Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTH, to the payment of all of the Obligations consisting of interest and any accrued fees not paid under the foregoing; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 2 contracts
Sources: Term Loan Facility Agreement (Royal Gold Inc), Term Loan Facility Agreement (Royal Gold Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Collateral Agent actually incurred in connection with the execution of its duties as Collateral Agent in exercising or attempting to exercise rights and remedies in respect of the collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys' fees) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative Agent; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTHSIXTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account hereunder (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTHSEVENTH, to all other Obligations hereunder and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTHEIGHTH, to the payment of the surplus, if any, to whomever the Borrower and/or whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 2 contracts
Sources: Credit Agreement (Take Two Interactive Software Inc), Credit Agreement (Take Two Interactive Software Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions After the acceleration of this Agreement to the contrary, after the exercise of remedies by the Administrative Agent or the Lenders pursuant to Obligations as provided for in Section 8.2 9.2(b) (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall Loans have automatically become immediately due and payable and the LOC Obligations have automatically been required to be Cash Collateralized as set forth in accordance with the terms of such SectionSection 9.2(c), all any amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as followsapplied by the Administrative Agent in the following order: FIRST, to the payment of all out-of-pocket costs that portion of the Obligations constituting fees, indemnities, expenses and expenses other amounts (including without limitation reasonable attorneys’ ' fees) of payable to the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsits capacity as such; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket costs that portion of the Obligations constituting fees, indemnities and expenses other amounts (other than principal and interest) payable to the Lenders (including without limitation, reasonable attorneys’ and consultants’ ' fees) ratably among them in proportion to the amounts described in this clause Second payable to them; THIRD, to payment of each that portion of the Obligations constituting accrued and unpaid interest on the Revolving Loans and LOC Obligations, ratably among the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect proportion to the Obligations owing respective amounts described in this clause Third payable to such Lenderthem; FOURTH, to the payment of that portion of the Obligations constituting unpaid principal of the Revolving Loans, LOC Obligations and to Cash Collateralize the undrawn amounts of Letters of Credit, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; LAST, the balance, if any, after all of the Obligations consisting of interest and any accrued fees not have been indefeasibly paid under the foregoing; FIFTHin full, to the payment of Borrower or as otherwise required by Law. Subject to Section 2.2(c), amounts used to Cash Collateralize the outstanding principal aggregate undrawn amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate Letters of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTHclause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the payment of the surplusother Obligations, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding categoryset forth above.
Appears in 2 contracts
Sources: Credit Agreement (CNL Retirement Properties Inc), Credit Agreement (CNL Retirement Properties Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, subject to the Agreement Among Lenders, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; [PHI Group] Revolving Credit, Term Loan and Security Agreement THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate consisting of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)Swing Loans; SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of all Obligations arising under this Agreement and the surplus, if any, Other Documents consisting of accrued fees and interest (other than interest in respect of Swing Loans paid pursuant to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.clause FOURTH above);
Appears in 2 contracts
Sources: Revolving Credit, Term Loan and Security Agreement (PHI Group, Inc./De), Revolving Credit, Term Loan and Security Agreement (PHI Group, Inc./De)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations (including without limitation any amounts on account of any of Cash Management Liabilities or Hedge Liabilities), or any other amounts outstanding under any of the Credit Other Documents or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a LenderSwing Loans paid pursuant to clause FOURTH above); SEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) or any account arising under this Agreement (other than Cash Management Liabilities and Hedge Liabilities) (including the payment or cash management accountscollateralization of any outstanding Letters of Credit in accordance with Section 2.10(b) or other cash management services provided by a Lender (or an Affiliate of a Lenderhereof); SIXTH. EIGHTH, to all other Obligations arising under this Agreement (other than Cash Management Liabilities and all other obligations Hedge Liabilities) which shall have become due and payable (hereunder, under the Credit Other Documents or otherwise otherwise) and not repaid pursuant to clauses “FIRST” through “FIFTH” above; NINTH, to any Cash Management Liabilities and Hedge Liabilities which shall have become due and payable or otherwise and not repaid pursuant to Clauses “FIRST” through “SIXTH” above; and TENTH, to all other Obligations which shall have become due and payable and not repaid pursuant to clauses “FIRST” through “SEVENTH”; and ELEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances held by such Lender bears to the aggregate then outstanding Advances) of amounts available to be applied pursuant to clauses “FOURTH”, “FIFTH”, “SIXTH” and “EIGHTH” above; and (iii) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse the Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “FIFTH,” “SIXTH”, “SEVENTH”, and “EIGHTH” above in the manner provided in this Section 11.5.
Appears in 2 contracts
Sources: Revolving Credit, Term Loan and Security Agreement (Drilling Tools International Corp), Revolving Credit, Security and Guaranty Agreement (ROC Energy Acquisition Corp.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Collateral Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Other Documents or in respect of the Collateral shall may, at the Collateral Agent's discretion, be paid over or delivered as follows: FIRST, to the payment of all out-of-pocket fees, reasonable costs and expenses (including without limitation limitation, reasonable attorneys’ ' fees) of the Administrative Collateral Agent in connection with enforcing its rights and the rights of the Lenders Secured Parties under this Agreement and the Credit Other Documents and any protective advances made by the Administrative Collateral Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket fees, reasonable costs and expenses (including without limitation, reasonable attorneys’ ' fees) of the Trustee in connection with enforcing its rights and consultants’ the rights of the Secured Parties under this Agreement and the Other Documents and any protective advances made by the Trustee with respect to the Collateral under or pursuant to the terms of this Document; THIRD, to the payment of all reasonable costs and expenses (including without limitation, reasonable attorneys' fees) of each of the Lenders Secured Parties in connection with enforcing its rights under this Agreement and the Credit Other Documents or otherwise with respect to the Obligations owing to such LenderSecured Party; FOURTH, to the payment of all of the Obligations consisting of interest and any accrued fees not paid under the foregoinginterest; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Other Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Sources: Security Agreement (Evergreen International Aviation Inc)
Allocation of Payments After Event of Default. Notwithstanding any --------------------------------------------- other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Loans and obligations owing hereunder and under the other Credit Documents (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the collateral agent actually incurred in connection with the execution of its duties as collateral agent in exercising or attempting to exercise rights and remedies in respect of the collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys' fees) of the Administrative Agent actually incurred in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative Agent; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders hereunder actually incurred in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTHSIXTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account hereunder (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTHSEVENTH, to all other Obligations obligations hereunder and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTHEIGHTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.; and (ii) except as otherwise provided, the Lenders shall receive amounts ratably in accordance with their respective pro rata share (based on the proportion that the then outstanding Obligations held by such Lenders bears to the aggregate amount of Obligations then
Appears in 1 contract
Sources: Credit Agreement (Friedmans Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contraryAgreement, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent or the Collateral Agent in connection with enforcing the rights of the Lenders Creditors under the Credit Documents Documents, including all reasonable expenses of sale or other realization of or in respect of the Collateral, including reasonable compensation to the agents and any protective counsel for the Collateral Agent, and all reasonable expenses, liabilities and advances incurred or made by the Administrative Collateral Agent with respect in connection therewith, and any other Obligations owing to the Collateral under Agent in respect of sums advanced by the Collateral Agent to preserve the Collateral or pursuant to preserve its security interest in the terms of the Security DocumentsCollateral; SECOND, to the payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of (i) each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Credit Obligations owing to such lender and (ii) each Derivatives Creditor in connection with enforcing any of its rights under the Derivatives Agreements or otherwise with respect to the Derivatives Obligations owing to such Derivatives Creditor, or, if the proceeds are insufficient to pay in full the amount of such costs and expenses, each Lender's and Derivatives Creditor's pro-rata share of the amount remaining to have been distributed; FOURTH, to the payment of all of the Credit Obligations consisting of interest and any accrued fees not paid under the foregoingand interest; FIFTH, except as set forth in clauses First through Fourth above, ------------- ------ to the payment of the outstanding principal Credit Obligations and Derivatives Obligations owing to any Creditor, pro rata, as set forth below, with (i) an amount equal to the Credit Obligations being paid to the Collateral Agent (in the case of Credit Obligations owing to the Collateral Agent) or to the Administrative Agent (in the case of all other Credit Obligations) for the account of the Lenders or any Agent, with the Collateral Agent, each Lender and the Agents receiving an amount equal to its outstanding Credit Obligations, or, if the proceeds are insufficient to pay in full all Credit Obligations, its pro-rata share of the amount remaining to be distributed, and (ii) an amount equal to the Derivatives Obligations and any breakagebeing paid to the trustee, termination paying agent or other payments due on similar representative (each a "Representative") for the Derivatives Creditors, with each Derivatives -------------- Creditor receiving an amount equal to the outstanding Derivatives Obligations owed to it by the Credit Parties or, if the proceeds are insufficient to pay in full all such Derivatives Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate its pro-rata share of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)the amount remaining to be distributed; SIXTH, to all other Obligations and (the "Secondary Obligations"), --------------------- until all other obligations which Secondary Obligations shall have become due and payable under been paid in full or, if the Credit Documents or otherwise and not repaid pursuant proceeds are insufficient to clauses “FIRST” through “FIFTH” abovepay in full all Secondary Obligations, to each Creditor, in an amount equal to such Creditor's pro-rata share of the amount remaining to be distributed; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.; (ii) each of the Creditors shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans, LOC Obligations and Derivatives Obligations held by such Creditor bears to the aggregate then outstanding Loans, LOC Obligations and Derivatives Obligations) of 121 amounts available to be applied pursuant to clauses "THIRD," "FOURTH," "FIFTH," -------------- ------ ----- and "SIXTH" above; and (iii) to the extent that any amounts available for ----- distribution pursuant to clause "FIFTH" above are attributable to the issued but ------------- undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Collateral Agent in a cash collateral account and applied (x) first, to ----- reimburse the Issuing Lender from time to time for any drawings under such Letters of Credit and (y) then, following the expiration of all Letters of ---- Credit, to all other obligations of the types described in clauses "FIFTH" and -------------- "SIXTH" above in the manner provided in this Section 8.03. Notwithstanding the ----- ------------ foregoing provisions of this Section 8.03, (i) amounts on deposit in a ------------ Prepayment Account for any Class of Loans upon the occurrence of any such Event of Default shall be applied, first, to pay Loans of such Class and, second, ----- ------ after all the Loans of such Class have been paid in full, to the other Credit Obligations in the manner provided in this Section 8.03 and (ii) amounts on ------------ deposit in a cash collateral account pursuant to Section 2.02(l) upon the --------------- occurrence of any such Event of Default shall be applied, first, to reimburse ----- the Issuing Lender from time to time for any drawings under any Letters of Credit and, second, following the expiration of all Letters of Credit, to the ------ other Credit Obligations in the manner provided in this Section 8.03. ------------ ARTICLE IX AGENCY PROVISIONS
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a LenderSwing Loans paid pursuant to clause FOURTH above); SEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) or any account arising under this Agreement (including Cash Management Liabilities and Hedge Liabilities) (including the payment or cash management accountscollateralization of any outstanding Letters of Credit in accordance with Section 3.2(b) hereof). EIGHTH, to payment or other cash management services collateralization of Cash Management Liabilities and Hedge Liabilities, to the extent not provided by a Lender (or an Affiliate of a Lender); SIXTHfor above. NINTH, to all other Obligations and all other obligations arising under this Agreement which shall have become due and payable (hereunder, under the Credit Other Documents or otherwise otherwise) and not repaid pursuant to clauses “FIRST” through “FIFTHEIGHTH” above; TENTH, to all other Obligations which shall have become due and SEVENTHpayable and not repaid pursuant to clauses “FIRST” through “NINTH”; and ELEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Advances, Cash Management Liabilities and Hedge Liabilities) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH”, “NINTH”, “TENTH” AND “ELEVENTH” above; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Loan Parties that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH” and “NINTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ feesfees on an hourly rate plus expenses basis) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a LenderSwing Loans paid pursuant to clause FOURTH above); SEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) or any account arising under this Agreement (including Cash Management Liabilities and Hedge Liabilities and including the payment or cash management accountscollateralization of any outstanding Letters of Credit in accordance with Section 3.2(b) or other cash management services provided by a Lender (or an Affiliate of a Lenderhereof); SIXTH. EIGHTH, to all other Obligations and all other obligations arising under this Agreement which shall have become due and payable (hereunder, under the Credit Other Documents or otherwise otherwise) and not repaid pursuant to clauses “FIRST” through “FIFTHSEVENTH” above; NINTH, to all other Obligations which shall have become due and SEVENTHpayable and not repaid pursuant to clauses “FIRST” through “EIGHTH”; and TENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Advances, Cash Management Liabilities and Hedge Liabilities) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH” and “NINTH” above; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH”, and “NINTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit, Term Loan and Security Agreement (Universal Logistics Holdings, Inc.)
