Proceeds of Enforcement of Security Sample Clauses

Proceeds of Enforcement of Security. 5.1 Order of application Notwithstanding anything to the contrary in any PXF Finance Document or any Zenith Finance Document, and prior to the automatic termination of this Deed in accordance with Clause 15 (Termination), the proceeds of enforcement of the security conferred by the Common or Shared Security Agreements will be applied by the Creditors in the following order:
Sample 1Sample 2
AutoNDA by SimpleDocs
Proceeds of Enforcement of Security. Subject to applicable laws and the rights of any prior or preferential Security or creditors, the proceeds of enforcement paid or turned over to the Agent as a result of all recoveries made by or on behalf of any Secured Party on any Security conferred on such Secured Party or received anytime after an Enforcement Date in respect of any asset subject to such Security (whether under the turnover provisions or otherwise) shall be applied in the following order: First in payment of all unpaid costs, charges, expenses and liabilities incurred by or on behalf of such Secured Party to the extent it is a Security Trustee (including any Receiver, adviser or agent appointed by it) in connection with such Security Trustee’s enforcement of any Security Document; Second in payment to the Senior Security Trustee for application towards the balance of the Senior Secured Debt to the extent not constituting Excess Senior Secured Debt; Third in payment to the Subordinated Security Trustee for application towards the balance of the Subordinated Secured Debt; Fourth in payment to the Senior Security Trustee for application towards the balance of the Senior Secured Debt to the extent constituting Excess Senior Secured Debt; Fifth the payment of the surplus, if any, to the Company concerned or other person entitled thereto.
Sample 1
Proceeds of Enforcement of Security. 15.1 ORDER OF APPLICATION Subject to Clause 14.7 and subject to the rights of any prior or preferential Security Interests or creditors, the net proceeds of enforcement of the security conferred by the Security Documents shall be paid to the Security Trustee and those proceeds and all other amounts paid to the Security Trustee pursuant to the provisions of this Agreement shall be applied in the following order (PROVIDED THAT no proceeds will be applied in payment of any amounts specified in any of the paragraphs below until all amounts specified in such preceding paragraphs have been paid in full): FIRST in payment of all costs, charges, expenses and liabilities (and all interest thereon as provided in the Security Documents) reasonably incurred by or on behalf of the Security Trustee and any receiver, attorney or agent in connection with carrying out its duties and exercising its powers and discretions under the Security Documents and the remuneration of the Security Trustee and every receiver under the Security Documents; SECOND in payment of all costs and expenses incurred by or on behalf of any Senior Creditor, any Hedging Bank and (to the extent incurred in taking action requested by the Security Trustee or the Senior Agent) any Junior Creditor in connection with such enforcement; THIRD in payment to the Senior Agent for application towards the balance of the Senior Debt (in accordance with the provisions of the Senior Facility Agreement) and the Hedging Liabilities then outstanding pari passu between themselves (but for the avoidance of doubt excluding the amount of any Senior Debt or Hedging Liabilities referred to in the proviso to each such term in Clause 1.1 (Definitions)); FOURTH in payment of all costs and expenses incurred by or on behalf of any Junior Creditor in connection with such enforcement, not otherwise paid pursuant to the Second paragraph above; FIFTH in payment to the Junior Agent for application towards the Junior Debt then outstanding in accordance with the provisions of the Junior Facility Agreement; SIXTH in payment to the Senior Agent for application pro rata towards any amounts then outstanding which, but for the provisos to the definitions of Senior Debt and Hedging Liabilities in Clause 1.1 (Definitions) and Clauses 19.4 (Limits on Senior Debt) or 19.5 (Limits on Hedging Liabilities) would otherwise qualify as Senior Debt or Hedging Liabilities (as the case may be); and SEVENTH the payment of the surplus (if any) to the Obli...
Sample 1
Proceeds of Enforcement of Security 
Sample 1Sample 2Sample 3See All (5)

Related to Proceeds of Enforcement of Security

  • Enforcement of Security On and at any time after the occurrence of an Event of Default the Security Agent may, and shall if so directed by the Majority Lenders and the Export Credit Agency, take any action which, as a result of the Event of Default or any notice served under Clause 26.21 (Acceleration), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.

