Common use of Application of Proceeds by Security Agent Clause in Contracts

Application of Proceeds by Security Agent. Subject to the claims of secured creditors ranking in priority to this Agreement, all monies arising from any enforcement hereof including the sale of the Collateral, together with any other monies then or thereafter in the hands of the Security Agent available for that purpose, will be applied by the Security Agent as follows: (a) first, to pay and discharge all rents, taxes, insurance premiums and other charges affecting the Collateral; (b) second, to the costs of sale or lease and taking possession, including the remuneration of the Receiver, if applicable; (c) third, in payment or reimbursement to the Security Agent of the remuneration, expenses, disbursements and advances of the Security Agent earned, incurred or made in the administration or execution of its powers and duties hereunder or otherwise in relation to this Agreement with interest thereon as herein provided; (d) fourth, to pay all amounts required to keep in good standing all liens and charges on the Collateral prior to the security interests hereby created; (e) fifth, in or towards payment of the Principal Amount and accrued and unpaid interest thereon, and interest on amounts in default under the Notes which are then outstanding, and all other monies owing hereunder in that order of priority; and (f) the balance, if any, to the Company. If the proceeds of a sale of the Collateral by the Security Agent under Section 9.7(b) are insufficient to fully pay the balance owing to the Holders under the Notes, the Company will forthwith pay to the Security Agent the deficiency.

Application of Proceeds by Security Agent. Subject to the claims of secured creditors ranking in priority to this Agreement, all monies arising from any enforcement hereof including the sale of the Collateral, together with any other monies then or thereafter in the hands of the Security Agent available for that purpose, will be applied by the Security Agent as follows: (a) first, to pay and discharge all rents, taxes, insurance premiums and other charges affecting the Collateral;Collateral;‌ (b) second, to the costs of sale or lease and taking possession, including the remuneration of the Receiver, if applicable; (c) third, in payment or reimbursement to the Security Agent of the remuneration, expenses, disbursements and advances of the Security Agent earned, incurred or made in the administration or execution of its powers and duties hereunder or otherwise in relation to this Agreement with interest thereon as herein provided; (d) fourth, to pay all amounts required to keep in good standing all liens and charges on the Collateral prior to the security interests hereby created;created;‌ (e) fifth, in or towards payment of the Principal Amount and accrued and unpaid interest thereon, and interest on amounts in default under the Notes which are then outstanding, and all other monies owing hereunder in that order of priority; andand‌ (f) the balance, if any, to the Company. If the proceeds of a sale of the Collateral by the Security Agent under Section 9.7(b) are insufficient to fully pay the balance owing to the Holders under the Notes, the Company will forthwith pay to the Security Agent the deficiency.