Allocation of Payments After Event of Default. (a) Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, and shall, at the direction of the Required Lenders, be paid over or delivered as follows: FIRST, to the payment of all documented out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and 074658.18062/111245555v.10 Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all documented out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLenders pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a LenderSwing Loans paid pursuant to clause FOURTH above); SIXTHSEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) arising under this Agreement, including Cash Management Liabilities and Hedge Liabilities (to the extent reserves for such Cash Management Liabilities and Hedge Liabilities have been established by Agent) and the payment or cash collateralization of any outstanding Letters of Credit in accordance with Section 3.2(b) hereof; EIGHTH, to all other Obligations and all other obligations arising under this Agreement, under the Other Documents or otherwise which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTHSEVENTH” above; and SEVENTHNINTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. the Borrowing Agent or otherwise required by Applicable Law.
(b) In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Advances, Cash Management Liabilities and Hedge Liabilities) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH” and “NINTH” of subsection (a) above; (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral 074658.18062/111245555v.10 from other Loan Parties that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” of subsection (a) above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other Obligations of the types described in clauses “SEVENTH” and “EIGHTH” of subsection (a) above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Perma-Pipe International Holdings, Inc.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, and shall, at the direction of the Required Lenders, be paid over or delivered as follows: FIRST, to the payment of all reasonable and documented out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable and documented out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a LenderSwing Loans paid pursuant to clause FOURTH above); SIXTHSEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) arising under this Agreement, including Cash Management Liabilities and Hedge Liabilities (to the extent reserves for such Cash Management Liabilities and Hedge Liabilities have been established by Agent) and the payment or cash collateralization of any outstanding Letters of Credit in accordance with Section 3.2(b) hereof; EIGHTH, to all other Obligations and all other obligations arising under this Agreement, under the Other Documents or otherwise which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTHSEVENTH” above; and SEVENTHNINTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that then outstanding Advances, Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Advances, Cash Management Liabilities and Hedge Liabilities) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH” and “NINTH” above; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuers from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH” and “NINTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Quantum Corp /De/)
Allocation of Payments After Event of Default. (a) Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under any of the Credit Other Documents but excluding any Exempt Last Out Loan Proceeds), or in respect of the Collateral shall (excluding any Exempt Last Out Loan Proceeds) may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Other Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate consisting of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)Swing Loans; SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of all of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application Obligations consisting of accrued fees and interest with respect to the next succeeding category.Advances (other than interest on the Swing Loans) or otherwise provided for in this Agreement or the Other Documents;
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (UniTek Global Services, Inc.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; #530486049530486174 SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a LenderSwing Loans paid pursuant to clause FOURTH above); SEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) or any account arising under this Agreement (including Cash Management Liabilities and Hedge Liabilities and the payment or cash management accountscollateralization of any outstanding Letters of Credit in accordance with Section 3.2(b) or other cash management services provided by a Lender (or an Affiliate of a Lenderhereof); SIXTH. EIGHTH, to all other Obligations and all other obligations arising under this Agreement which shall have become due and payable (hereunder, under the Credit Other Documents or otherwise otherwise) and not repaid pursuant to clauses “FIRST” through “FIFTHSEVENTH” above; NINTH, to all other Obligations which shall have become due and SEVENTHpayable and not repaid pursuant to clauses “FIRST” through “EIGHTH”; and TENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Advances, Cash Management Liabilities and Hedge Liabilities) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH” and “TENTH” above; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH”, and “TENTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Virco MFG Corporation)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Loan Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders Banks under the Credit Loan Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECOND, to payment of any fees owed to the Administrative AgentAgent hereunder; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders Banks hereunder in connection with enforcing its rights under the Credit Loan Documents or otherwise with respect to the Credit Obligations owing to such LenderBanks; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingCredit Obligations; FIFTH, to the payment of the outstanding principal amount of the Credit Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding Letter of Credit Exposure); SIXTH, to all other Credit Obligations hereunder and all other obligations which shall have become due and payable under the Credit Loan Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of the surplus, if any, to whomever the Borrower or such other Persons as may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.; and (ii) except as otherwise provided, the Banks shall receive amounts ratably in accordance with their respective pro rata share (based on the proportion that the then outstanding Obligations held by such Banks bears to the aggregate amount of Obligations then outstanding) of amounts available to be applied pursuant to clauses “THIRD,” “FOURTH,” “FIFTH” and “SIXTH”; and (iii) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and applied (A) first, to reimburse the Issuing Lender for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “FOURTH” and “FIFTH” above in the manner provided in this Section 9.4
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after during the exercise existence of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Total Obligations shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including including, without limitation limitation, reasonable attorneys’ ' fees) of the Administrative Agent actually incurred in connection with enforcing the rights and remedies of the Agent and the Lenders under the Credit Documents (including, without limitation, exercising rights and remedies in respect of the Collateral) and any protective advances (including any Discretionary Over-Advances) made by the Administrative Agent with respect to the Collateral under or pursuant to the terms thereto, excluding any of the Security Documentsforegoing solely relating to Bank Products; SECOND, to payment of any fees and expenses (including, without limitation, fees and expenses owing pursuant to Section 10.5(a)) owed to the Administrative AgentAgent under the Credit Documents and not paid pursuant to clause "FIRST" preceding, excluding any of the foregoing solely relating to Bank Products; THIRD, to the payment of all out-of-pocket costs accrued interest and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each fees on or in respect of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such LenderObligations; FOURTH, to the payment of all of the Obligations consisting of interest and any accrued fees not paid under the foregoing; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account hereunder (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); FIFTH, to the payment of all amounts due with respect to Bank Products; SIXTH, to all other Obligations obligations hereunder and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” above" preceding; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Sources: Credit Agreement (Friedmans Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after After the exercise of remedies by the Administrative Agent or the Lenders pursuant to provided for in Section 8.2 7.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTH, to the payment of all of the Obligations consisting of interest and any accrued fees not paid under the foregoing; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations and all other obligations which shall Loans have become due and payable under and the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment obligation of the surplusBorrower to Cash Collateralize the Letter of Credit Exposure has automatically become effective as set forth in the proviso to Section 7.2), if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, any amounts received on account of the Secured Obligations shall be applied by the Administrative Agent in the numerical order provided until exhausted prior following order: First, to application payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the next succeeding category.Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the Issuing Banks (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Banks) arising under the Loan Documents and amounts payable under Article III, 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 Letter of Credit Fees and interest on the Loans, LC Disbursements and other Obligations arising under the Loan Documents, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and LC Disbursements and Secured Obligations that are Bank Product Obligations owing to a Lender and Secured Obligations that are obligations and liabilities of the Companies owing to a Hedge Bank under Hedge Agreements, ratably among Secured Parties in proportion to the respective amounts described in this clause Fourth held by them;
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including including, without limitation limitation, reasonable attorneys’ feesfees and expenses and the allocated cost of internal counsel) of the collateral agent incurred in connection with the execution of its duties as collateral agent in exercising or attempting to exercise rights and remedies in respect of the collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses and the allocated cost of internal counsel) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative Agent; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including including, without limitation, reasonable attorneys’ fees and consultants’ feesexpenses and the allocated cost of internal counsel) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoing; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.;
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender Bank on account of the Credit Party Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent and/or the Trustee in connection with enforcing the rights of the Lenders Banks under the Credit Documents and any protective advances made by the Administrative Agent Trustee with respect to the Collateral under or pursuant to the terms of the Security Collateral Documents; SECOND, to payment of any fees owed to the Administrative AgentAgent or the Trustee; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders Banks in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Credit Party Obligations owing to such LenderBank; FOURTH, to the payment of all of the Credit Party Obligations consisting of interest and any accrued fees not paid under the foregoingand interest; FIFTH, to the payment of the outstanding principal amount of the Credit Party Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTH, to all other Credit Party Obligations (including all obligations arising under Hedging Agreements) and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.; (ii) each of the
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after After the exercise of remedies by the Administrative Agent or the Lenders pursuant to provided for in Section 8.2 9.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall Loans have automatically become immediately due and payable and the LOC Obligations have automatically been required to be cash collateralized as set forth in accordance with the terms of such SectionSection 9.2), all any amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of applied by the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECONDfollowing order: First, to payment of any fees owed that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative AgentAgent and amounts payable under Section 3) payable to the Administrative Agent in its capacity as such; THIRDSecond, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Lender and amounts payable under Section 3), ratably among them in proportion to the 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 and unreimbursed drawings under Letters of Credit and fees, premiums and scheduled periodic payments, and any interest accrued thereon, due under any Swap Contract between any Credit Party and any Lender, or any Affiliate of a Lender, to the extent such Swap Contract is permitted by Section 8.1, ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates of Lenders) and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; Fourth, to (a) payment of all out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTH, to the payment of all that portion of the Obligations consisting constituting unpaid principal of interest the Loans and any accrued fees not paid unreimbursed drawings under the foregoing; FIFTHLetters of Credit, to the (b) payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligationspayments, and any interest accrued thereon together with all Obligations arising thereon, due under any Hedging Agreement with a Lender (Swap Contract between any Credit Party and any Lender, or an any Affiliate of a Lender, to the extent such Swap Contract is permitted by Section 8.1, (c) payments of amounts due under any Treasury Management Agreement between any Credit Party and any Lender, or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTHLender and (d) cash collateralize that portion of LOC Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders (and, in the case of such Swap Contracts and Treasury Management Agreements, Affiliates of Lenders) and the Issuing Lender in proportion to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” aboverespective amounts described in this clause Fourth held by them; and SEVENTHLast, to the payment of the surplusbalance, if any, after all of the Obligations have been indefeasibly paid in full, to whomever may be lawfully entitled the Borrower or as otherwise required by Law. Amounts used to receive such surplus. In carrying out cash collateralize the foregoing, amounts received aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the numerical order provided until exhausted prior to application to the next succeeding categoryset forth above.
