Common use of Application of Clause in Contracts

Application of. Proceeds Any moneys received by the Administrative Agent or by any Receiver appointed by it pursuant to this Mortgage and/or under the powers hereby conferred shall, after the security constituted by this Mortgage shall have become enforceable in accordance with its terms, but subject to the payment of any claims having priority to the security constituted by this Mortgage and to the Administrative Agent’s and such Receiver’s rights under Clauses 9.4 (Contingencies) and 10.2 (Powers of Receiver), be applied against the amounts due and payable under the Loan Documents in accordance with the provisions of Section 2.13 (Payments and Computations) of the Facility Agreement.