PROCEEDS OF DISPOSITIONS. After deducting all expenses payable by Pledgor, including, without limitation, under Section 21.09(a), and after making any payments required by Sections 9-608(a)(1)(A) or 9-615(a)(1) of the NYUCC, the residue of any proceeds of collection or sale of the Collateral shall, to the extent actually received in cash, be applied to the payment of the remaining Secured Obligations in such order or preference as is provided in the STID, proper allowance and provision being made for any Secured Obligations not then due or held as additional Collateral. Pledgor shall remain liable for any deficiency in the payment of the Secured Obligations.
Appears in 16 contracts
Samples: Security Agreement (Marconi Corp PLC), Security Agreement (Marconi Corp PLC), Security Agreement (Marconi Corp PLC)
