Xxxxx Collateral. Subject to the provisions of paragraph 6 hereof, any money, property, securities or other direct or indirect distributions of any nature whatsoever received from the sale, disposition or other realization upon a forclosure or other exercise of remedies upon the occurrence and continuance of an Event of Default (as defined in the Credit Agreements or the Indenture) by any Senior Secured Party or the Trustee of all or any part of the Xxxxx Collateral, regardless of whether such money, property, securities or other distributions are received directly or indirectly during the pendency of or in connection with any bankruptcy, insolvency or other like proceeding or otherwise, shall be delivered to the BIPCO Agent or the BAI Agent in the form received, duly indorsed to such party, if required, and applied by the BIPCO Agent or the BAI Agent in the following order:
Appears in 5 contracts
Samples: Credit Agreement (Bear Island Finance Co Ii), Credit Agreement (Bear Island Finance Co Ii), Intercreditor Agreement (Bear Island Finance Co Ii)
