Common use of Payments After an Event of Default Clause in Contracts

Payments After an Event of Default. All payments received and amounts realized by Secured Party pursuant to Section 9, including all such payments and amounts received after the entire unpaid principal and interest amount of the Bridge Note has been declared due and payable, as well as all payments or amounts then held or thereafter received by Secured Party as part of the Collateral while an Event of Default shall be continuing, shall be promptly applied and distributed by Secured Party in the following order of priority: (a) first, to the payment of all costs and expenses, including reasonable legal expenses and attorneys’ fees for one counsel in each jurisdiction in which counsel may be required, incurred or made hereunder or under the Bridge Note by Secured Party, whether or not constituting Obligations, including, without limitation, any such costs and expenses of foreclosure or suit, if any, and of any sale or the exercise of any other remedy under Section 9, and of all taxes, assessments or liens superior to the lien granted under this Agreement, except any taxes, assessments or other superior lien subject to which any said sale under Section 9 hereof may have been made; and (b) second, to the payment to Secured Party of the amount then owing or unpaid on the Bridge Note; and (c) third, to the payment of the balance or surplus, if any, to Debtor, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Payments After an Event of Default. All payments received and amounts realized by Secured Party the Holder pursuant to Section 9, including all such payments and amounts received after the entire unpaid principal and interest amount of the Bridge Note has been declared due and payable, as well as all payments or amounts then held or thereafter received by Secured Party the Holder as part of the Collateral while an Event of Default shall be continuing, shall be promptly applied and distributed by Secured Party the Holder in the following order of priority: (a) first, to the payment of all costs and expenses, including reasonable legal expenses and attorneys’ fees for one counsel in each jurisdiction in which counsel may be required, incurred or made hereunder or under the Bridge Note by Secured Partythe Holder, whether or not constituting Obligations, including, without limitation, any such costs and expenses of foreclosure or suit, if any, and of any sale or the exercise of any other remedy under Section 9, and of all taxes, assessments or liens superior to the lien granted under this Agreement, except any taxes, assessments or other superior lien subject to which any said sale under Section 9 hereof may have been made; and (b) second, to the payment to Secured Party the Holder of the amount then owing or unpaid on the Bridge Note; and (c) third, to the payment of the balance or surplus, if any, to Debtorthe Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Payments After an Event of Default. All payments received and amounts realized by the Secured Party pursuant to Section 98, including all such payments and amounts received after the entire unpaid principal of, and interest amount of on, the Bridge Note has been declared due and payable, as well as all payments or amounts then held or thereafter received by the Secured Party as part of the Collateral while an Event of Default shall be continuing, shall be promptly applied and distributed by to the Secured Party in the following order of priority: (a) first, to the payment of all reasonable costs and expenses, including reasonable legal expenses and attorneys’ fees for one counsel in each jurisdiction in which counsel may be requiredand expenses, incurred or made hereunder or under by the Bridge Note by Secured Party, whether or not constituting Obligations, including, without limitation, including any such costs and expenses of foreclosure or suit, if any, and of any sale or the exercise of any other remedy under Section 98, and of all taxes, assessments assessments, or liens superior to the lien granted under this Agreement, except any taxes, assessments assessments, or other superior lien subject to which any said sale under Section 9 hereof 8 may have been made; and (b) second, to the payment to the Secured Party of the amount then owing or unpaid on the Bridge Note, with application on the Note to be made first to the unpaid interest thereon (if any), and second, to the unpaid principal thereof, such application to be made upon presentation of the Note and the notation thereon of the payment, if partially paid, or the surrender and cancellation thereof, if fully paid shall be made; and (c) third, to the payment of the balance or surplus, if any, to Debtorthe Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.

Payments After an Event of Default. All payments received and amounts realized by Secured Party the Holder pursuant to Section 9, including all such payments and amounts received after the entire unpaid principal and interest amount of the Bridge Convertible Note has been declared due and payable, as well as all payments or amounts then held or thereafter received by Secured Party the Holder as part of the Collateral while an Event of Default shall be continuing, shall be promptly applied and distributed by Secured Party the Holder in the following order of priority: (a) first, to the payment of all costs and expenses, including reasonable legal expenses and attorneys’ fees for one counsel in each jurisdiction in which counsel may be required, incurred or made hereunder or under the Bridge Convertible Note by Secured Partythe Holder, whether or not constituting Obligations, including, without limitation, any such costs and expenses of foreclosure or suit, if any, and of any sale or the exercise of any other remedy under Section 9, and of all taxes, assessments or liens superior to the lien granted under this Agreement, except any taxes, assessments or other superior lien subject to which any said sale under Section 9 hereof may have been made; and (b) second, to the payment to Secured Party the Holder of the amount then owing or unpaid on the Bridge Convertible Note; and (c) third, to the payment of the balance or surplus, if any, to Debtorthe Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same.