Common use of Application of Proceeds; Deficiency Clause in Contracts

Application of Proceeds; Deficiency. At any time that an Event of Default has occurred and is continuing the Administrative Agent may require all cash proceeds of the Collateral, to be deposited in a special non-interest bearing cash collateral account with the Administrative Agent and held there as security for the Secured Obligations. No Grantor shall have any control whatsoever over said cash collateral account. Any such proceeds of the Collateral received when an Event of Default exists shall be applied, subject to the Intercreditor Agreement, in the order set forth in Section 2.18 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 Administrative Agent into the Company's general operating account with the Administrative Agent or as a court of competent jurisdiction shall otherwise direct. 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 attorneys' fees and other expenses incurred by Administrative Agent or any Lender to collect such deficiency.

Application of Proceeds; Deficiency. At The Lender may require, at any time that after the occurrence of an Event of Default has occurred and is continuing the Administrative Agent may require Default, that all cash proceeds of the Collateral, Collateral which are not required to be applied to the Obligations pursuant to Section 2.10 of the Credit Agreement be deposited in a special non-interest bearing cash collateral account with the Administrative Agent Lender and held there as security for the Secured Obligations. No The Grantor shall have any no control whatsoever over said cash collateral account. Any such proceeds of the Collateral received when an Event of Default exists shall be applied, subject to the Intercreditor Agreement, applied in the order set forth in Section 2.18 2.17 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 Administrative Agent Lender into the Company's Grantor’s general operating account with the Administrative Agent or as a court of competent jurisdiction shall otherwise directLender. The Grantors Grantor 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 attorneys' ’ fees and other expenses incurred by Administrative Agent the Lender or any Lender to collect such deficiency.