Common use of Distribution of Collateral Proceeds Clause in Contracts

Distribution of Collateral Proceeds. In the event that, following the occurrence and during the continuance of any Event of Default, the Purchaser receives any monies 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: (i) first, to the Obligations in such order or preference as the Purchaser may determine; (ii) second, upon payment and satisfaction in full or other provisions for payment in full satisfaction of all of the Obligations, to the payment of any obligations required to be paid pursuant to §9-615 of the UCC; and then (c) third, the excess, if any, shall be returned to the applicable Company or to such other Persons as are entitled thereto.

Distribution of Collateral Proceeds. In the event that, following the occurrence and or during the continuance of any Event of Default, the Purchaser Lender receives any monies 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: (ia) first, to the Obligations in such order or preference as the Purchaser Lender may determine; (iib) second, upon payment and satisfaction in full or other provisions for payment in full satisfaction satisfactory to the Lender of all of the Obligations, to the payment of any obligations required to be paid pursuant to §Section 9-615 504(l)(c) of the UCC; and then (c) third, the excess, if any, shall be returned to the applicable Company Borrowers or to such other Persons as are entitled thereto.

Distribution of Collateral Proceeds. In the event that, following the occurrence and or during the continuance of any Event of Default, the Purchaser Lender receives any monies 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: (ia) first, to the Obligations (including accrued Default Interest, if any) in such order or preference as the Purchaser Lender may determine; (iib) second, upon payment and satisfaction in full or other provisions for payment in full satisfaction satisfactory of all of the Obligations, to the payment of any obligations required to be paid pursuant to §9-615 of the UCC; and then (c) third, the excess, if any, shall be returned to the applicable Company Borrowers or to such other Persons as are entitled thereto.