Common use of Application of Proceeds After Acceleration Clause in Contracts

Application of Proceeds After Acceleration. If a Default exists and maturity of any of the Obligations has been accelerated or the Maturity Date has occurred, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority: (a) First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article 2) payable to Administrative Agent in its capacity as such; (b) Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” below) payable to Lenders and any Secured Swap Provider (including fees, charges and disbursements of counsel to the respective Lenders and any Secured Swap Provider and amounts payable under Article 2), ratably among them in proportion to the respective amounts described in this clause Second payable to them;

Application of Proceeds After Acceleration. If a Default exists After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and maturity payable and the Letter of Credit Liabilities have automatically been required to be Cash Collateralized as set forth in Section 2.14), any amounts received on account of the Secured Obligations has been accelerated or the Maturity Date has occurred, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied by Administrative Agent in the following order and priority: (a) order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article 2Section 4.9) payable to Administrative Agent in its capacity as such; (b) ; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” below) payable to Lenders Lenders, LC Issuer and any Secured Swap Provider Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders and any Secured Swap Provider LC Issuer, and amounts payable under Article 2Section 2.16 or 2.17), 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 Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Obligations described in clause (b) of the definition of Letter of Credit

Application of Proceeds After Acceleration. If a Default exists After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and maturity of payable), any amounts received on account of the Secured Obligations has been accelerated or the Maturity Date has occurred, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied by Administrative Agent in the following order and priority: (a) order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article 2III) payable to Administrative Agent in its capacity as such; (b) ; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal and interest) payable to the Lenders and any Secured Swap Provider (including fees, charges and disbursements of counsel to the respective Lenders and any Secured Swap Provider and amounts payable under Article 2III), 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 Secured Obligations constituting accrued and unpaid interest on the Loans, ratably among Lenders in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans, ratably among Lenders in proportion to the respective amounts described in this clause Fourth held by them; and Last, the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to Borrower or as otherwise required by Law.