Common use of Application of Collateral Clause in Contracts

Application of Collateral. Proceeds from the sale of the Collateral or any part thereof shall be applied by the MSO in the following order: A. To the payment of the costs and expenses of collection incurred by the MSO, including, without limitation, attorneys' fees and all other reasonable expenses, liabilities and costs incurred by the MSO in connection therewith; B. To the payment of the whole amount then owing and unpaid for advances and/or Management Fees; C. To the payment in full of all other Obligations of the New PC under the Agreement; and D. To the payment to the New PC of any surplus then remaining from such proceeds.

Application of Collateral. Proceeds from the sale of the Collateral or any part thereof shall be applied by the MSO in the following order: A. To the payment of the costs and expenses of collection incurred by the MSO, including, without limitation, attorneys' fees and all other reasonable expenses, liabilities and costs incurred by the MSO in connection therewith; B. To the payment of the whole amount then owing and unpaid for advances and/or Management Fees; C. To the payment in full of all other Obligations of the New PC under the Agreement; and D. To the payment to the New PC of any surplus then remaining from such proceeds.