Common use of Application of Certain Proceeds Clause in Contracts

Application of Certain Proceeds. To the extent required in order to permit the transfer and delivery of the Purchased Assets free and clear of all liens, pledges, claims, security interests and encumbrances, the Sellers shall utilize all or a portion of the Purchase Price to repay any obligations for which any of the Purchased Assets constitutes collateral (including, without limitation, any line of credit or other arrangement under which the Sellers are or may be a borrower).

Application of Certain Proceeds. To the extent required in order to permit the transfer and delivery of the Purchased Assets free and clear of all liens, pledges, claims, security interests and encumbrances, the Sellers shall utilize all or a portion of the Purchase Price to repay any obligations for which any of the Purchased Assets constitutes constitute collateral (including, without limitation, any line of credit or other arrangement under which the Sellers are or may be a borrower).