Appears in 1 contract
Sources: Credit Agreement (Advance America, Cash Advance Centers, Inc.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any other Lender on account of the Credit Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees' fees but excluding the allocated cost of internal counsel) of the Administrative Agent in connection with enforcing the rights of the Lenders Secured Parties under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Collateral Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees' fees but excluding the cost of internal counsel) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Credit Obligations owing to such Lender; FOURTH, to the payment of all of the Credit Obligations consisting of interest and any accrued fees not paid under the foregoingand interest; FIFTH, to the payment of the outstanding principal amount of the Credit Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTH, to all other Credit Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding --------------------------------------------- any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Guaranteed Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Loans or other Guaranteed Obligations hereunder owing to such Lender; FOURTH, to the payment of all accrued interest (pro rata based on proportions of accrued unpaid interest on Loans) and fees on or in respect of the Loans or other Guaranteed Obligations consisting of interest and any accrued fees not paid under the foregoinghereunder; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Guaranteed Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations Loans and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Sources: Credit Agreement (United Dominion Realty Trust Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Other Documents or in respect of the Collateral shall may, at Agent’s discretion and shall, after acceleration of the Obligations hereunder, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Other Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Document; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH:, to the payment of the outstanding principal amount of the Obligations consisting of Swing Loans; SIXTH, to the payment of all of the remaining Obligations consisting of accrued fees and any breakageinterest with respect to Advances (other than the FILO Advances) and Revolving Commitments (other than interest in respect of Swing Loans paid pursuant to clause FOURTH above); SEVENTH, termination or to the payment of the Obligations consisting of principal with respect to Advances other payments due on the Obligationsthan FILO Advances, and to the payment of Hedge Liabilities and Cash Management Liabilities (in each case, only to the extent of reserves established for the Hedge Liabilities or Cash Management Liabilities against the Formula Amount, which reserves, when implemented, shall not have the effect of causing an Out-of-Formula Loan), and payment or cash collateralization of any interest accrued thereon together outstanding Letters of Credit in accordance with Section 3.2(b) hereof, and not repaid pursuant to clauses “FIRST” through “SIXTH” above. EIGHTH, to the payment of all Obligations arising under any Hedging this Agreement and the Other Documents consisting of accrued fees and interest with a Lender (respect to the FILO Advances; NINTH, to the payment of the FILO Advances; TENTH, to payment or an Affiliate cash collateralization of a Lender) or any account (including cash management accounts) or other cash management services Cash Management Liabilities and Hedge Liabilities, to the extent not provided by a Lender (or an Affiliate of a Lender); SIXTHfor above. ELEVENTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Other Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTHTENTH” above; TWELFTH, to all Obligations owing to any Defaulting Lender; and SEVENTHTHIRTEENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances held by such Lender bears to the aggregate then outstanding Advances) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH”, “NINTH”, “TENTH” and “ELEVENTH”; and, with respect to clause “TENTH” above, an amount equal to its pro rata share (based on the proportion that the then outstanding Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Cash Management Liabilities and Hedge Liabilities; (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Agent in a cash collateral account and applied (A) first, to reimburse the Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH” and “EIGHTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Green Plains Inc.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities (including JPM European Treasury Management Obligations) or Hedge Liabilities), or in respect of the Collateral shall be paid paid, subject to the terms of the Intercreditor Agreement, over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Other Documents arising from, related to or connected with the US-Canada Advances and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement (other than with respect to those arising from or connected with any Cash Management Liabilities and/or Hedge Liabilities); SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingUS-Canada Swing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of US-Canada Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under this Agreement and the Other Documents consisting of accrued fees and interest (other than interest in respect of US-Canada Swing Loans paid pursuant to clause FOURTH above); SEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of US-Canada Swing Loans paid pursuant to clause FIFTH above and other than Cash Management Liabilities and Hedge Liabilities) and including the payment or cash collateralization of any Hedging Agreement outstanding US-Canada Letters of Credit in accordance with a Lender (or an Affiliate of a LenderSection 3.2(b) or hereof; EIGHTH, to any account Cash Management Liabilities (including cash management accountsany JPM European Treasury Management Obligations) or other cash management services provided by a Lender (or an Affiliate of a Lender)and/or Hedge Liabilities; SIXTHNINTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” aboveEIGHTH”; and SEVENTHTENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding US-Canada Advances held by such Lender bears to the aggregate then outstanding US-Canada Advances) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, and “NINTH” above and, with respect to clause “EIGHTH” above, an amount equal to its pro rata share (based on the proportion that the then outstanding Cash Management Liabilities and Hedge Liabilities arising from, related to or connection with US-Canada Advances held by such Lender bears to the aggregate then outstanding Cash Management Liabilities and Hedge Liabilities arising from, related to or connection with US-Canada Advances); (iii) notwithstanding anything to the contrary in this Section 11.1, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding US-Canada Letters of Credit, such amounts shall be held by the Agent as cash collateral for the US-Canada Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such US-Canada Letters of Credit, and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH” and “NINTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Invacare Corp)
Allocation of Payments After Event of Default. Notwithstanding any other provisions provision of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Credit Party Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Collateral Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Credit Party Obligations owing to such Lender; FOURTH, to the payment of all of the Credit Party Obligations consisting of accrued fees and interest including with respect to any Secured Hedging Agreement any fees, premiums and scheduled periodic payments due under such Secured Hedging Agreement and any interest accrued fees not paid under the foregoingthereon; FIFTH, to the payment of the outstanding principal amount of the Credit Party Obligations and the payment or cash collateralization of the outstanding LOC Obligations (including, without limitation, any breakage, termination or other payments due on the Obligations, under such Hedging Agreements and any interest accrued thereon together with all Obligations thereon, arising under any Hedging Agreement with a Lender (between any Credit Party and any Lender, or an any Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided , to the extent such Hedging Agreement is permitted by a Lender (or an Affiliate of a LenderSection 6.1(e)); SIXTH, to all other Credit Party Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Sources: Credit Agreement (Neighborcare Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the occurrence and during the continuance of an Event of Default and upon the exercise of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such Section)Section 9.2, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents or other documentation in respect of the Obligations in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent Agents in connection with enforcing the rights and remedies of the Lenders Banks under the Credit Documents and any protective advances made by the Administrative Agent with respect thereto, in each case ratably among the Agents in proportion to the Collateral under or pursuant to the terms of the Security Documentsrespective amounts in this clause “FIRST” held by them; SECOND, to payment of any fees owed to any Agent in its capacity as such under the Administrative AgentCredit Documents, in each case ratably among the Agents in proportion to the respective amounts in this clause “SECOND” held by them; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders Banks hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such LenderBank; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTH, to the payment of the outstanding principal amount of the Obligations hereunder (including the payment or cash collateralization of the outstanding LOC Obligations), all Obligations under any Secured Swap Contract, all Obligations under any Secured Treasury Management Agreement, and any breakage, termination or other payments due on the all Bilateral Letter of Credit Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided in each case ratably among the respective parties in proportion to the respective amounts described in this clause “FIFTH” held by a Lender (or an Affiliate of a Lender)them; SIXTH, to all other Obligations hereunder and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplusthe Borrower Representative. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; and (ii) except as otherwise provided, the Banks (and Affiliates thereof) shall receive amounts ratably in accordance with their respective pro rata share (based on the proportion that the then outstanding Obligations held by such Banks (and Affiliates thereof) bears to the aggregate amount of the Obligations then outstanding) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH”, “FIFTH” and “SIXTH” above; and (iii) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and applied (A) first, to reimburse the applicable Issuing Bank for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “FOURTH”, “FIFTH” and “SIXTH” above in the manner provided in this Section 3.15(b). Excluded Swap Obligations with respect to any Credit Party shall not be paid with amounts received from such Credit Party or its assets, but appropriate adjustments shall be made with respect to payments from other Credit Parties to preserve the allocation to Obligations otherwise set forth above in this Section. Notwithstanding the foregoing, Obligations arising under Secured Treasury Management Agreements and Secured Swap Contracts and Bilateral Letter of Credit Obligations shall be excluded from the application described above if the Collateral Agent has not received a Secured Party Designation Notice, together with such supporting documentation as the Collateral Agent may request, from the applicable Treasury Management Bank, Swap Bank or Bilateral Letter of Credit Bank, as the case may be. Each Treasury Management Bank, Swap Bank or Bilateral Letter of Credit Bank not a party to this Credit Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Collateral Agent pursuant to, and be bound by, the terms of Section 10, for itself and its Affiliates as if a “Bank” party hereto.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Guaranteed Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable and documented out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and Documents, except to the extent any protective advances made by such costs arise out of or relate to disputes solely between or among the Administrative Agent with respect to Lender and/or the Collateral under or pursuant to the terms of the Security DocumentsLenders; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable and documented out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender, except to the extent any such costs arise out of or relate to disputes solely between or among the Administrative Lender and/or the Lenders; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTH, to the payment of the outstanding principal amount of the Guaranteed Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderoutstanding LOC Obligations); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including including, without limitation limitation, reasonable attorneys’ fees' fees actually incurred and expenses but excluding the allocated cost of internal counsel) of the Collateral Agent incurred in connection with the execution of its duties as collateral agent in exercising or attempting to exercise rights and remedies in respect of the Collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys' fees actually incurred and expenses but excluding the allocated cost of internal counsel) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative Agent; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including including, without limitation, reasonable attorneys’ ' fees actually incurred and consultants’ feesexpenses but excluding the allocated cost of internal counsel) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTHSIXTH, to the payment of the outstanding principal amount of the Obligations (including the payment or cash collateralization of the outstanding LOC Obligations) and obligations owing from any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with Credit Party to a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)under Hedging Agreements relating to the Obligations to the extent permitted hereunder; SIXTHSEVENTH, to all other Obligations and all other obligations which that shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTHEIGHTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) except as otherwise provided, the Lenders shall receive amounts ratably in accordance with their respective pro rata share (based on the proportion that then outstanding Obligations held by such Lenders bears to the aggregate amount of Obligations then outstanding) of amounts available to be applied pursuant to clauses "FOURTH", "FIFTH" and "SEVENTH" above; (iii) except as otherwise provided, the Lenders and, with respect to Hedging Agreements, their Affiliates, shall receive amounts ratably in accordance with their respective pro rata share (based on the proportion that then outstanding Obligations and obligations under such Hedging Agreements held by such Lender or such Affiliate bears to the aggregate amount of then outstanding Obligations and obligations under such Hedging Agreements held by all Lenders and Affiliates) of amounts available to be applied pursuant to clauses "SIXTH" above; and (iv) to the extent that any amounts available for distribution pursuant to clause "SIXTH" above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and applied (A) first, to reimburse the Issuing Lender for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses "FIFTH" and "SIXTH" above in the manner provided in this Section 3.15(b).
