Common use of Application of Proceeds; Deficiency Clause in Contracts

Application of Proceeds; Deficiency. a. The Holder shall apply the net proceeds of any such collection, realization or sale, after deducting all reasonable costs and expenses of every kind incurred thereinor incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Holder hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Secured Obligations pro rata in proportion to the amounts owed to each of the holders, and only after such application and after the payment by the Holder of any other amount required by any provision of law, need the Holder account for the surplus, if any, to the Debtor. b. The Debtor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Secured Obligations and the reasonable fees and disbursements of any attorneys employed by the Holder to collect such deficiency.

Application of Proceeds; Deficiency. a. The Holder (i) Subject to the prior rights of the Senior Lenders, Agent shall apply the net proceeds of any such collection, realization or sale, after deducting all reasonable costs and expenses of every kind incurred thereinor therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Holder Agent hereunder, including, without limitation, first, to the Agent’s reasonable attorneys’ fees and disbursements, then, to the payment in whole or in part to the Lenders of the Secured Obligations on a pro rata in proportion to the amounts owed to each of the holdersbasis, and then, only after such application and after the payment by the Holder Agent of any other amount required by any provision of law, need the Holder Agent account for the surplus, if any, to the DebtorBorrower. b. The Debtor (ii) Borrowers shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Secured Obligations and the reasonable fees and disbursements of any attorneys employed by the Holder Agent to collect such deficiency.

Application of Proceeds; Deficiency. a. The Holder Collateral Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred thereinor therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Holder Collateral Agent hereunder, including, without limitation, reasonable attorneys’ ' fees and disbursements, to the payment in whole or in part of the Secured Obligations pro rata in proportion to the amounts owed to each of the holdersObligations, and only after such application and after the payment by the Holder Collateral Agent of any other amount required by any provision of law, need the Holder Collateral Agent account for the surplus, if any, to the Debtor. b. The Debtor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Secured Obligations and the reasonable fees and disbursements of any attorneys employed by the Holder Collateral Agent to collect such deficiency.