Surplus, Deficiency. Any surplus proceeds of any sale or other disposition of Collateral by Secured Party remaining after all the Secured Obligations are indefeasibly paid in full and discharged shall be paid over to the Debtors or to whomever may be lawfully entitled to receive such surplus or as a court of competent jurisdiction may direct, except that if any contingent, unliquidated or unmatured Secured Obligation then remains outstanding, such surplus proceeds may be retained by Secured Party and held as Collateral until such time as all outstanding Secured Obligations have been determined, liquidated and indefeasibly paid in full and discharged. The Debtors shall be and remain liable for any deficiency.
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Samples: Pledge and Security Agreement (Panamsat Corp /New/), Stock Contribution and Exchange Agreement (Panamsat Corp), Pledge and Security Agreement (Grupo Televisa S A)
Surplus, Deficiency. Any surplus proceeds of any sale or other disposition of Collateral by Secured Party remaining after all the Secured Obligations are indefeasibly paid in full and discharged shall be paid over to the Debtors Debtor or to whomever may be lawfully entitled to receive such surplus or as a court of competent jurisdiction may direct, except that if any contingent, unliquidated or unmatured Secured Obligation then remains outstanding, such surplus proceeds may be retained by Secured Party and held as Collateral until such time as all outstanding Secured Obligations have been determined, liquidated and indefeasibly paid in full and discharged. The Debtors Debtor shall be and remain liable for any deficiency.
Appears in 2 contracts
Samples: Distribution Agreement (Hilton Hotels Corp), Pledge and Security Agreement (Lakes Gaming Inc)
Surplus, Deficiency. Any surplus proceeds of any sale or other disposition of Collateral by Secured Party remaining after all the Secured Obligations are indefeasibly paid in full and discharged shall be paid over to the Debtors Grantor or to whomever may be lawfully entitled to receive such surplus or as a court of competent jurisdiction may direct, except that but if any obligation to make Advances then remains outstanding or if any contingent, unliquidated or unmatured Secured Obligation then remains outstanding, such surplus proceeds may be retained by Secured Party and held as Collateral until such time as all such obligations have expired or been terminated and all outstanding Secured Obligations have been determined, liquidated and indefeasibly liquidated, paid in full and discharged. The Debtors Grantor shall be and remain liable for any deficiency.
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