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any --------------------------------------------- other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders Banks under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders Banks hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such LenderBank; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account hereunder (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTH, to all other Obligations hereunder and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding categoryBorrower.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contraryCredit Agreement, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Collateral Documents; SECOND, to payment of any fees owed to the Administrative AgentAgent or the Issuing Lender; THIRD, to the payment of all reasonable out-of-pocket costs and expenses expenses, (including including, without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such LenderDocuments; FOURTH, to the payment of all of the Obligations consisting of interest and any accrued fees not paid under and interest payable to the foregoingLenders hereunder; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageLoans, termination to the payment or other payments due on cash collateralization of the outstanding LOC Obligations, and and, in the case of any interest accrued thereon together with all Obligations arising under proceeds of Collateral, to the outstanding principal portion of any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)Obligations, pro rata, as set forth below; SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations Loan or the Revolving Loans or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Revolving Credit Documents shall be paid over or delivered on a pro rata basis, between the Lenders hereunder and the Revolving Lenders (such pro rata allocation to be accomplished by commercially reasonable means including, without limitation, the purchase of participations by the Lenders of the Revolving Loans as may be necessary), for distribution as follows: FIRST, to the payment of all reasonable, documented out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of (i) the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents Documents, and any protective advances made by (ii) the Revolving Administrative Agent in connection with respect to enforcing the Collateral under or pursuant to the terms rights of the Security Revolving Lenders under the Revolving Credit Documents; SECOND, to payment of any fees owed to (i) the Administrative AgentAgent pursuant to the terms of the Credit Documents and (ii) the Revolving Administrative Agent pursuant to the terms of the Revolving Credit Documents; THIRD, to the payment of all reasonable, documented, out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of (i) each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations Loan owing to such Lender and (ii) each of the Revolving Lenders in connection with enforcing its rights under the Revolving Credit Documents with respect to the Revolving Loans owing to such Revolving Lender; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest Loan and the Revolving Loans, and including with respect to any Hedging Agreement between the Borrower and any Lender or Revolving Lender, or any Affiliate of a Lender or a Revolving Lender, any fees, premiums, and scheduled periodic payments due under such Hedging Agreement and any interest accrued fees not paid under the foregoingthereon; FIFTH, to the payment of the outstanding principal amount of the Obligations Borrower's obligations under the Credit Documents and the Revolving Credit Documents, and including with respect to any Hedging Agreement between the Borrower and any Lender or Revolving Lender, or any Affiliate of a Lender or Revolving Lender, any breakage, termination termination, or other payments due on the Obligations, under such Hedging Agreements and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)thereon; SIXTH, to all other Obligations and all other obligations which that shall have become due and payable under the Credit Documents or the Revolving Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loan held by such Lender bears to the aggregate then outstanding Loans) of amounts available to be applied pursuant to clauses "FOURTH" and "FIFTH" above; and (iii) each of the Revolving Lenders shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Revolving Loans held by such Revolving Lender bears to the aggregate the outstanding Revolving Loans) of amounts available to be applied pursuant to clauses "FOURTH" and "FIFTH" above.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable and documented out-of-pocket costs and expenses (including without limitation reasonable and documented attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable and documented out-of-pocket costs and expenses (including without limitation, reasonable and documented attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest in respect of Revolving Advances (or an Affiliate other than interest in respect of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a LenderSwing Loans paid pursuant to clause FOURTH above); SIXTHSEVENTH, to the payment of the outstanding principal amount of the Obligations in respect of Revolving Advances (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above and Letters of Credit pursuant to clause EIGHTH below) arising under this Agreement; EIGHTH, to the payment or cash collateralization of any outstanding Letters of Credit in accordance with Section 3.2(b) hereof; NINTH, to the payment of all other Obligations arising under this Agreement and all other obligations the Other Documents consisting of accrued fees and interest in respect of FILO Advances; TENTH, to the payment of the outstanding principal amount of the Obligations arising under this Agreement in respect of FILO Advances; ELEVENTH, to the payment of Cash Management Liabilities which shall have become due and payable (hereunder, under the Credit Other Documents or otherwise otherwise) and not repaid pursuant to clauses “FIRST” through “FIFTHTENTH” above; TWELFTH, to the payment of Hedge Liabilities which shall have become due and SEVENTHpayable (hereunder, under the Other Documents or otherwise) and not repaid pursuant to clauses “FIRST” through “ELEVENTH” above; THIRTEENTH, to all other Obligations which shall have become due and payable and not repaid pursuant to clauses “FIRST” through “TWELFTH”; and FOURTEENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances held by such Lender bears to the aggregate then outstanding Advances) of amounts available to be applied pursuant to clauses “THIRD”, “SIXTH”, “SEVENTH”, “EIGHTH”, “NINTH”, “TENTH”, and “THIRTEENTH” above; and, with respect to clauses “ELEVENTH” and “TWELFTH” above, an amount equal to its pro rata share (based on the proportion that the then outstanding Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Cash Management Liabilities and Hedge Liabilities); and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) in the case of amounts provided pursuant to clause “EIGHTH” above, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “NINTH”, “TENTH”, “ELEVENTH”, “TWELFTH”, and “THIRTEENTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Finish Line Inc /In/)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents Secured Obligations, or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all outthat portion of the Secured Obligations constituting fees, indemnities, expenses, Out-of-pocket costs Formula Loans, Protective Advances and expenses (other amounts, including without limitation reasonable attorneys’ fees) of the Administrative attorney fees payable to Agent in connection with enforcing its capacity as such, Issuer in its capacity as such and PNC in its capacity as a lender of Swing Loans, ratably among Agent, Issuer and PNC (as the rights lender of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect Swing Loans) in proportion to the Collateral under or pursuant respective amounts described in this clause First payable to the terms of the Security Documentsthem; SECOND, to the payment of any fees owed that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to Lenders under this Agreement and the Other Documents, including attorney fees, ratably among Lenders in proportion to the Administrative Agentrespective amounts described in this clause Second payable to them; THIRD, to the payment of all out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each that portion of the Secured Obligations constituting accrued and unpaid interest on the Advances and Reimbursement Obligations, ratably among Lenders and Issuer in connection with enforcing its rights under the Credit Documents or otherwise with respect proportion to the Obligations owing respective amounts described in this clause Third payable to such Lenderthem; FOURTH, to the payment of all that portion of the Secured Obligations consisting constituting (i) unpaid principal of interest the Advances, (ii) Reimbursement Obligations and any accrued fees obligations to cash collateralize Letters of Credit in accordance with Section 3.2(b) hereof, and (iii) obligations then owing (up to an aggregate amount not paid to exceed the Hedge/Bank Product Reserve) under Lender Provided Interest Rate ▇▇▇▇▇▇, Lender Provided Foreign Currency ▇▇▇▇▇▇, Lender Provided Commodity ▇▇▇▇▇▇, Non-Lender Commodity ▇▇▇▇▇▇, and Other Lender Provided Financial Service Products, ratably among the foregoingSecured Parties in proportion to the respective amounts described in this clause Fourth payable to them; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Secured Obligations and all other obligations which shall that have become due and payable (hereunder, under the Credit Other Documents or otherwise otherwise) and not repaid pursuant to clauses “FIRST” through “FIFTHFOURTH” above; and SEVENTHLAST, to the payment of the surplusbalance, if any, to whomever may be lawfully entitled to receive such surplusLoan Parties or as required by Law. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each Secured Party (so long as it is not a Defaulting Lender) shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Hedge Liabilities and any Other Lender Provided Financial Service Product Liabilities held by such Secured Party bears to the aggregate then outstanding Advances, Hedge Liabilities and any Other Lender Provided Financial Service Product Liabilities) of amounts available to be applied pursuant to this Section 11.5; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Worthington Steel, Inc.)
Allocation of Payments After Event of Default. Notwithstanding --------------------------------------------- any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account hereunder (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTH, to all other Obligations hereunder and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding categoryBorrower.
