Common use of Application of Enforcement Proceeds Clause in Contracts

Application of Enforcement Proceeds. (a) Proceeds on deposit in, or credited to, the General Enforcement Proceeds Sub-Account shall be applied as promptly as practicable by the Collateral Agent at the direction of the Required Creditors (acting through the Intercreditor Agent), in the following order of priority: first, pro rata to the payment of the Applicable Portion of all reasonable fees, costs and expenses hereunder and under any of the other Financing Documents (including legal fees and expenses) and other similar amounts owed to the Collateral Agent, the Depository Bank and the Mortgage Trustees in connection with the execution and administration of its duties hereunder or under any other Financing Document to which it is a party and the taking of any Enforcement Action; second, pro rata to the payment of the Applicable Portion of all reasonable fees, costs, expenses (including legal fees and expenses) and any other amounts payable to the other Agents in connection with such Agent’s execution and administration of its duties hereunder or under any other Financing Document to which it is a party and the taking of any Enforcement Action; third, pro rata to the payment of all Secured Obligations to each Representative Agent for further application by such Representative Agent to its Related Creditors in accordance with the terms of the relevant Financing Documents; and

Application of Enforcement Proceeds. (a) Proceeds on deposit in, or credited to, the General Enforcement Proceeds Sub-Account shall be applied as promptly as practicable by the Collateral Agent at the direction of the Required Creditors (acting through the Intercreditor Agent)Lenders, in the following order of priority: first, pro rata to the payment of the Applicable Portion of all reasonable fees, costs and expenses hereunder and under any of the other Financing Documents Mortgages (including legal fees and expenses) and other similar amounts owed to the Collateral Agent, the Depository Bank Agent and the Mortgage Trustees in connection with the execution and administration of its their respective duties hereunder or under any other Financing Document to which it is a party Mortgages and the taking of any Enforcement Action; second, pro rata to the payment of the Applicable Portion of all reasonable fees, costs, expenses (including legal fees and expenses) and any other amounts payable to the other Agents Administrative Agent in connection with such the Administrative Agent’s execution and administration of its duties hereunder or under any other Financing Document to which it is a party and the taking of any Enforcement Action; third, pro rata to the payment of all Secured Obligations to each Representative the Administrative Agent for further application by such Representative Agent to its Related Creditors in accordance with the terms of the relevant Financing DocumentsCredit Agreement; andand fourth, after payment in full of the Secured Obligations, to the payment of the remainder, if any, to the Grantor, its successors or assigns, or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct.

Application of Enforcement Proceeds. (a) Proceeds on deposit in, or credited to, the General Enforcement Proceeds Sub-Account shall be applied as promptly as practicable by the Collateral Agent at the direction of the Required Creditors (acting through the Intercreditor Agent), in the following order of priority: first, pro rata to the payment of the Applicable Portion of all reasonable fees, costs and expenses hereunder and under any of the other Financing Documents (including legal fees and expenses) and other similar amounts owed to the Collateral Agent, the Depository Bank and the Mortgage Trustees in connection with the execution and administration of its duties hereunder or under any other Financing Document to which it is a party and the taking of any Enforcement Action; second, pro rata to the payment of the Applicable Portion of all reasonable fees, costs, expenses (including legal fees and expenses) and any other amounts payable to the other Agents in connection with such Agent’s 's execution and administration of its duties hereunder or under any other Financing Document to which it is a party and the taking of any Enforcement Action; third, pro rata to the payment of all outstanding New Money Obligations; fourth, pro rata to the payment of all remaining Secured Obligations Obligations; fifth, pro rata to each Representative Agent for further application by such Representative Agent make a deposit into the Cash Collateral Account (Refinancing Lenders) in an aggregate amount equal to its Related Creditors the Refinancing L/C Commitment; and sixth, after the payment in accordance with the terms full of the relevant Financing Documents; andSecured Obligations, to the payment of the remainder, if any, to the Company or its successor, or as a court of competent jurisdiction may otherwise direct.