Common use of Surplus, Deficiency Clause in Contracts

Surplus, Deficiency. Any surplus proceeds of any sale or other disposition by Secured Party of any Collateral remaining after Discharge of the Credit Agreement and after all Secured Obligations are paid in full and in cash shall be paid over to Grantor or to whomever may be lawfully entitled to receive such surplus or as a court of competent jurisdiction may direct, but prior to Discharge of the Credit Agreement, such surplus proceeds may be retained by Secured Party and held as Collateral until Discharge of the Credit Agreement. The Subsidiary and each Guarantor shall be and remain liable for any deficiency.

Surplus, Deficiency. Any surplus proceeds of any sale or other disposition by Secured Party of any Collateral remaining after Discharge of the Credit Agreement and after all Secured Obligations are paid in full and in cash shall be paid over to Grantor or to whomever may be lawfully entitled to receive such surplus or as a court of competent jurisdiction may direct, but prior to Discharge of the Credit Agreement, such surplus proceeds may be retained by Secured Party and held as Collateral until Discharge of the Credit Agreement. The Subsidiary Borrower and each Guarantor shall be and remain liable for any deficiency.

Surplus, Deficiency. Any surplus proceeds of any sale or other disposition by Secured Party of any Collateral remaining after Discharge of the Credit Agreement Obligations and after all Secured Obligations are paid in full and in cash shall be paid over to Grantor or to whomever may be lawfully entitled to receive such surplus or as a court of competent jurisdiction may direct, but prior to Discharge of the Credit AgreementObligations, such surplus proceeds may be retained by Secured Party and held as Collateral until Discharge of the Credit AgreementObligations. The Subsidiary Borrower and each Guarantor shall be and remain liable for any deficiency.

Surplus, Deficiency. Any surplus proceeds of any sale or other disposition by Secured Party of any Collateral remaining after Discharge of the Credit Agreement and after all Secured Obligations are paid in full and in cash shall be paid over to the Grantor entitled thereto, or to whomever may be lawfully entitled to receive such surplus or as a court of competent jurisdiction may direct, but prior to Discharge of the Credit Agreement, such surplus proceeds may be retained by Secured Party and held as Collateral until Discharge of the Credit Agreement. The Subsidiary Borrower and each Guarantor shall be and remain liable for any deficiency.