Sharing of Collateral. Upon the occurrence of any Event of Default and if the Collateral Agent proceeds to exercise any rights with respect to the Collateral, the Lenders shall share the Collateral and the proceeds of such Collateral in accordance with each Lender’s applicable Pro Rata Share, without priority of one over the other.
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Sources: Senior Secured Term Loan Agreement (Nauticus Robotics, Inc.), Senior Secured Term Loan Agreement (Nauticus Robotics, Inc.)
Sharing of Collateral. Upon the occurrence of any Event of Default and if the Collateral Agent proceeds to exercise any rights with respect to the Collateral, the Lenders Purchasers shall share the Collateral and the proceeds of such Collateral in accordance with each Lender’s applicable their Pro Rata ShareShares, without priority of one over the other. As used herein “Collateral” means the assets and property of each Note Party pledged or over which a Lien has been granted or required to be granted to secure all or any of the Obligations.
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