  • Impairment of Security, etc Any Loan Document or any Lien granted thereunder shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of any Obligor party thereto; any Obligor or any other party shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability; or, except as permitted under any Loan Document, any Lien securing any Obligation shall, in whole or in part, cease to be a perfected first priority Lien.

  • Rights of Secured Parties The Guarantor consents and agrees that the Agent (for the benefit of the Secured Parties) and/or Secured Parties (as applicable) may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Secured Parties, in their sole discretion (and subject to the terms of the Loan Documents) may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing, the Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor.

  • Perfection of Security The Borrower must (at its own cost) take any action and enter into and deliver any document which is required by the Lender so that a Security Document provides for effective and perfected security in favor of any successor of the Lender, including (but not limited to), promptly after the date hereof:

  • Confirmation of Security Borrower hereby confirms and agrees that all of the Collateral Documents that presently secure the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Obligations as described in the Original Credit Agreement as modified by this Amendment.

  • Assignment of Security Interest If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other person to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to the Collateral Agent. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other person granting the security interest.

  • Protection of Security Interest With respect to the Collateral Portfolio acquired by the Borrower, the Borrower will (i) acquire such Collateral Portfolio pursuant to and in accordance with the terms of the Contribution Agreement, (ii) at the expense of the Servicer, on behalf of the Borrower take all action necessary to perfect, protect and more fully evidence the Borrower’s ownership of such Collateral Portfolio free and clear of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation, (a) with respect to the Loan Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing, filing and maintaining (at the expense of the Servicer, on behalf of the Borrower) effective financing statements against the Transferor in all necessary or appropriate filing offices, (including any amendments thereto or assignments thereof) and filing continuation statements, amendments or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof) and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, (iii) at the expense of the Servicer, on behalf of the Borrower, take all action necessary to cause a valid, subsisting and enforceable first priority perfected security interest, subject only to Permitted Liens, to exist in favor of the Collateral Agent (for the benefit of the Secured Parties) in the Borrower’s interests in all of the Collateral Portfolio being Pledged hereunder including the filing of a UCC financing statement in the applicable jurisdiction adequately describing the Collateral Portfolio (which may include an “all asset” filing), and naming the Borrower as debtor and the Collateral Agent as the secured party, and filing continuation statements, amendments or assignments with respect thereto in such filing offices (including any amendments thereto or assignments thereof), (iv) permit the Administrative Agent or its agents or representatives to visit the offices of the Borrower during normal office hours and upon reasonable advance notice examine and make copies of all documents, books, records and other information concerning the Collateral Portfolio and discuss matters related thereto with any of the officers or employees of the Borrower having knowledge of such matters, and (v) take all additional action that the Administrative Agent or the Collateral Agent may reasonably request to perfect, protect and more fully evidence the respective first priority perfected security interests of the parties to this Agreement in the Collateral Portfolio, or to enable the Administrative Agent or the Collateral Agent to exercise or enforce any of their respective rights hereunder.

  • Rights of Secured Party Secured Party shall have the rights contained in this Section at all times during the period of time this Agreement is effective.

  • No Impairment of Security The lien, security interest and other security rights of Mortgagee hereunder or under any other Loan Document shall not be impaired by any indulgence, moratorium or release granted by Mortgagee including, but not limited to, any renewal, extension or modification which Mortgagee may grant with respect to any Secured Indebtedness, or any surrender, compromise, release, renewal, extension, exchange or substitution which Mortgagee may grant in respect of the Property, or any part thereof or any interest therein, or any release or indulgence granted to any endorser, guarantor or surety of any Secured Indebtedness. The taking of additional security by Mortgagee shall not release or impair the lien, security interest or other security rights of Mortgagee hereunder or affect the liability of Mortgagor or of any endorser, guarantor or surety, or improve the right of any junior lien mortgagee in the Property (without implying hereby Mortgagee’s consent to any junior lien).

  • Protection of Security Each Grantor shall, at its own cost and expense, take any and all actions necessary to defend title to the Collateral against all persons and to defend the Security Interest of the Collateral Agent in the Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 6.02 of the Credit Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.