Common use of Distribution of Proceeds of Collateral Clause in Contracts

Distribution of Proceeds of Collateral. (a) Upon any realization upon the Collateral, the Secured Parties agree that the proceeds thereof shall be applied (i) first, to the amounts owing to the Collateral Agent, solely in its capacity as Collateral Agent, by the Grantor or the Secured Parties pursuant to this Agreement or the Collateral Document; (ii) second, to reimburse the Secured Parties for any amounts paid under Section 5.6 hereof; (iii) third, to the payment of all amounts of accrued and unpaid interest which constitute Secured Obligations; (iv) fourth, to all amounts of principal outstanding (or, if applicable, unpaid accreted value) in respect of the Secured Obligations; (v) fifth, to all other Secured Obligations then owing to the Secured Parties; and (vi) sixth, the balance, if any, shall be returned to the Company or such other Persons as are entitled thereto. All applications of such proceeds pursuant to clauses (ii) through (v) above shall be allocated among the Secured Parties on the basis of their respective Pro Rata Shares.

Distribution of Proceeds of Collateral. (a) Upon any realization upon the Collateral, the Secured Parties agree that the proceeds thereof shall be applied (i) first, to the amounts owing to the Collateral Agent, solely in its capacity as Collateral Agent, by the Grantor Grantors or the Secured Parties pursuant to this Agreement or the Collateral Document; (ii) second, to reimburse the Secured Parties for any amounts paid under Section 5.6 hereof; (iii) third, to the payment of all amounts of accrued and unpaid interest which constitute Secured Obligations; (iv) fourth, to all amounts of principal outstanding (or, if applicable, unpaid accreted value) in respect of the Secured Obligations; (v) fifth, to all other Secured Obligations then owing to the Secured Parties; and (vi) sixth, the balance, if any, shall be returned to the Company or such other Persons as are entitled thereto. All applications of such proceeds pursuant to clauses (ii) through (v) above shall be allocated among the Secured Parties on the basis of their respective Pro Rata Shares.

Distribution of Proceeds of Collateral. (a) Upon any realization upon the Collateral, the Secured Parties agree that the proceeds thereof shall be applied (i) first, to the amounts owing to the Collateral Agent, solely in its capacity as Collateral Agent, by the Grantor or the Secured Parties pursuant to this Agreement or the Collateral Document; (ii) second, to reimburse the Secured Parties for any amounts paid under Section 5.6 (S)5.6 hereof; (iii) third, to the payment of all amounts of accrued and unpaid interest which constitute Secured Obligations; (iv) fourth, to all amounts of principal outstanding (or, if applicable, unpaid accreted value) in respect of the Secured Obligations; (v) fifth, to all other Secured Obligations then owing to the Secured Parties; and (vi) sixth, the balance, if any, shall be returned to the Company or such other Persons as are entitled thereto. All applications of such proceeds pursuant to clauses (ii) through (v) above shall be allocated among the Secured Parties on the basis of their respective Pro Rata Shares.

Distribution of Proceeds of Collateral. (a) Upon any realization upon the Collateral, the Secured Parties agree that the proceeds thereof shall be applied (i) first, to the amounts owing to the Collateral Agent, solely in its capacity as Collateral Agent, by the Grantor Grantors or the Secured Parties pursuant to this Agreement or the Collateral Document; (ii) second, to reimburse the Secured Parties for any amounts paid under Section 5.6 (S)5.6 hereof; (iii) third, to the payment of all amounts of accrued and unpaid interest which constitute Secured Obligations; (iv) fourth, to all amounts of principal outstanding (or, if applicable, unpaid accreted value) in respect of the Secured Obligations; (v) fifth, to all other Secured Obligations then owing to the Secured Parties; and (vi) sixth, the balance, if any, shall be returned to the Company or such other Persons as are entitled thereto. All applications of such proceeds pursuant to clauses (ii) through (v) above shall be allocated among the Secured Parties on the basis of their respective Pro Rata Shares.