Common use of Application of Proceeds; Deficiency Clause in Contracts

Application of Proceeds; Deficiency. All amounts deposited in the Collection Account shall be deemed received by the Collateral Agent in accordance with Section 2.19 of the Credit Agreement and shall, after having been credited in immediately available funds to the Collection Account, be applied (and allocated) by Collateral Agent in accordance with Section 2.11(b) of the Credit Agreement; provided that, so long as no Triggering Event has occurred and is continuing, collections which are received into the Collection Account shall be deposited into the Borrowers' Funding Account (as defined in the Credit Agreement) rather than being used to reduce amounts owing under the Credit Agreement. Any such proceeds of the Collateral shall be applied in the order set forth in Section 2.19 of the Credit Agreement unless a court of competent jurisdiction shall otherwise direct. The balance, if any, after all of the Secured Obligations have been satisfied, shall be deposited by the Collateral Agent into the Borrowers' general operating account with the Collateral Agent. The Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Secured Obligations, including any reasonable attorneys' fees and other out-of-pocket expenses incurred by Collateral Agent or any Secured Party to collect such deficiency.

Application of Proceeds; Deficiency. All amounts deposited in the Collateral Account and Collection Account Accounts shall be deemed received by the Collateral Agent in accordance with Section 2.19 8.03 of the Credit Agreement and shall, after having been credited in immediately available funds to the applicable Collateral Account or Collection Account, as applicable, be applied (and allocated) subject to the Intercreditor Agreement, by the Collateral Agent in accordance with Section 2.11(b2.13(b) of the Credit Agreement; provided that, so long as no Triggering Event Cash Dominion Period has occurred and is continuing, collections which are received into the Collateral Account or the Collection Account shall be deposited into an account designated by the Borrowers' Funding Account (as defined in the Credit Agreement) Borrower rather than being used to reduce amounts owing under the Credit Agreement. Any such proceeds of No Grantor shall have any control whatsoever over the Collateral shall be applied in Accounts or the order set forth in Section 2.19 of the Credit Agreement unless a court of competent jurisdiction shall otherwise directCollection Account. The balance, if any, after all of the Secured Obligations have been satisfied, shall be deposited by the Collateral Agent into the Borrowers' Borrower’s general operating account with the Collateral AgentAgent or such other account designated by the Borrower. The Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Secured Obligations, including any reasonable attorneys' ’ fees and other out-of-pocket expenses incurred by Collateral Agent or any Secured Party to collect such deficiency.