Common use of Pro Rata Sharing Clause in Contracts

Pro Rata Sharing. If, through the operation of any Bankruptcy Law or otherwise, the Collateral Trustee’s security interest hereunder and under the Trust Security Documents is enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Trustee shall to the extent permitted by Applicable Law, nonetheless apply the proceeds of the Collateral for the benefit of the holders of all Secured Obligations in the proportions and subject to the priorities specified herein and such Secured Obligations for which the security interest is not enforced shall be considered Secured Obligations hereunder for the purpose of Section 3.4; provided, however, that nothing in this Section 3.7 shall be deemed to require the Collateral Trustee to disregard or violate any court order binding upon it and in all cases the Collateral Trustee may seek direction from the Directing Parties and a ruling from the court having jurisdiction over the operation of such Bankruptcy Law or other Applicable Law.

Pro Rata Sharing. If, through the operation of any Bankruptcy Law or otherwise, the Collateral Trustee’s security interest hereunder and under the Trust Security Documents is enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Trustee shall to the extent permitted by Applicable Lawapplicable law, nonetheless apply the proceeds of the Collateral for the benefit of the holders of all Secured Obligations in the proportions and subject to the priorities specified herein and such Secured Obligations for which the security interest is not enforced shall be considered Secured Obligations hereunder for the purpose of Section 3.4; provided, however, that nothing in this Section 3.7 shall be deemed to require the Collateral Trustee to disregard or violate any court order binding upon it and in all cases the Collateral Trustee may seek direction from the Directing Parties and a ruling from the court having jurisdiction over the operation of such Bankruptcy Law or other Applicable Lawapplicable law.

Pro Rata Sharing. If, through the operation of any Bankruptcy Law or otherwise, the Collateral Trustee’s Agent's security interest hereunder and under the Trust Security Documents is enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Trustee Agent shall to the extent permitted by Applicable Law, nonetheless apply the proceeds of the Collateral for the benefit of the holders of all Secured Obligations in the proportions and subject to the priorities specified herein herein, and such Secured Obligations for which the security interest is not enforced shall be considered Secured Obligations hereunder for the purpose of Section 3.43.5; provided, however, that nothing in this Section 3.7 3.8 shall be deemed to require the Collateral Trustee Agent to disregard or violate any court order binding upon it and in all cases the Collateral Trustee Agent may seek direction from the Directing Parties any Primary Holder Representative and a ruling from the court having jurisdiction over the operation of such Bankruptcy Law or other Applicable Law.

Pro Rata Sharing. If, through the operation of any Bankruptcy Law or otherwise, the Collateral Trustee’s security interest hereunder in the Prepayment Deposit Account and under the Trust Security Documents amounts therein is enforced with respect to some, but not all, of the Primary Secured Obligations then outstanding, the Collateral Trustee shall to the extent permitted by Applicable Law, nonetheless apply the proceeds of the Collateral for the benefit of the holders of all Primary Secured Obligations in the proportions and subject to the priorities specified herein and such Primary Secured Obligations for which the security interest is not enforced shall be considered Primary Secured Obligations hereunder for the purpose of Section 3.43.4A; provided, however, provided that nothing in this Section 3.7 3.6A shall be deemed to require the Collateral Trustee to disregard or violate any court order binding upon it and in all cases the Collateral Trustee may seek direction from the Directing Parties and a ruling confirmation from the court having jurisdiction over the operation of such Bankruptcy Law or other Applicable Law.

Pro Rata Sharing. If, through the operation of any Bankruptcy Law or otherwise, the Collateral TrusteeAgent’s security interest hereunder and under the Trust Security Documents is enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Trustee Agent shall to the extent permitted by Applicable Law, nonetheless apply the proceeds of the Collateral for the benefit of the holders of all Secured Obligations in the proportions and subject to the priorities specified herein herein, and such Secured Obligations for which the security interest is not enforced shall be considered Secured Obligations hereunder for the purpose of Section 3.43.5; provided, however, that nothing in this Section 3.7 3.8 shall be deemed to require the Collateral Trustee Agent to disregard or violate any court order binding upon it and in all cases the Collateral Trustee Agent may seek direction from the Directing Parties Holder Representatives and a ruling from the court having jurisdiction over the operation of such Bankruptcy Law or other Applicable Law.