Application of Proceeds from Collateral. As to each Borrower, all proceeds received by the Administrative Agent from the sale or disposition of any of the Direct Collateral furnished by such Borrower pursuant to this Agreement or Indirect Collateral furnished by Guarantor pursuant to the Guaranty shall be applied by the Administrative Agent in the following order after receipt thereof:
Appears in 2 contracts
Sources: Credit Agreement (Hilbert Stephen C), Credit Agreement (Hilbert Stephen C)
Application of Proceeds from Collateral. As to each Borrower, all proceeds received by the Administrative Agent from the sale or disposition of any of the Direct Collateral furnished by such Borrower pursuant to this Agreement or Indirect Collateral furnished by Guarantor pursuant to the Restated Guaranty shall be applied by the Administrative Agent in the following order after receipt thereof:
Appears in 1 contract
Sources: Credit Agreement (Hilbert Stephen C)