Appears in 1 contract
Sources: Credit Agreement (Ventiv Health Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees' fees and the allocated cost of internal counsel) of the Collateral Agent incurred in connection with the execution of its duties as collateral agent in exercising or attempting to exercise rights and remedies in respect of the collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys' fees and the allocated cost of internal counsel) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative Agent; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ ' fees and consultants’ feesthe allocated cost of internal counsel) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTH47 SIXTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTHSEVENTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTHEIGHTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Sources: Credit Agreement (Rockford Corp)
Allocation of Payments After Event of Default. (i) Notwithstanding any other provisions of this Credit Agreement to the contrarycontrary and subject to the terms of the Intercreditor Agreement, after the occurrence and during the continuance of an Event of Default and following the exercise of any remedies by the Administrative Agent or the Lenders pursuant to as set forth in Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such Section)9.2, all amounts collected or received by the Administrative Agent or any Lender on account of the Borrower's Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Collateral Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or Hedging Agreements or otherwise with respect to the Borrower's Obligations owing to such Lender; FOURTH, to the payment of all of the Borrower's Obligations consisting of interest and any accrued fees not paid under the foregoingand interest; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Borrower's Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Borrower's Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after during the exercise existence of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Total Obligations (including proceeds of the Collateral) shall be paid over or delivered as follows: , but in no event in a manner inconsistent with the provisions of Section 11.1; FIRST, to the payment of all out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders Collateral Agent actually incurred in connection with enforcing its the rights and remedies of the Agents and the Lenders under the Credit Documents or otherwise (including without limitation, exercising rights and remedies in respect of the Collateral) and any protective advances (including any Discretionary Over-Advances) made with respect thereto, excluding any of the foregoing solely relating to Bank Products; SECOND, to payment of any fees and expenses (including without limitation, fees and expenses owing pursuant to Section 13.5(a)) owed to the Obligations owing Collateral Agent, the Revolving Agent, the Term Agent, and the Lenders (in such order) under the Credit Documents and not paid pursuant to such Lenderclause "FIRST" preceding, excluding any of the foregoing solely relating to Bank Products; THIRD, to the payment of all accrued interest and fees on or in respect of the Revolving Obligations; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingTerm Obligations; FIFTH, to the payment of the outstanding principal amount of the Revolving Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTH, to the payment of all amounts due with respect to Bank Products; SEVENTH, to the payment of all other Revolving Obligations hereunder and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"THIRD", "FIFTH” above", and "SIXTH" preceding; EIGHTH, to the payment of all accrued interest and SEVENTHfees in respect of the Term Obligations that have not been paid pursuant to clause "FOURTH" preceding by reason of the provisions of Article 11; NINTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out outstanding principal amount of the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.Term Obligations;
Appears in 1 contract
Sources: Credit Agreement (Friedmans Inc)
Allocation of Payments After Event of Default. Notwithstanding any --------------------------------------------- other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the collateral agent incurred in connection with the execution of its duties as collateral agent in exercising or attempting to exercise rights and remedies in respect of the collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys' fees) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative AgentAgent hereunder; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTHSIXTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account hereunder (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTHSEVENTH, to all other Obligations hereunder and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTHEIGHTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; and (ii) except as otherwise provided, the Lenders shall receive amounts ratably in accordance with their respective pro rata share -------- (based on the proportion that the then outstanding Obligations held by such Lenders bears to the aggregate amount of Obligations then outstanding) of amounts available to be applied pursuant to clauses "FOURTH," "FIFTH," "SIXTH" and "SEVENTH" above; and (iii) to the extent that any amounts available for distribution pursuant to clause "SIXTH" above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and applied (A) first, to reimburse the Issuing Lender for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses "FIFTH" and "SIXTH" above in the manner provided in this Section 3.15(b).
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a LenderSwing Loans paid pursuant to clause FOURTH above); SEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) or any account arising under this Agreement (other than Cash Management Liabilities and Hedge Liabilities) (including the payment or cash management accountscollateralization of any outstanding Letters of Credit in accordance with Section 3.2(b) or other cash management services provided by a Lender (or an Affiliate of a Lenderhereof); SIXTH. EIGHTH, to all other Obligations arising under this Agreement (other than Cash Management Liabilities and all other obligations Hedge Liabilities) which shall have become due and payable (hereunder, under the Credit Other Documents or otherwise otherwise) and not repaid pursuant to clauses “FIRST” through “FIFTHSEVENTH” above; NINTH, to any Cash Management Liabilities and Hedge Liabilities owing to Agent which shall have become due and payable or otherwise and not repaid pursuant to Clauses “FIRST” through “EIGHTH” above; and SEVENTHTENTH, to all other Obligations which shall have become due and payable and not repaid pursuant to clauses “FIRST” through “NINTH”; and ELEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances held by such Lender bears to the aggregate then outstanding Advances) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH” and “TENTH” above; and, with respect to clause “NINTH” above, an amount equal to its pro rata share (based on the proportion that the then outstanding Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Cash Management Liabilities and Hedge Liabilities; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH”, “NINTH”, and “TENTH” above in the manner provided in this Section 11.5. Notwithstanding the foregoing, the assets of Sand Tiger shall only be applied to pay down Sand Tiger’s Obligations.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Mammoth Energy Services, Inc.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Commodity Hedge Liabilities, Hedge Liabilities and any Other Lender Provided Financial Service Product Liabilities), or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) that portion of the Administrative Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to the Agent in connection with enforcing its capacity as such, the rights Issuer in its capacity as such and PNC in its capacity as a lender of Swing Loans, ratably among the Lenders under Agent, the Credit Documents Issuer and any protective advances made by PNC (as the Administrative Agent with respect lender of Swing Loans) in proportion to the Collateral under or pursuant respective amounts described in this clause First payable to the terms of the Security Documentsthem; SECOND, to the payment of any fees owed that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Administrative AgentLenders under this Agreement and the Other Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause Second payable to them; THIRD, to the payment of all out-of-pocket costs that portion of the Obligations constituting accrued and expenses unpaid interest on the Loans (including without limitationother than the Term Loan or the Delayed Draw Term Loan) and Reimbursement Obligations, reasonable attorneys’ and consultants’ fees) of each of ratably among the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect proportion to the Obligations owing respective amounts described in this clause Third payable to such Lenderthem; 222233776 FOURTH, to the payment of all that portion of the Obligations consisting constituting unpaid principal of interest the Loans (other than the Term Loan or the Delayed Draw Term Loan) and Reimbursement Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth payable to them and payment to the Agent for the account of the Issuer, to cash collateralize any accrued fees not paid undrawn amounts under the foregoingoutstanding Letters of Credit; FIFTH, to the payment of the outstanding principal amount that portion of the Obligations constituting accrued and any breakage, termination or other payments due unpaid interest on the ObligationsTerm Loan and the Delayed Draw Term Loan, among the applicable Lenders ratably based on each such Lender's Term Loan Commitment Percentage and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)Delayed Draw Term Loan Commitment Percentage in proportion to the respective amounts described in this clause Fifth payable to them; SIXTH, to all other the payment of that portion of the Obligations constituting unpaid principal of the Term Loan and all other obligations which shall have become due the Delayed Draw Term Loan, among the applicable Lenders ratably based on each such Lender's Term Loan Commitment Percentage and Delayed Draw Term Loan Commitment Percentage in proportion to the respective amounts described in this clause Sixth payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” abovethem; and SEVENTH, to the payment obligations then owing under Lender Provided Interest Rate ▇▇▇▇▇▇, Lender Provided Foreign Currency ▇▇▇▇▇▇, Lender Provided Commodity ▇▇▇▇▇▇, and Other Lender Provided Financial Service Products, ratably among the Lenders, the Issuer, and the Lenders or Affiliates of Lenders which provide Lender Provided Interest Rate ▇▇▇▇▇▇, Lender Provided Foreign Currency ▇▇▇▇▇▇, Lender Provided Commodity ▇▇▇▇▇▇, and Other Lender Provided Financial Service Products, in proportion to the surplusrespective amounts described in this clause Seventh held by them; and LAST, the balance, if any, to whomever may be lawfully entitled to receive such surplusthe Loan Parties or as required by Law. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Commodity Hedge Liabilities, Hedge Liabilities and any Other Lender Provided Financial Service Product Liabilities held by such Lender bears to the aggregate then outstanding Advances, Commodity Hedge Liabilities, Hedge Liabilities and any Other Lender Provided Financial Service Product Liabilities) of amounts available to be applied pursuant to this Section 11.5; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party's Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Allegheny Technologies Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a LenderSwing Loans paid pursuant to clause FOURTH above); 121 SEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) or any account arising under this Agreement (including Cash Management Liabilities and Hedge Liabilities) (including the payment or cash management accountscollateralization of any outstanding Letters of Credit in accordance with Section 3.2(b) hereof). EIGHTH, to payment or other cash management services collateralization of Cash Management Liabilities and Hedge Liabilities, to the extent not provided by a Lender (or an Affiliate of a Lender); SIXTHfor above. NINTH, to all other Obligations and all other obligations arising under this Agreement which shall have become due and payable (hereunder, under the Credit Other Documents or otherwise otherwise) and not repaid pursuant to clauses “FIRST” through “FIFTHEIGHTH” above; TENTH, to all other Obligations which shall have become due and SEVENTHpayable and not repaid pursuant to clauses “FIRST” through “NINTH”; and ELEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Advances, Cash Management Liabilities and Hedge Liabilities) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH”, “NINTH”, “TENTH” AND “ELEVENTH” above; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Loan Parties that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH” and “NINTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Commodity Hedge Liabilities, Hedge Liabilities and any Other Lender Provided Financial Service Product Liabilities), or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) that portion of the Administrative Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to the Agent in connection with enforcing its capacity as such, the rights Issuer in its capacity as such and PNC in its capacity as a lender of Swing Loans, ratably among the Lenders under Agent, the Credit Documents Issuer and any protective advances made by PNC (as the Administrative Agent with respect lender of Swing Loans) in proportion to the Collateral under or pursuant respective amounts described in this clause First payable to the terms of the Security Documentsthem; SECOND, to the payment of any fees owed that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Administrative AgentLenders under this Agreement and the Other Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause Second payable to them; 281925533 THIRD, to the payment of all out-of-pocket costs that portion of the Obligations constituting accrued and expenses unpaid interest on the Loans (including without limitationother