Distribution of Collateral Clause Samples

Distribution of Collateral. (a) Distribution of collateral consists of: (i) satisfaction of Lender by the Collateral used for repayment; (ii) returning any remaining Collateral to Borrower, as stipulated in this Article (5.3). (b) For the purposes of this Article (5.3) liquidation value of Collateral or any portion thereof shall be calculated as = Liquidation LTV * Collateral Market Value (or respective portion thereof) as of the moment Collateral will be sent from the last of the Collateral holding addresses to the Default address (as defined in the Collateral escrow rules). Parties acknowledge and agree that discount (of 100 – Liquidation LTV %) vis-à-vis Collateral Market Value represents a reasonable and fair valuation of, and compensation of the Lender for, risks, uncertainties and estimated costs associated with the repayment of debt by collateral. (c) Upon the moment Collateral is credited from the last of Collateral holding addresses to the Default address (as defined in the Collateral escrow rules), Collateral will be automatically used as follows: (i) firstly, part of Collateral with liquidation value equal to the Amount due owing for the repayment of the Amount due owing; (ii) secondly, part of Collateral with liquidation value equal to the amount of default interest owing under Clause 5.1(b)(ii)(B) for the satisfaction of default interest owing under Clause 5.1(b)(ii)(B) (portion of Collateral according to this Clause (5.3(c)) hereinafter referred to as the “Collateral used for repayment”). (d) For the avoidance of doubt, it shall be deemed that respective obligations of Borrower were satisfied, instead of provision of monetary performance, by a provision of Collateral used for repayment (performance in-kind) [Article 3.8]. (e) Lender shall return all the remaining collateral [= Collateral credited from all of the Collateral holding addresses to the Default address (as defined in the Collateral escrow rules) - Collateral used for repayment], if any, to Borrower by a transfer to the Borrower's Bitcoin address (as defined in the Collateral escrow rules). Parties acknowledge and agree that returning under this Clause (5.3(e)) shall be executed through, and under conditions (including, but not limited to transfer fees deduction) laid-down in the applicable Platform's rules for, the “Distribution escrow”. (f) Should the Collateral, for whatever reasons, stay on the Collateral holding addresses despite all the conditions for signing the “Transaction_default” as stipulated by Co...

Distribution of Collateral. Upon enforcement of this Security Agreement following the occurrence of an Event of Default, the proceeds of the Collateral shall be applied as provided in the Loan Agreement.

Distribution of Collateral. Upon enforcement of this Agreement following the occurrence of an Event of Default, the proceeds of the Collateral shall be applied as received from time to time by the Secured Party as follows:

Distribution of Collateral. Subject to Section 5.09 of the Pledge and Security Agreement, each amount collected or otherwise realized by the Administrative Agent in respect of the Collateral while an Event of Default has occurred and is continuing shall be allocated and paid over to (i) the Revolving Credit Lenders, the Swingline Lender and the LC Bank and (ii) the Term Loan Lenders in respect of the Secured Obligations due and owing (including provision of cover for LC Exposure) to them pro rata in accordance with the Revolving Credit Exposure (or, if the Revolving Credit Commitments have not been terminated, the Revolving Credit Commitments) and the aggregate principal amount of the Term Loans, respectively.

Distribution of Collateral. (a) Securities Intermediary shall only deliver Pledged Shares (or Cash Collateral, to the extent applicable) to Pledgor in the circumstances contemplated by Section 4.05, 4.06 or 4.16 of the PSA following delivery of Written Instructions substantially in the form of the Written Instructions contemplated by Exhibit B or C of the PSA (in the circumstances contemplated by Section 4.05 and 4.06 of the PSA, respectively) or a written notice from the Pledgor notifying the termination of the PSA delivered two years after the date of the Closing under and as defined in the stock purchase agreement dated as of the date hereof between the Secured Parties and an affiliate of the Pledgor (in the circumstances contemplated by Section 4.16 of the PSA), unless at or prior to such time a Notice of Exclusive Control or any Hold Notice has been delivered and continues to be in effect, in which case the Securities Intermediary shall not comply with the Written Instructions of the Pledgor except as to any undisputed portion of the Collateral as described in the relevant Hold Notice. (b) If a Notice of Exclusive Control has been delivered to Securities Intermediary and is in effect, upon delivery of a Withdrawal Notice to Securities Intermediary by the Secured Parties, Securities Intermediary shall deliver the Collateral to the Secured Parties in accordance with such Withdrawal Notice. Subject to the foregoing sentence, if a Hold Notice has been delivered to Securities Intermediary and is in effect, upon Securities Intermediary shall deliver the Collateral only as specified in such Hold Notice as being agreed between the Secured Parties and the Pledgor. (c) If the Collateral is disbursed in accordance with a court or arbitral order, Pledgor and the Secured Parties shall jointly represent to Securities Intermediary that such court order is final and non-appealable or otherwise binding on the Pledgor and Secured Parties in accordance with the PSA. (d) Upon the termination of this Agreement in accordance with Section 14, Securities Intermediary shall deliver the Collateral to Pledgor in accordance with the Pledgor Instructions.

Distribution of Collateral. ProceedsIn the event that, following the occurrence or during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of, the Agent for or in respect of all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Agent to protect or preserve the collateral or in connection with the collection of such monies by the Agent, for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent under this Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent to such monies; (b) Second, to all other Obligations in such order or preference as the Majority Banks shall determine; provided, however, that (i) distributions in respect of such Obligations shall be made pari passu among Obligations with respect to the Agent's fee payable pursuant to Section 4.3 and all other Obligations, (ii) in the event that any Bank shall have wrongfully failed or refused to make an advance under Section 2.6 or Section 2.7(f) and such failure or refusal shall be continuing, advances made by other Banks during the pendency of such failure or refusal shall be entitled to be repaid as to principal and accrued interest in priority to the other Obligations described in this subsection (b), (iii) Obligations owing to the Banks with respect to each type of Obligation such as interest, principal, fees and expenses, shall be made among the Banks pro rata, and (iv) amounts received or realized from the Borrower shall be applied against the Obligations of the Borrower; and provided, further that the Majority Banks may in their discretion make proper allowance to take into account any Obligations not then due and payable; and (c) Third, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.