Common use of Allocation of Proceeds of Collateral Clause in Contracts

Allocation of Proceeds of Collateral. (a) Each of the Agents, the Lenders and the Export-Related Lender hereby agree that all Proceeds of the Lender Priority Collateral shall be applied as follows: (i) first, to the Administrative Agent and the Canadian Administrative Agent for application to the Secured Obligations other than the Export-Related Obligations in accordance with the Loan Documents until such Secured Obligations have been paid in full; and (ii) second, to the Export-Related Lender for application to the Export-Related Obligations in accordance with the Export-Related Financing Documents until the Export-Related Obligations have been paid in full. (b) Each of the Agents, the Lenders and the Export-Related Lender hereby agree that all Proceeds of the Export-Related Priority Collateral shall be applied as follows: (i) first, to the Export-Related Lender for application to the Export-Related Obligations in accordance with the Export-Related Financing Documents until the Export-Related Obligations have been paid in full; and (ii) second, to the Administrative Agent and the Canadian Administrative Agent for application to the Secured Obligations in accordance with the Loan Documents until the Secured Obligations other than the Export-Related Obligations have been paid in full.