than the Term Loan, reasonable attorneys’ the Delayed Draw Term Loan or any Incremental Term Loan) and consultants’ fees) of each of Reimbursement Obligations, ratably among the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect proportion to the Obligations owing respective amounts described in this clause Third payable to such Lenderthem; FOURTH, to the payment of all that portion of the Obligations consisting constituting unpaid principal of interest the Loans (other than the Term Loan, the Delayed Draw Term Loan or any Incremental Term Loan) and Reimbursement Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth payable to them and payment to the Agent for the account of the Issuer, to cash collateralize any accrued fees not paid undrawn amounts under the foregoingoutstanding Letters of Credit; FIFTH, to the payment of the outstanding principal amount that portion of the Obligations constituting accrued and unpaid interest on the Term Loan, the Delayed Draw Term Loan and each Incremental Term Loan, among the applicable Lenders ratably based on each such Lender's Term Loan Commitment Percentage, Delayed Draw Term Loan Commitment Percentage and any breakage, termination or other payments due on applicable Lenders pro rata share of any applicable Incremental Term Loan in proportion to the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)respective amounts described in this clause Fifth payable to them; SIXTH, to all other the payment of that portion of the Obligations constituting unpaid principal of the Term Loan, the Delayed Draw Term Loan and all other obligations which shall have become due each Incremental Term Loan, among the applicable Lenders ratably based on each such Lender's Term Loan Commitment Percentage, Delayed Draw Term Loan Commitment Percentage and any applicable Lenders pro rata share of any applicable Incremental Term Loan in proportion to the respective amounts described in this clause Sixth payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” abovethem; and SEVENTH, to the payment obligations then owing under Lender Provided Interest Rate ▇▇▇▇▇▇, Lender Provided Foreign Currency ▇▇▇▇▇▇, Lender Provided Commodity ▇▇▇▇▇▇, and Other Lender Provided Financial Service Products, ratably among the Lenders, the Issuer, and the Lenders or Affiliates of Lenders which provide Lender Provided Interest Rate ▇▇▇▇▇▇, Lender Provided Foreign Currency ▇▇▇▇▇▇, Lender Provided Commodity ▇▇▇▇▇▇, and Other Lender Provided Financial Service Products, in proportion to the surplusrespective amounts described in this clause Seventh held by them; and LAST, the balance, if any, to whomever may be lawfully entitled to receive such surplusthe Loan Parties or as required by Law. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Commodity Hedge Liabilities, Hedge Liabilities and any Other Lender Provided Financial Service Product Liabilities held by such Lender bears to the aggregate then outstanding Advances, Commodity Hedge Liabilities, Hedge Liabilities and any Other Lender Provided Financial Service Product Liabilities) of amounts available to be applied pursuant to this Section 11.5; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non- 281925533 Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party's Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit, Term Loan, Delayed Draw Term Loan and Security Agreement (Ati Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Cash Management Liabilities or [Innovex] 3rd A&R Credit Documents Agreement 123 Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows, and after an Application Event, will be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of Agent payable under this Agreement and the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a LenderSwing Loans paid pursuant to clause FOURTH above); SIXTHSEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause FIFTH above) arising under this Agreement (other than Cash Management Liabilities and Hedge Liabilities), including the payment or cash collateralization of any outstanding Letters of Credit in accordance with Section 3.2(b). EIGHTH, to all other Obligations arising under this Agreement (other than Cash Management Liabilities and all other obligations Hedge Liabilities) which shall have become due and payable (hereunder, under the Credit Other Documents or otherwise otherwise) and not repaid pursuant to clauses “FIRST” through “FIFTHSEVENTH” above; NINTH, to any Cash Management Liabilities and Hedge Liabilities owing to Agent which shall have become due and payable or otherwise and not repaid pursuant to Clauses “FIRST” through “EIGHTH” above; and SEVENTHTENTH, to all other Obligations which shall have become due and payable and not repaid pursuant to clauses “FIRST” through “NINTH”; and ELEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances, Cash Management Liabilities and [Innovex] 3rd A&R Credit Agreement 124 Hedge Liabilities held by such Lender bears to the aggregate then outstanding Advances, Cash Management Liabilities and Hedge Liabilities) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH” and “TENTH” above; and, with respect to clause “NINTH” above, an amount equal to its pro rata share (based on the proportion that the then outstanding Cash Management Liabilities and Hedge Liabilities held by such Lender bears to the aggregate then outstanding Cash Management Liabilities and Hedge Liabilities); and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Loan Parties that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as cash collateral for the Letters of Credit pursuant to Section 3.2(b) and applied (A) first, to reimburse the Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH”, “NINTH”, and “TENTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit Agreement (Innovex International, Inc.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTH, to the payment of the outstanding principal amount of the Obligations (including the payment or cash collateralization of the outstanding LOC Obligations) and any breakage, termination or other payments due on all liabilities and obligations owing by the Obligations, and any interest accrued thereon together with all Obligations arising Borrower under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)Agreements; SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Loan Documents or in respect of the Collateral shall may, at Agent's discretion, be paid over or delivered as follows: :
11.5.1 FIRST, to the payment of all out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ ' fees) of the Agent in connection with enforcing its rights and consultants’ the rights of the Lenders under this Agreement and the Loan Documents and any protective advances made by the Agent with respect to the Collateral under or pursuant to the terns of this Document;
11.5.2 SECOND, to payment of any fees owed to the Agent;
11.5.3 THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys' fees) of each of the Lenders in connection with enforcing its rights under this Agreement and the Credit Loan Documents or otherwise with respect to the Obligations owing to such Lender; ;
11.5.4 FOURTH, to the payment of all of the Obligations consisting of interest and any accrued fees not paid under the foregoing; and interest;
11.5.5 FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderany outstanding [L]etters of [C]redit); SIXTH;
11.5.6 ▇▇▇▇▇, to all other Obligations and all other obligations which shall have become due and payable under the Credit Loan Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and ;
11.5.7 SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances held by such Lender bears to the aggregate then outstanding Advances) of amounts available to be applied pursuant to clauses "FOURTH", "FIFTH" and "SIXTH" above; and (iii) to the extent that any amounts available for distribution pursuant to clause "FIFTH" above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Agent in a cash collateral account and applied (A) first, to reimburse the Issuer from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses "FIFTH" and "SIXTH" above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit, Term Loan and Security Agreement (Obsidian Enterprises Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrarycontrary but subject to any other written agreements among the Administrative Agent and/or Lenders, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral may, at Administrative Agent’s discretion or, shall at the direction of Required Lenders, be paid over or delivered as follows: FIRST, ratably to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans funded by the Administrative Agent and any Protective Advances funded by Administrative Agent with respect to the Collateral or otherwise under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, ratably to payment of any fees owed to the Administrative Agent; THIRD, ratably to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate consisting of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)Swing Loans; SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, ratably to the payment of the surplus, if any, all Obligations consisting of accrued fees and interest (other than interest in respect of Swing Loans paid pursuant to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.clause FOURTH above);
Appears in 1 contract
Sources: Revolving Credit, Term Loan and Security Agreement (Asv Holdings, Inc.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contraryCredit Agreement, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative an Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent Agents in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent Agents with respect to the Collateral under or pursuant to the terms of the Security Collateral Documents; SECOND, to payment of any fees owed to the Administrative Agentan Agent or a Issuing Lender; THIRD, to the payment of all reasonable out-of-pocket costs and expenses expenses, (including including, without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such LenderDocuments; FOURTH, to the payment of all of the Obligations consisting of interest and any accrued fees not paid under and interest payable to the foregoingLenders hereunder; FIFTH, to the payment of the outstanding principal amount of the Loans and unreimbursed drawings under Letters of Credit, to the payment or cash collateralization of the outstanding LOC Obligations and to any breakageprincipal amounts outstanding under Hedging Agreements, termination or other payments due on the Obligationspro rata, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)as set forth below; SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (b) each of the Lenders shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans, LOC Obligations and obligations under Hedging Agreements held by such Lender bears to the aggregate then outstanding Loans, LOC Obligations and obligations under Hedging Agreements) of amounts available to be applied pursuant to clauses "THIRD", "FOURTH," "FIFTH," and "SIXTH" above; and (c) to the extent that any amounts available for distribution pursuant to clause "FIFTH" above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Collateral Agent in a cash collateral account and applied (x) first, to reimburse the Issuing Lender from time to time for any drawings under such Letters of Credit and (y) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses "FIFTH" and "SIXTH" above in the manner provided in this Section 9.3.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Borrower's Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Collateral Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Borrower's Obligations owing to such Lender; FOURTH, to the payment of all of the Borrower's Obligations consisting of interest and any accrued fees not paid under the foregoingand interest; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Borrower's Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Borrower's Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.; and (ii) each of the Lenders shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such Section)an Application Event, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents Obligations, or in respect of the Collateral may, at Agent's discretion, or shall at Required Lenders' direction, be paid over or delivered as follows: 168 -- FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable and documented attorneys’ ' fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Intentional Overadvances and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to Agent and to the Administrative Agentpayment of Currency Losses of Issuer; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable and documented attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a LenderSwing Loans paid pursuant to clause FOURTH above); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of the surplus, if any, outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to whomever may be lawfully entitled to receive such surplus. In carrying out clause FIFTH above) arising under this Agreement (including the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.payment or cash 169
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Great Lakes Dredge & Dock CORP)
Allocation of Payments After Event of Default. (a) Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Obligations or Hedge Obligations), or in respect of the Collateral shall may, at Agent’s discretion, and shall, at the direction of the Required Lenders, be paid over or delivered as follows: FIRST, to the payment of all out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLenders pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate consisting of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)Swing Loans; SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of all Obligations arising under this Agreement and the surplus, if any, Other Documents consisting of accrued fees and interest (other than interest in respect of Swing Loans paid pursuant to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.clause FOURTH above);
