Common use of Deficiency Clause in Contracts

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 18 contracts

Sources: Security and Pledge Agreement (Duluth Holdings Inc.), Security and Pledge Agreement, Security and Pledge Agreement (I3 Verticals, Inc.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Lenders are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the ABR Default Rate, together with the costs of collection and the fees, charges and disbursements reasonable fees of counselany attorneys employed by the Administrative Agent to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 7 contracts

Sources: Credit Agreement (Nci Building Systems Inc), Security Agreement (Red Robin Gourmet Burgers Inc), Security Agreement (Red Robin Gourmet Burgers Inc)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Obligors Grantors shall be jointly and severally liable for the deficiencydeficiency (subject to Section 23 hereof), together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counselAttorney Costs. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 3 contracts

Sources: Domestic Security Agreement (GFI Group Inc.), Domestic Security Agreement (GFI Group Inc.), Security Agreement (GFI Group Inc.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Parties are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 2 contracts

Sources: Security and Pledge Agreement (Lydall Inc /De/), Security and Pledge Agreement (AeroVironment Inc)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Lenders are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements reasonable fees of counselany attorneys employed by the Administrative Agent to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 2 contracts

Sources: Security and Pledge Agreement (Inamed Corp), Credit Agreement (Sierra Health Services Inc)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Parties are legally entitled, the Obligors Grantors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counselcounsel as provided in the Loan Documents. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 2 contracts

Sources: Credit Agreement (Mohawk Industries Inc), Credit Agreement (Mohawk Industries Inc)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the reasonable fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 2 contracts

Sources: Security and Pledge Agreement (I3 Verticals, Inc.), Security and Pledge Agreement (I3 Verticals, Inc.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Parties are legally entitled, the Obligors Grantors shall be jointly and severally liable for the deficiencydeficiency (subject to Section 23 hereof), together with interest thereon at the Default Rate, together with the costs of collection and the reasonable fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 2 contracts

Sources: Security Agreement (Dermira, Inc.), Security Agreement (Kala Pharmaceuticals, Inc.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Parties are legally entitled, the Obligors Grantors shall be jointly and severally liable for the deficiencydeficiency (subject to Section 23 hereof), together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 2 contracts

Sources: Security Agreement (Amedisys Inc), Security Agreement (Amedisys Inc)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Creditors are legally entitled, the Obligors Grantors shall be jointly and severally liable for the deficiencydeficiency (subject to Section 22 hereof), together with interest thereon at the Default RateInterest rate, together with the costs of collection and the fees, charges attorneys’ fees and disbursements of counselexpenses. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Security Agreement (Ruby Tuesday Inc)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Lenders are legally entitled, the Obligors Debtor shall be jointly and severally liable for the deficiency, together with daily interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements reasonable fees of counselany attorneys employed by the Administrative Agent to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Debtor or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Master Financing Agreement (Zap)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the other Secured Obligations Parties are legally entitled, the Obligors Debtors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counselcounsel as provided in the Loan Documents. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Debtors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Security and Guaranty Agreement (FXCM Inc.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Lenders are legally entitled, or entitled to hereunder or under any other Financing Document, the Obligors Grantors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Security and Pledge Agreement (Pernix Therapeutics Holdings, Inc.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent Collateral Trustee or the holders of the Parity Lien Secured Obligations Parties are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Parity Lien Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Collateral Trust Agreement and Security and Pledge Agreement (Calumet Specialty Products Partners, L.P.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Security and Pledge Agreement (Ciber Inc)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Obligors Grantors shall be jointly and severally liable for the deficiencydeficiency (subject to Section 22 hereof), together with interest thereon at the Default Rate, together with the costs of collection and the reasonable attorneys' fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Credit Agreement (North American Pipe Corp)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the reasonable, documented fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Security and Pledge Agreement (Natural Grocers by Vitamin Cottage, Inc.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the reasonable costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Security and Pledge Agreement (PRGX Global, Inc.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.entitled

Appears in 1 contract

Sources: Security and Pledge Agreement (Acadia Healthcare Company, Inc.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Lenders are legally entitled, the Obligors Debtors shall be jointly and severally liable for the deficiency, together with daily interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements reasonable fees of counselany attorneys employed by the Administrative Agent to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Debtors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Master Financing Agreement (Zap)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Lenders are legally entitled, the Obligors Obligor shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, default rate specified in Section 2.4 of the Term Loan Agreement together with the costs of collection and the fees, charges and disbursements reasonable fees of counselany attorneys employed by the Agent to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Obligor or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Guaranty and Security Agreement (Infocrossing Inc)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Parties are legally entitled, the Obligors Grantors shall be jointly and severally liable for the deficiencydeficiency (subject to Section 22 hereof), together with interest thereon at the Default Rate, together with the costs of collection and the reasonable fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Security Agreement (RedHill Biopharma Ltd.)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations Parties are legally entitled, or entitled to hereunder or under any other Loan Document, the Obligors Grantors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Security and Pledge Agreement (Abovenet Inc)

Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent Lender or the holders of the Secured Obligations are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto.

Appears in 1 contract

Sources: Security and Pledge Agreement (Omega Protein Corp)