Common use of Application of Collateral Proceeds Clause in Contracts

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows: (i) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Secured Party; (ii) Second, to the payment to Secured Party (ratably, to each entity constituting the "Secured Party") of the amount then owing or unpaid to Secured Party (to be applied first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to Secured Party under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence and during the continuance of an Event of Default) shall be paid to and applied as follows: (i) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Secured Party; (ii) Second, to the payment to Secured Party (ratably, to each entity constituting the "Secured Party") of the amount then owing or unpaid to Secured Party (to be applied first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to Secured Party under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, Upon the occurrence and during the continuance of an Event of Default) , any cash held by the Secured Party as Collateral and all cash proceeds received by the Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral pursuant to the exercise by the Secured Party of its remedies as a secured creditor as provided in Section 9 shall be paid to and applied as follows: (i) First12.1. FIRST, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ ' fees, incurred or made hereunder by the Secured Party; (ii) Second12.2. SECOND, to the payment to the Secured Party (ratably, to each entity constituting the "Secured Party") of the amount then owing or unpaid to Secured Party on the Notes (to be applied first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to Secured Party under any of the Transaction Documents; and (iv) Fourth12.3. THIRD, to the payment of the surplus, if any, to Companythe Pledgor, its successors and assigns, or to whomsoever whosoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows: (i) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ ' fees, incurred or made hereunder by Secured Party; (ii) Second, to the payment to Secured Party (ratably, to each entity constituting the "Secured Party") of the amount then owing or unpaid to Secured Party (to be applied first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to Secured Party under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to CompanyInvestor, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by the Secured Party at the time of, or received by the Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows: (i) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by the Secured Party; (ii) Second, to the payment to the Secured Party (ratably, to each entity constituting the "Secured Party") of the amount then owing or unpaid to Secured Party on the Notes (to be applied first to accrued interest outstanding principal and second to outstanding principalaccrued interest); (iii) Third, to the payment of other amounts then payable to the Secured Party under any of the Transaction DocumentsParty; and (iv) Fourth, to the payment of the surplus, if any, to the Company, its his successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows: (i) FirstFIRST, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, expenses of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ ' fees, incurred or made hereunder by Secured Party; (ii) SecondSECOND, to the payment to Secured Party (ratably, to each entity constituting the "Secured Party") of the amount then owing or unpaid on the Note, and in case such proceeds shall be insufficient to Secured Party pay in full the whole amount so due, owing or unpaid upon such Note, then such amount remaining to be distributed (to be applied first to accrued interest and second to outstanding principal);; and (iii) Third, to the payment of other amounts then payable to Secured Party under any of the Transaction Documents; and (iv) FourthTHIRD, to the payment of the surplus, if any, to CompanyDebtor, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows: (i) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Secured Party; (ii) Second, to the payment to Secured Party (ratably, to each entity constituting the "Secured Party") of the amount then owing or unpaid to Secured Party under the Note (to be applied first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to Secured Party under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to CompanyGrantor, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of DefaultDefault or default under the Guaranty) shall be paid to and applied as follows: (ia) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Secured Party; (iib) Second, to the payment to Secured Party (ratably, to each entity constituting the "Secured Party") of the amount then owing or unpaid to Secured Party on the Note (to be applied first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other and all amounts then payable to Secured Party owed under any of the other Transaction DocumentsDocuments or other documents included within the Obligations; and (ivc) FourthThird, to the payment of the surplus, if any, to CompanyGuarantor, its successors and assigns, or to whomsoever whosoever may be lawfully entitled to receive the same. In the absence of final payment and satisfaction in full of all of the Obligations, Guarantor shall remain liable for any deficiency.

Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows: (i) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ ' fees, incurred or made hereunder by Secured Party; (ii) Second, to the payment to Secured Party (ratably, to each entity constituting the "Secured Party") of the amount then owing or unpaid to Secured Party (to be applied first to accrued interest and second to outstanding principal); (iii) Third, to the payment of other amounts then payable to Secured Party under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.