Application of Proceeds definition

Application of Proceeds. All amounts received by the Bank as proceeds from the disposition or liquidation of the Collateral shall be applied to the Borrower's indebtedness to the Bank as follows: first, to the costs and expenses of collection, enforcement, protection and preservation of the Bank's lien in the Collateral, including court costs and reasonable attorneys' fees, whether or not suit is commenced by the Bank; next, to those costs and expenses incurred by the Bank in protecting, preserving, enforcing, collecting, liquidating, selling or disposing of the Collateral; next, to the payment of accrued and unpaid interest on all of the Obligations; next, to the payment of the outstanding principal balance of the Obligations; and last, to the payment of any other indebtedness owed by the Borrower to the Bank. Any excess Collateral or excess proceeds existing after the disposition or liquidation of the Collateral will be returned or paid by the Bank to the Borrower.

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Application of Proceeds. Any proceeds received from any sale or disposition under Article III or otherwise, together with any other sums held by Lender or Trustee, shall, except as expressly provided to the contrary, be applied in the order determined by Lender to: (a) payment of all Costs and expenses of any enforcement action, or foreclosure sale, transfer of title by power of sale, or otherwise, including interest thereon at the applicable interest rate specified in the Note, which shall be the Default Rate unless prohibited by Laws, (b) all taxes, Assessments, and other charges unless the Property was sold subject to these items; (c) payment of the Obligations in such order as Lender may elect; (d) payment of any other sums secured or required to be paid by Borrower; and (e) payment of the surplus, if any, to any person lawfully entitled to receive it.”

Application of Proceeds means the application by Holdings ----------------------- and Iron Age of excess cash and the net proceeds (after deduction of related fees and expenses) of the Transactions and the Iron Age Transactions (i) to - repay Iron Age's indebtedness under the existing syndicated senior bank loan facility; (ii) to repay Iron Age's Existing Subordinated Notes; (iii) to pay a -- --- dividend to Holdings' stockholders and to make compensation payments to certain members of management of Iron Age and (iv) to redeem the Holdings Series A -- Preferred Stock.

Examples of Application of Proceeds in a sentence

• Trustee Not Responsible for Recitals, Dispositions of Securities or Application of Proceeds Thereof.

• If the Collateral Agent enforces the Security (whether by appointment of a Receiver or otherwise), the Collateral Agent may open and maintain with such financial institutions as it thinks fit one or more realisation accounts and pay any moneys it holds or receives under or pursuant to this Assignment into any such realisation account pending the application of such moneys pursuant to Clause 11 (Application of Proceeds).

• Disposition of ---------------------------------------------------- Securities or Application of Proceeds Thereof.

• Indenture Trustee Not Responsible for Recitals, Disposition of Certificates or Application of Proceeds Thereof..................................................

• Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof 25 Section 5.04.

• Any deductible shall be the responsibility of Seller Application of Proceeds from All Risk Property/Mechanical and Electrical Breakdown Insurance.

• Application of Proceeds from All Risk Property/Comprehensive Boiler and Machinery Insurance.

• Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof 29 Section 5.04.

• If the Lender sells any of the Collateral upon credit, the Pledgor will be credited only with payment actually made by the purchaser, received by the Lender and applied in accordance with Section 6 (Application of Proceeds) hereof.

• Section 5.1. Maintenance of Existence, Etc 30 Section 5.2. Access and Reporting 30 Section 5.3. Further Assurances 33 Section 5.4. Application of Proceeds 33 Section 5.5. Compliance with Legal Requirements 33 Section 5.6. Payment of Debt 33 Section 5.7. Authority Documents 33 Section 5.8. Rate Covenant 34 Section 5.9. Creation of Debt and Liens 34 Section 5.10.

More Definitions of Application of Proceeds

Application of Proceeds. All amounts received by the Bank as proceeds from the disposition or liquidation of the Collateral shall be applied to the Borrower's indebtedness to the Bank as follows: first, to the costs and expenses of collection, enforcement, protection and preservation of the Bank's lien in the Collateral, including court costs and reasonable attorneys' fees, whether or not suit is commenced by the Bank; next, to those costs and expenses incurred by the Bank in protecting, preserving, enforcing, collecting, liquidating, selling or disposing of the Collateral; next, to the payment of accrued and unpaid interest on all of the Obligations; next, to the payment of the outstanding principal balance of the Obligations; and last, to the payment of any other indebtedness owed by the Borrower to the Bank. Any excess Collateral or excess proceeds existing after the disposition or liquidation of the Collateral will be returned or paid by the Bank to the Borrower. If any non-cash proceeds are received in connection with any sale of Collateral, the Bank shall not apply such non-cash proceeds to the Obligations unless and until such proceeds are converted to such; provided, however, that if such non-cash proceeds are not expected on the date of receipt thereof to be converted to cash within one year after such date, the Bank shall use commercially reasonable efforts to convert such non-cash proceeds to cash within such one year period. SECTION

Application of Proceeds. All amounts received by the Bank as proceeds from the disposition or liquidation of the Collateral shall be applied to the Borrower's indebtedness to the Bank as follows: first, to the costs and expenses of collection, enforcement, protection and preservation of the Bank's lien in the Collateral, including court costs and reasonable attorneys' fees, whether or not suit is commenced by the Bank; next, to those costs and expenses incurred by the Bank in protecting, preserving, enforcing, collecting, liquidating, selling or disposing of the Collateral; next, to the payment of accrued and unpaid interest on all of the Obligations; next, to the payment of the outstanding principal balance of the Obligations; and last, to the payment of any other indebtedness owed by the Borrower to the Bank.

Application of Proceeds provision contained in any Security Document shall be amended (i) to insert before the FIRST application of proceeds contained therein a new FIRST application: “FIRST, to payment in full of all Obligations owed to Bank of America, N.A., or to any of its Affiliates in respect of any Letter of Credit or LC Disbursement or in respect of any Cash Management Services Obligations” and (ii) to renumber the references therein to “FIRST” as “SECOND”, “SECOND” as “THIRD”, “THIRD” as “FOURTH”, “FOURTH” as “FIFTH” and “FIFTH” as “SIXTH”.

Application of Proceeds means the application by the Company of ----------------------- excess cash and the net proceeds (after deduction of related fees and expenses) of the Transactions (i) to repay indebtedness under the existing syndicated senior bank loan facility; (ii) to repay the Company's Existing Subordinated Notes; and (iii) to pay to Holdings a dividend to be used to redeem a portion of Holdings' Series A Preferred Stock.