Common use of Application of Payments and Proceeds Upon Default Clause in Contracts

Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, each Collateral Agent shall have the right to apply in any order any funds in its possession, whether payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations, for the ratable benefit of Secured Parties. Collateral Agents shall pay any surplus to Borrowers by credit to the Deposit Account designated by ▇▇▇▇▇▇▇▇▇ or as directed by a court of competent jurisdiction. Borrowers shall remain liable to each Collateral Agent and Lenders for any deficiency. If a Collateral Agent, as directed by Administrative Agent in Administrative Agent’s good faith business judgment, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, such Collateral Agent may, at the direction of Administrative Agent, either reduce the Obligations by the principal amount of the purchase price or defer the reduction of the Obligations until the actual receipt by such Collateral Agent of cash or immediately available funds therefor.

Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, each Collateral Agent Trustee shall have the right to apply in any order any funds in its possession, whether payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations, for the ratable benefit of Secured Parties. Collateral Agents Trustee shall pay any surplus to Borrowers by credit to the Deposit Account designated by ▇▇▇▇▇▇▇▇▇ or as directed by a court of competent jurisdiction. Borrowers shall remain liable to each Collateral Agent Trustee and Lenders for any deficiency. If a Collateral AgentTrustee, as directed by Administrative Agent in Administrative Agent’s good faith business judgment, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, such Collateral Agent Trustee may, at the direction of Administrative Agent, either reduce the Obligations by the principal amount of the purchase price or defer the reduction of the Obligations until the actual receipt by such Collateral Agent Trustee of cash or immediately available funds therefor.

Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, each Collateral Agent Trustee shall have the right to apply in any order any funds in its possession, whether payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations, for the ratable benefit of the Secured Parties. Collateral Agents Trustee shall pay any surplus to Borrowers by credit to the Deposit Account designated by ▇▇▇▇▇▇▇▇▇ or as directed by a court of competent jurisdiction. Borrowers shall remain liable to each Collateral Agent Trustee and Lenders for any deficiency. If a Collateral AgentTrustee, as directed by Administrative Agent in Administrative Agent’s good faith business judgment, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, such Collateral Agent Trustee may, at the direction of Administrative Agent, either reduce the Obligations by the principal amount of the purchase price or defer the reduction of the Obligations until the actual receipt by such Collateral Agent Trustee of cash or immediately available funds therefor.

Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, each Collateral Agent Trustee shall have the right to apply in any order any funds in its possession, whether payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations, for the ratable benefit of Secured LendersSecured Parties. Collateral Agents Trustee shall pay any surplus to Borrowers by credit to the Deposit Account designated by ▇▇▇▇▇▇▇▇▇ or as directed by a court of competent jurisdiction. Borrowers shall remain liable to each Collateral Agent Trustee and Lenders for any deficiency. If a Collateral AgentTrustee, as directed by Administrative Agent in Administrative Agent’s good faith business judgment, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, such Collateral Agent Trustee may, at the direction of Administrative Agent, either reduce the Obligations by the principal amount of the purchase price or defer the reduction of the Obligations until the actual receipt by such Collateral Agent Trustee of cash or immediately available funds therefor.

Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, each Collateral Agent Trustee shall have the right to apply in any order any funds in its possession, whether payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations, for the ratable benefit of the Secured Parties. Collateral Agents Trustee shall pay any surplus to Borrowers by credit to the Deposit Account designated by ▇B▇▇▇▇▇▇▇▇ or as directed by a court of competent jurisdiction. Borrowers shall remain liable to each Collateral Agent Trustee and Lenders for any deficiency. If a Collateral AgentTrustee, as directed by Administrative Agent in Administrative Agent’s good faith business judgment, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, such Collateral Agent Trustee may, at the direction of Administrative Agent, either reduce the Obligations by the principal amount of the purchase price or defer the reduction of the Obligations until the actual receipt by such Collateral Agent Trustee of cash or immediately available funds therefor.