Common use of Priority of Distribution Clause in Contracts

Priority of Distribution. If an Event of Default shall have occurred and be continuing, the proceeds of any sale of, or other realization upon, all or any part of the Collateral and any cash held in the Collateral Accounts shall be applied by the Collateral Agent in accordance with Section 5.5 of the Credit Agreement, and then to payment to the Assignors or their successors or assigns or as a court of competent jurisdiction may direct, or any surplus then remaining from such proceeds. The Collateral Agent may make distribution hereunder in cash or in kind or, on a ratable basis in any combination thereof.

Priority of Distribution. If an Event of Default shall have occurred ------------------------- and be continuing, the proceeds of any sale of, or other realization upon, all or any part of the Collateral and any cash held in the Collateral Accounts shall be applied by the Collateral Agent in accordance with Section 5.5 of the Credit Agreement, and then to payment to the Assignors or their successors or assigns or as a court of competent jurisdiction may direct, or any surplus then remaining from such proceeds. The Collateral Agent may make distribution hereunder in cash or in kind or, on a ratable basis in any combination thereof.