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Williams Industrial Services Group Inc.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after during the exercise existence of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Total Obligations (including proceeds of the Collateral) shall be paid over or delivered as follows: , but in no event in a manner inconsistent with the provisions of Section 11.1; FIRST, to the payment of all out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders Collateral Agent actually incurred in connection with enforcing its the rights and remedies of the Agents and the Lenders under the Credit Documents or otherwise (including without limitation, exercising rights and remedies in respect of the Collateral) and any protective advances (including any Discretionary Over-Advances) made with respect thereto, excluding any of the foregoing solely relating to Bank Products; SECOND, to payment of any out-of-pocket fees and expenses (including without limitation, fees and expenses owing pursuant to Section 13.5(a)) owed to the Obligations owing Collateral Agent, the Revolving Agent, the Term Agent, and the Lenders (in such order) under the Credit Documents and not paid pursuant to such Lenderclause "FIRST" preceding, excluding any of the foregoing solely relating to Bank Products; THIRD, to the payment of all accrued interest and fees on or in respect of the Revolving Obligations; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingTerm Obligations; FIFTH, to the payment of the outstanding principal amount of the Revolving Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment or cash collateralization of the surplusoutstanding LOC Obligations), if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, but excluding amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.falling under clause "SIXTH" below;
Appears in 1 contract
Sources: Credit Agreement (Friedmans Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent Agents in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECOND, to payment of any fees owed to the Administrative Agent's Fees then due and payable; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTH, to the payment of all accrued interest and Fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accountsthe payment of all LOC Obligations then reimbursable by the Borrower pursuant to Section 2.6(c), but excluding any LOC Obligations attributable to issued but undrawn Letters of Credit) or other cash management services provided by a Lender and to the payment of any principal amounts outstanding under Hedging Agreements (or an Affiliate of a Lenderto the extent permitted hereunder); SIXTH, to the cash collateralization of all other LOC Obligations and attributable to issued but undrawn Letters of Credit; SEVENTH, to all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTHEIGHTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Sources: Credit Agreement (Railworks Corp)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrarycontrary after the occurrence and during the continuation of an Event of Default, proceeds from any payments (including prepayments under Section 2.3) or proceeds arising after the exercise of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 hereunder (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such SectionSection 8.2), all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations obligations of Borrower or any other amounts outstanding under any of the Credit Loan Documents or in respect of the Collateral shall be paid over or delivered as follows: follows (irrespective of whether the following costs, expenses, fees, interest, premiums, scheduled periodic payments or of the obligations of Borrower under any of the Loan Documents are allowed, permitted or recognized as a claim in any proceeding resulting from the occurrence of a bankruptcy event): FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing owed pursuant to the rights of the Lenders under the Credit Loan Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or owed pursuant to the terms of the Security Loan Documents; SECOND, to the payment of any fees owed to Administrative Agent pursuant to the Administrative AgentLoan Documents; THIRD, to the payment of all out-of-pocket fees, costs and expenses (including without limitation, limitation reasonable attorneys’ and consultants’ fees) of each of Lender owed pursuant to the Lenders Loan Documents, including without limitation in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such LenderLoan Documents; FOURTH, to the applicable Prepayment Premium, if any (which shall not be applicable regarding payments made pursuant to Section 2.3.2); FIFTH, to the applicable Breakage Costs; SIXTH, to the payment of all interest on the outstanding principal balance of the Obligations consisting Loan accrued at the Applicable Interest Rate on the amount prepaid through and including the date of interest and any accrued fees not paid under the foregoingprepayment; FIFTHSEVENTH, to the payment of the outstanding principal amount of the Obligations Loan; EIGHTH, with respect to any Secured Hedging Agreement, any fees, premiums and scheduled periodic payments due under such Secured Hedging Agreement and any interest accrued thereon and any breakage, termination or other payments due on the Obligations, under such Secured Hedging Agreement and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)thereon; SIXTHNINTH, to all other Obligations and all other obligations of Borrower which shall have become due and payable under the Credit Loan Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTHEIGHTH” above; and SEVENTHTENTH, to the payment of the surplus, if any, to whomever may be Borrower, unless another Person is lawfully entitled to receive such surplussurplus (or any portion thereof) in which case such surplus (or any portion thereof) shall be paid to such Person. In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category, (b) each Lender shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding portion of the Loan held by such Lender bears to the aggregate then outstanding Loan) and (c) with respect to amounts payable under clause “EIGHTH” above, each Hedging Agreement Provider shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding obligations payable to such Hedging Agreement Provider bears to the aggregate amount of all obligations payable under all Secured Hedging Agreements) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH”, “FIFTH”, “SIXTH”, “SEVENTH” and “NINTH” above.
Appears in 1 contract
Sources: Loan Agreement (Orchard Supply Hardware Stores Corp)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 7.2 (or after the Loan Commitments shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents (including without limitation the maximum amount of all contingent liabilities under Letters of Credit) shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received by the Administrative Agent or any Lender on account of the Secured Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all out-of-pocket reasonable out‑of‑pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket reasonable out‑of‑pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Secured Obligations owing to such Lender; FOURTH, to the payment of all of the Secured Obligations consisting of interest accrued fees and interest, and including with respect to any Secured Hedging Agreement and any Secured Cash Management Agreement, any fees, premiums and scheduled periodic payments due under such Secured Hedging Agreement and such Secured Cash Management Agreement and any interest accrued fees not paid under the foregoingthereon; FIFTH, to the payment of the outstanding principal amount of the Secured Obligations and the payment or cash collateralization of the outstanding LOC Obligations, and including with respect to any Secured Hedging Agreement and any Secured Cash Management Agreement, any breakage, termination or other payments due on the Obligations, under such Secured Hedging Agreement and such Secured Cash Management Agreement and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)thereon; SIXTH, to all other Secured Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “”FIRST” through “FIFTH” above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.; (ii) each of the Lenders shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans, LOC Obligations and obligations outstanding under the Hedging Agreements (if any) permitted by Section 6.1(e) held by such Lender (and its Affiliates in the case of Hedging Agreement obligations) bears to the aggregate then outstanding Loans, LOC Obligations and obligations outstanding under the Hedging Agreements between any Credit Party and any Lender or any Affiliate of a Lender that are permitted by Section 6.1(e)) of amounts available to be applied pursuant to clauses “FOURTH” and “FIFTH” above; and (iii) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and applied (A) first, to reimburse the Issuing Lender from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “FIFTH” and “SIXTH” above in the manner provided in this Section 2.12(b). Notwithstanding the foregoing terms of this Section 2.12, only Collateral proceeds and payments under the Guaranty (as opposed to ordinary course principal, interest and fee payments hereunder) shall be applied to obligations under any Secured Hedging Agreement and any Secured Cash Management Agreement. CHAR1\1357697v6
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Loan Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Loan Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECOND, to payment of any fees owed to the Administrative AgentAgent hereunder; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders Banks hereunder in connection with enforcing its rights under the Credit Loan Documents or otherwise with respect to the Obligations owing to such Lender; FOURTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account hereunder (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding Letter of Credit Exposure); SIXTH, to all other Obligations hereunder and all other obligations which shall have become due and payable under the Credit Loan Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever the Borrower or such other Persons as may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.; and (ii) except as otherwise provided, the Banks shall receive amounts ratably in accordance with their respective pro rata share (based on the proportion that the then outstanding Obligations held by such Banks bears to
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under any Hedging this Agreement with a Lender and the Other Documents consisting of accrued fees and interest (or an Affiliate other than interest in respect of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a LenderSwing Loans paid pursuant to clause FOURTH above); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of the surplus, if any, outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.clause FIFTH above) arising under this Agreement
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Virco MFG Corporation)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contraryCredit Agreement, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Loan Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent or any of the Lenders in connection with enforcing the rights of the Lenders and/or the Administrative Agent under the Credit Loan Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Collateral Documents; SECOND, to payment of any fees owed to the Administrative AgentAgent or the L/C Issuer; THIRD, to the extent of any amounts received as proceeds of the Revolving Loan Collateral:
A. to the payment of any and all out-of-pocket costs and costs, liabilities and/or expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of incurred by the Lenders Administrative Agent in connection with enforcing its rights under the Credit Documents collection or otherwise with respect to administration of the Obligations owing to such Lender; FOURTH, Revolving Loan or the Revolving Loan Collateral;
B. to the payment of all amounts due to any L/C Issuer in respect of Letters of Credit hereunder;
C. to the payment of all accrued interest (including on Swap Related Reimbursement Obligations consisting and interest accrued following the filing of interest a petition under any bankruptcy law or any other federal, state or foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors), fees, costs, liabilities and/or expenses payable to the Revolving Lenders and any accrued fees not paid under the foregoing; FIFTH, GE Capital hereunder in their capacity as such;
D. to the payment of the outstanding principal amount of the Revolving Credit Advances, and Swap Related Reimbursement Obligations and any breakage, termination to the payment or other payments due on cash collateralization of the outstanding L/C Obligations, pro rata, as set forth below; and
E. to the payment of any amounts described in clause FOURTH below, in the order and manner set forth therein; FOURTH, to the extent of any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate amounts received as proceeds of a Lender) or sale of Stock:
A. proceeds in the amount attributable to the Accounts shall be applied as set forth in clause “THIRD” above; and
B. any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)remaining proceeds shall be applied as set forth in clause “FIFTH” below; SIXTHFIFTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Loan Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTHFOURTH” above; and SEVENTHSIXTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (b) each of the Lenders and GE Capital shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans, L/C Obligations and obligations under Swap Related Reimbursement Obligations held by such Lender or GE Capital bears to the aggregate then outstanding Loans, L/C Obligations and obligations under Swap Related Reimbursement Obligations held by all Lenders or GE Capital) of amounts available to be applied pursuant to clauses “THIRD,” “FOURTH,” or “FIFTH” above; and (c) to the extent that any amounts available for distribution pursuant to clause “THIRD,” “FOURTH” or “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and applied (x) first, to reimburse the L/C Issuer from time to time for any drawings under such Letters of Credit and (y) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “THIRD”, “FOURTH,” “FIFTH,” or “SIXTH” above in the manner provided in this Section 8.3. If any Lending Party shall receive any proceeds in contradiction of this Section 8.3, such Lending Party shall forward such proceeds to Administrative Agent for distribution pursuant to this Section 8.3.
