Proceeds of enforcement. (a) Subject to the rights of any creditor with prior security or a preferential claim, the proceeds of enforcement of the Security under the Transaction Security Documents shall be paid to the Security Agent. (b) Any proceeds of enforcement of the security under the Transaction Security Documents, and any amount paid to the Security Agent under this Agreement shall be applied in the following in the order of priority set out in Clause 32.5 (Partial payments).
Appears in 3 contracts
Samples: Facility Agreement (GDS Holdings LTD), Facility Agreement (GDS Holdings LTD), Facility Agreement (GDS Holdings LTD)
Proceeds of enforcement. (a) Subject to the rights of any creditor with prior security or a preferential claim, the proceeds of enforcement of the Security security under the Transaction Security Documents shall be paid to the Security Agent.
(b) Any proceeds of enforcement of the security under the Transaction Security Documents, and any amount paid to the Security Agent under this Agreement shall be applied in the following in the order of priority set out in Clause 32.5 (Partial paymentsPayments).
Appears in 2 contracts
Samples: Term Loan Facility Agreement (GDS Holdings LTD), Term Loan Facility Agreement (GDS Holdings LTD)
