Common use of Release of Security Interest; Application of Proceeds Clause in Contracts

Release of Security Interest; Application of Proceeds. Upon the request of Maker in connection with a bona fide sale of Collateral approved in writing by Holders (a “Sale of Collateral”), each Holder will sign and deliver to Maker one or more termination statements or amendments to any existing financing statements, previously filed pursuant to Section 3.4, as required to release the Collateral to consummate the proposed Sale of Collateral; provided, however, that the proceeds of such Sale of Collateral shall be applied to satisfaction of the Obligations, after which Maker shall be entitled to any surplus proceeds. If, upon consummation of a Sale of Collateral, the proceeds thereof are insufficient to pay all amounts to which each Holder is legally entitled, Maker will be liable for the deficiency.

Release of Security Interest; Application of Proceeds. Upon the request of Maker in connection with a bona fide sale of Collateral approved in writing by Holders Holder (a “Sale of Collateral”), each Holder will sign and deliver to Maker one or more termination statements or amendments to any existing financing statements, previously filed pursuant to Section 3.4, as required to release the Collateral to consummate the proposed Sale of Collateral; provided, however, that the proceeds of such Sale of Collateral shall be applied to satisfaction of the Obligations, after which Maker shall be entitled to any surplus proceeds. If, upon consummation of a Sale of Collateral, the proceeds thereof are insufficient to pay all amounts to which each Holder is legally entitled, Maker will be liable for the deficiency.

Release of Security Interest; Application of Proceeds. Upon the request of Maker in connection with a bona fide sale of Collateral approved in writing by Holders Holder (a “Sale of Collateral”), each Holder will sign and deliver to Maker one or more termination statements or amendments to any existing financing statements, previously filed pursuant to Section 3.43.4 above, as required to release the Collateral to consummate the proposed Sale of Collateral; provided, however, however that the proceeds of such Sale of Collateral shall be applied to satisfaction of the Obligations, after which Maker the Company shall be entitled to any surplus proceeds. If, upon consummation of a Sale of Collateral, the proceeds thereof are insufficient to pay all amounts to which each Holder is legally entitled, Maker the Company will be liable for the deficiency.