursuant to the terms of any applicable Leasehold Mortgage. If U.T. is the condemning authority, Landlord shall be entitled to the entire Award.
(c) If this Lease is not terminated as a result of the condemnation as expressly permitted above, any condemnation proceeds received by either Landlord or Tenant, shall first be used to restore the Improvements to an architecturally whole unit (while retaining such Improvement’s prior and intended purpose, function and quality to the extent reasonably possible), and, to the extent possible given the nature of the condemnation, to substantially the same or better condition as existed immediately prior to such taking, and, if any proceeds remain thereafter, be divided between Landlord and Tenant in the proportions as provided in clauses (a) and (b) of Section 13.3. With respect to such restoration, Landlord shall have no approval or consent rights on development that is partially subject to such condemnation, which shall be subject only to Legal Requirements. Any condemnation proceeds shall be held and disbursed in the same manner as proceeds from a Casualty as set forth in Sectio...
Distribution of Proceeds. Notwithstanding anything to the contrary contained herein, in the event that following the occurrence or during the continuance of any Event of Default, the Agent or any Lender receives any monies on account of the Lender Obligations from the Borrower or otherwise, such monies shall be distributed for application as follows:
(a) First, to the payment of or the reimbursement of, the Agent for or in respect of all costs, expenses, disbursements and losses which shall have been incurred or sustained by the Agent in connection with the collection of such monies by the Agent, or in connection with the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent or the Lenders under this Agreement or any other Lender Agreement;
(b) Second, to the payment of all interest, including interest on overdue amounts, and late charges, then due and payable with respect to the Loans, allocated among the Lenders in proportion to their respective Commitment Percentages;
(c) Third, to the payment of the outstanding principal balance of the Loans, allocated among the Lenders in proportion to their respective Commitment Percentages;
(d) Fourth, to any other outstanding Lender Obligations, allocated among the Lenders in proportion to their respective Commitment Percentages; and
(e) Fifth, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.
Distribution of Proceeds. Payments to Holders pursuant to Section 9.10(e) will be made as follows:
(a) at least 15 days' notice of every such payment will be given to the Holders in the manner provided in Section 11.3 specifying the time when and the place or places where the Notes are to be presented and the amount of the payment and the application thereof as between principal and interest;
(b) payment of any Note will be made upon presentation thereof at any one of the places specified in such notice and any such Note thereby paid in full will be surrendered, otherwise a memorandum of such payment will be endorsed thereon; but the Security Agent may in its discretion dispense with presentation and surrender or endorsement in any special case upon such indemnity being given as it deems sufficient;
(c) from and after the date of payment specified in the notice, interest will accrue only on the amount owing on each Note after giving credit for the amount of the payment specified in such notice unless the Note with respect to which such amount is owing is duly presented on or after the date so specified any payment of such amount is not made; and
(d) the Security Agent will not be bound to apply or make any partial or interim payment of any monies coming into its hands if the amount so received by it, after reserving an amount as the Security Agent may think necessary to provide for the payment mentioned in section 9.10(a) through 9.10(d) is insufficient to make a distribution of at least 3% of the aggregate principal amount of the outstanding Notes, but it may retain the money so received by it and invest or deposit such monies until their money or the investments representing the same, with the income derived therefrom, together with any other moneys for the time being under its control is sufficient to make a distribution of at least that amount or until it otherwise considers it advisable to apply the monies. The foregoing will, however, not apply to a final payment in distribution hereunder.
Distribution of Proceeds. Payments to holders of Bonds pursuant to paragraph 7.6(b) shall be made as follows:
(a) at least 10 business days' notice of every such payment shall be given in the manner provided in Section 11.2 specifying the time when and the place or places where the Bonds are to be presented and the amount of the payment and the application thereof as between principal and interest;
(b) payment of any Bond shall be made upon presentation thereof at any one of the places specified in such notice and any such Bond thereby paid in full shall be surrendered, otherwise a memorandum of such payment shall be endorsed thereon;
(c) from and after the date of payment specified in the notice, interest shall accrue only on the amount owing on each Bond after giving credit for the amount of the payment
(d) specified in such notice unless the Bond in respect of which such amount is owing be duly presented on or after the date so specified and payment of such amount be not made; and
(e) the Trustee shall not be required to make any interim payment to Bond holders unless the moneys in its hands, after reserving therefrom such amount as the Trustee may think necessary to provide for the payments mentioned in paragraph 7.6(a), exceed 25% of the principal amount of the Bonds then outstanding.
Distribution of Proceeds. The proceeds of any sale of all of any part of the Stock Collateral may be applied by Lender, at its option, to any of the following:
(a) First, to the payment of all of the costs and expenses of sale of Stock Collateral, including, without limitation, reasonable fees and expenses of the Lender and its agents, attorneys and counsel; and, all other expenses, liabilities and advances made or incurred by Lender in connection herewith or with respect to the Loan Documents or this Agreement;
(b) Second, to the payment of all of the costs, fees and expenses to which the Lender is entitled under the Loan Documents including, without limitation, Lender’s attorneys’ fees and costs of collection, whether or not suit for enforcement of Lender’s rights has been commenced or consummated;
(c) Third, to the payment in full of the interest on and principal due under the Loan Documents (whether or not the same shall have been declared forthwith due and payable) and all other indebtedness secured by the pledge hereunder, or, if not sufficient to pay all such amounts in full, then to payment of accrued but unpaid interest, and then unpaid principal due under the Agreement until the Borrower’s obligations under the Agreement are paid in full, and next, if any amounts remain, to any other indebtedness or obligation secured by the pledge hereunder in such order as Lender may elect; and
(d) Fourth, after all payments described in Subparagraphs (a) through (c) of this section shall have been made in full, any surplus remaining from such proceeds shall be paid to Pledgor or whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.
Distribution of Proceeds. Subject to any contrary requirements of the Act, upon final liquidation of the Company but not later than the Distribution Date, the net proceeds of liquidation remaining following the settling of accounts in accordance with Section 9.5 hereof shall be distributed to the Member. In the event the Company has more than one Member, then such distribution shall be made to the Members in proportion to their relative Percentage Interests.
