Common use of Post Default Allocation of Payments Clause in Contracts

Post Default Allocation of Payments. Notwithstanding anything herein to the contrary, during an Event of Default, monies to be applied to the Obligations, whether arising from payments by Borrower, Guarantor or any other Person, setoff, or otherwise, shall be allocated as follows: (a) first, to all costs and expenses owing to Agent; (b) second, to all amounts owing to Agent on Swingline Loans; (c) third, to all amounts owing to Agent with respect to that portion of the Letter of Credit Obligations which constitutes unreimbursed draws under Letters of Credit; (d) fourth, to all Obligations constituting fees accruing hereunder and under the other Loan Documents; (e) fifth, to all Obligations constituting interest accruing hereunder and under the other Loan Documents; (f) sixth, to the cash collateralization of that portion of the Letter of Credit Obligations constituting undrawn amounts under outstanding Letters of Credit (up to 105% thereof); (g) seventh, to all other Obligations, other than Bank Product Obligations; and (h) last, to Bank Product Obligations.