Common use of Application of Payments During an Event of Default Clause in Contracts

Application of Payments During an Event of Default. Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of Default, all payments received on account of the Obligations shall be applied by the Administrative Agent as follows: first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts owing and payable to the Administrative Agent, the Collateral Agent and the Ship Mortgage Trustee in its capacities as such (including fees, disbursements and other charges of counsel, agents and other advisors); second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts owing and payable to the Lenders (including fees and disbursements and other charges of counsel) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause second payable to them; third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause third payable to them;

Application of Payments During an Event of Default. Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of Default, and notice thereof to the Administrative Agent by the Borrower Agent or the Required Lenders, all payments received on account of the Obligations shall be applied by the Administrative Agent as follows: first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts owing and payable to the Administrative Agent, the Collateral Agent and the Ship Mortgage Trustee in its capacities capacity as such (including fees, disbursements and other charges of counsel, agents and other advisors)such; second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts owing and payable to the Lenders (including fees and disbursements and other charges of counsel) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause second payable to them; third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause third payable to them;

Application of Payments During an Event of Default. Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of Default, and, other than in the case of an Event of Default under Section 8.1(f), notice thereof to the Administrative Agent by the Borrower or the Required Lenders, all payments received on account of the Obligations shall shall, subject to Sections 2.27 and 2.28, be applied by the Administrative Agent as follows: first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts owing and payable to the Administrative Agent, the Collateral Agent and the Ship Mortgage Trustee in its capacities capacity as such (including fees, disbursements and other charges of counsel, agents and other advisors)such; second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts owing (other than principal, reimbursement obligations in respect of drawings under Letters of Credit, interest and Letters of Credit fees) payable to the Lenders (including fees and disbursements and other charges of counsel) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause second payable to them; third, to payment of that portion of the Obligations constituting accrued and unpaid Letters of Credit fees and interest on the Loans, ratably among the Lenders and the Issuing Lenders in proportion to the respective amounts described in this clause third payable to them;