Common use of Application of Proceeds; Deficiency Clause in Contracts

Application of Proceeds; Deficiency. All amounts deposited in the Dominion Account shall be deemed received by the Administrative Agent in accordance with Section 2.15 and shall, after having been credited to the appropriate Dominion Account, be applied (and allocated) by Administrative Agent in accordance with Section 2.15. The Administrative Agent shall require all other cash proceeds of the Collateral, which are not required to be applied to the Pre-Petition Obligations and the Obligations pursuant to Section 2.07 of this Agreement, to be deposited in the Dominion Account. No Loan Party shall have any control whatsoever over the Dominion Account. Any such proceeds of the Collateral shall be applied in the order set forth in Section 2.15 of this 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 Administrative Agent into such Loan Party’s general operating account with the Administrative Agent. The Loan Parties shall remain liable, jointly and severally, for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Secured Obligations, including any attorneys’ fees and other expenses incurred by Administrative Agent or any other Secured Party to collect such deficiency.

Application of Proceeds; Deficiency. All amounts deposited in the Dominion Collection Account shall be deemed received by the Administrative Agent in accordance with Section 2.15 2.12 of the Credit Agreement and shall, after having been credited to the appropriate Dominion Collection Account, be applied (and allocated) by Administrative Agent in accordance with Section 2.152.07 of the Credit Agreement. The Administrative Agent shall require all other cash proceeds of the Collateral, which are not required to be applied to the Pre-Petition Obligations and the Obligations pursuant to Section 2.07 Sections 2.06 of this the Credit Agreement, to be deposited in a special non-interest bearing cash collateral account and held there as security for the Dominion AccountSecured Obligations. No Loan Party Grantor shall have any control whatsoever over the Dominion Accountsaid cash collateral account. Any such proceeds of the Collateral shall be applied in the order set forth in Section 2.15 2.06 of this 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 Administrative Agent into such Loan Party’s the Borrowers’ general operating account with the Administrative Agentaccount. The Loan Parties Grantors shall remain liable, jointly and severally, 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 expenses incurred by Administrative Agent or any other Secured Party Lender to collect such deficiency.