Appears in 1 contract
Sources: Credit Agreement (Medical Staffing Network Holdings Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the collateral agent incurred in connection with the execution of its duties as collateral agent in exercising or attempting to exercise rights and remedies in respect of the collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys' fees) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative Agent; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTHSIXTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTHSEVENTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTHEIGHTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to or the contrarySupplemental Credit Agreement, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative an Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or any of the Supplemental Credit Documents or in respect of the Collateral shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and the Supplemental Credit Lenders under the Supplemental Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Collateral Documents; SECOND, to payment of any fees owed to the Administrative an Agent in its capacity as Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses expenses, (including including, without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to and the Obligations owing to such LenderSupplemental Credit Documents; FOURTH, to the payment of all of the Obligations consisting of interest and any accrued fees not paid and interest payable to (i) the New Credit Agreement Lenders hereunder and (ii) the Supplemental Credit Lenders under the foregoing; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Supplemental Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.Agreement;
Appears in 1 contract
Sources: Credit Agreement (Chattem Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, contrary after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Loans, LOC Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral any collateral (if any) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral collateral (if any) under or pursuant to the terms of the Security DocumentsPledge Agreements; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses expenses, (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations Revolving Loans or other obligations hereunder owing to such Lender; THIRD, to payment of any fees owed to the Agent; FOURTH, to the payment of all accrued interest and fees in respect of the Obligations consisting of interest Loans and any accrued fees not paid under the foregoingother obligations hereunder; FIFTH, to the payment of the outstanding principal amount of the Obligations Loans and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account obligations hereunder (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “"FIFTH” " above; and SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate consisting of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)Swing Loans; SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of all Obligations arising under this Agreement and the surplus, if any, Other Documents consisting of accrued fees and interest (other than interest in respect of Swing Loans paid pursuant to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.clause FOURTH above);
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Daseke, Inc.)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities or Hedge Liabilities), or in respect of the Collateral shall may, at Agent’s discretion, be paid over or delivered as follows: FIRST, to the payment of (i) all out-of-pocket reasonable and documented costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Documents Other Documents, and any protective advances made (ii) all Out-of-Formula Loans and Protective Advances funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement; SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all out-of-pocket costs reasonable and documented and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingSwing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate consisting of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender)Swing Loans; SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of all Obligations arising under this Agreement and the surplus, if any, Other Documents consisting of accrued fees and interest (other than interest in respect of Swing Loans paid pursuant to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.clause FOURTH above);
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Build-a-Bear Workshop Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the collateral agent incurred in connection with the execution of its duties as collateral agent in exercising or attempting to exercise rights and remedies in respect of the collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative AgentAgent hereunder; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoing; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.;
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding --------------------------------------------- any other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the collateral agent incurred in connection with the execution of its duties as collateral agent in exercising or attempting to exercise rights and remedies in respect of the collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys' fees) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative Agent; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ ' fees) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTHSIXTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account hereunder (including the payment or cash management accounts) or other cash management services provided by a Lender (or an Affiliate collateralization of a Lenderthe outstanding LOC Obligations); SIXTHSEVENTH, to all other Obligations hereunder and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTHEIGHTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.; and (ii) except as otherwise provided, the Lenders shall receive amounts ratably in accordance with their respective pro rata share (based on the proportion that the then outstanding Obligations held by such Lenders bears to the aggregate amount of Obligations then outstanding) of amounts
Appears in 1 contract
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Loan Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ ' fees) of the Administrative Agent Agent, the LC Issuer or the Lenders in connection with enforcing the rights and remedies of the Administrative Agent or the Lenders under the Credit Loan Documents and any protective advances made by the Administrative Agent with respect thereto or otherwise with respect to the Collateral under or pursuant Obligations owing to the terms of Lenders, the Security DocumentsLC Issuer or the Administrative Agent; SECOND, to payment of any fees owed to the Lenders, the LC Issuer or the Administrative AgentAgent hereunder; THIRD, to the payment of all out-of-pocket costs accrued interest and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each fees on or in respect of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such LenderObligations; FOURTH, to the payment of all of the Obligations consisting of interest and any accrued fees not paid under the foregoing; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account hereunder (including the payment or cash management accounts) or collateralization of the outstanding LC Obligations and Rate Management Obligations owed to Lender Counterparties being paid on a pari passu basis with the repayment of other cash management services provided by a Lender (or an Affiliate of a LenderObligations); SIXTHFIFTH, to all other Obligations hereunder and all other obligations which shall have become due and payable under the Credit Loan Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "FOURTH" above; and SEVENTHSIXTH, to the payment of the surplus, if any, to whomever Unit or such other Persons as may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding categorycategory to the Administrative Agent or in accordance with each Lender's Pro Rata Share, as applicable, (unless a Lender is a Defaulting Lender); and (ii) to the extent that any amounts available for distribution pursuant to clause "FOURTH" above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and applied (A) first, to reimburse the LC Issuer for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses "THIRD" and "FOURTH" above in the manner provided in this Section 11.4. Excluded Swap Obligations with respect to any Subsidiary Guarantor shall not be paid with amounts received from such Subsidiary Guarantor or its assets, but appropriate adjustments shall be made to payments from other Credit Parties to preserve the allocation to Obligations otherwise set forth above in this Section 11.4.
Appears in 1 contract
Sources: Senior Credit Agreement (Unit Corp)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or (including without limitation any other amounts outstanding under on account of any of the Credit Documents Cash Management Liabilities (including JPM European Treasury Management Obligations) or Hedge Liabilities) or in respect of the Collateral shall be paid paid, subject to the Interim Order, the Final Order (once entered) and the terms of the ABL Intercreditor Agreement, over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under this Agreement and the Credit Other Documents arising from, related to or connected with the US-Canada Advances and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthis Agreement (other than with respect to those arising from or connected with any Cash Management Liabilities and/or Hedge Liabilities); SECOND, to payment of any fees owed to the Administrative Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such LenderLender pursuant to the terms of this Agreement; FOURTH, to the payment of all of the Obligations consisting of accrued interest and any accrued fees not paid under on account of the foregoingUS-Canada Swing Loans; FIFTH, to the payment of the outstanding principal amount of the Obligations and any breakageconsisting of US-Canada Swing Loans; SIXTH, termination or other payments due on to the Obligations, and any interest accrued thereon together with payment of all Obligations arising under this Agreement and the Other Documents consisting of accrued fees and interest (other than interest in respect of US-Canada Swing Loans paid pursuant to clause FOURTH above); SEVENTH, to the payment of the outstanding principal amount of the Obligations (other than principal in respect of US-Canada Swing Loans paid pursuant to clause FIFTH above and other than Cash Management Liabilities and Hedge Liabilities) and including the payment or cash collateralization of any Hedging Agreement outstanding US-Canada Letters of Credit in accordance with a Lender (or an Affiliate of a LenderSection 3.2(b) or hereof; EIGHTH, to any account Cash Management Liabilities (including cash management accountsany JPM European Treasury Management Obligations) or other cash management services provided by a Lender (or an Affiliate of a Lender)and/or Hedge Liabilities; SIXTHNINTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” aboveEIGHTH”; and SEVENTHTENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding US-Canada Advances held by such Lender bears to the aggregate then outstanding US-Canada Advances) of amounts available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, and “NINTH” above and, with respect to clause “EIGHTH” above, an amount equal to its pro rata share (based on the proportion that the then outstanding Cash Management Liabilities and Hedge Liabilities arising from, related to or connection with US-Canada Advances held by such Lender bears to the aggregate then outstanding Cash Management Liabilities and Hedge Liabilities arising from, related to or connection with US-Canada Advances); (iii) notwithstanding anything to the contrary in this Section 11.1, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise of remedies with respect to such Guaranty) or from the proceeds of such Non- Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities; provided, however, that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH” above are attributable to the issued but undrawn amount of outstanding US-Canada Letters of Credit, such amounts shall be held by the Agent as cash collateral for the US-Canada Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse Issuer from time to time for any drawings under such US-Canada Letters of Credit, and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “SEVENTH,” “EIGHTH” and “NINTH” above in the manner provided in this Section 11.5.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Invacare Corp)
Allocation of Payments After Event of Default. Notwithstanding any --------------------------------------------- other provisions of this Credit Agreement to the contrary, after the exercise occurrence and during the continuance of remedies by the Administrative Agent or the Lenders pursuant to Section 8.2 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral Obligations (or other amounts owing under the Credit Documents in connection therewith) shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including including, without limitation limitation, reasonable attorneys’ fees' fees and expenses and the allocated cost of internal counsel) of the collateral agent incurred in connection with the execution of its duties as collateral agent in exercising or attempting to exercise rights and remedies in respect of the collateral and all protective advances made with respect thereto; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys' fees and expenses and the allocated cost of internal counsel) of the Administrative Agent in connection with enforcing the rights and remedies of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documentsthereto; SECONDTHIRD, to payment of any fees owed to the Administrative Agent; THIRDFOURTH, to the payment of all reasonable out-of-pocket costs and expenses (including including, without limitation, reasonable attorneys’ ' fees and consultants’ feesexpenses and the allocated cost of internal counsel) of each of the Lenders hereunder in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender; FOURTHFIFTH, to the payment of all accrued interest and fees on or in respect of the Obligations consisting of interest and any accrued fees not paid under the foregoingObligations; FIFTHSIXTH, to the payment of the outstanding principal amount of the Obligations and any breakage, termination or other payments due on the Obligations, and any interest accrued thereon together with all Obligations arising under any Hedging Agreement with a Lender (or an Affiliate of a Lender) or any account (including the payment or cash management accountscollateralization of the outstanding LOC Obligations) or other cash management services provided by a Lender (or an Affiliate and to the payment of a Lender)any principal amounts outstanding under Hedging Agreements permitted hereunder; SIXTHSEVENTH, to all other Obligations and all other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FIFTH” "SIXTH" above; and SEVENTHEIGHTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; and (ii) except as otherwise provided, the Lenders shall receive amounts ratably in accordance with their respective pro rata share (based on the proportion that then outstanding Obligations held by such Lenders bears to the aggregate amount of Obligations then outstanding) of amounts available to be applied pursuant to clauses "FOURTH", "FIFTH" and "SEVENTH" above; (iii) except as otherwise provided, to the extent that any amounts available for distribution pursuant to clause "SIXTH" above are attributable to obligations under Hedging Agreements permitted hereunder held by Lenders or their Affiliates, the Lenders and their Affiliates shall receive amounts ratably in accordance with their respective pro rata share (based on the proportion that then outstanding Obligations and obligations under Hedging Agreements permitted hereunder held by such Lenders or their Affiliates bear to the aggregate amount of Obligations then outstanding) of amounts available to be applied pursuant to clause "SIXTH" above; and (iv) to the extent that any amounts available for distribution pursuant to clause "SIXTH" above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and applied (A) first, to reimburse the Issuing Lender for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses "FIFTH" and "SIXTH" above in the manner provided in this Section 3.15(b).
Appears in 1 contract
Sources: Credit Agreement (Ameripath Inc)
Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement or any other Loan Document to the contrary, and subject to all applicable Requirements of Law, after the exercise of remedies by the Administrative Agent or the Lenders pursuant to provided for in Section 8.2 7.4 (or after the Loan (with accrued interest thereon) and all other amounts under the Credit Documents shall Term Loans have automatically become immediately due and payable and the Commitments have been automatically terminated as set forth in accordance with the terms of such Sectionproviso to Section 7.4), any amounts received on account of the Obligations (including all amounts collected or received by the Administrative Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral shall Collateral) shall, subject to the provisions of Section 2.13, be paid over or delivered as follows: applied by the Administrative Agent in the following order:
(a) FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing its rights and the rights of the Lenders under the Credit Documents this Agreement and any other Loan Document, and any protective advances made funded by the Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents; this Agreement or any other Loan Document;
(b) SECOND, to payment of any fees owed to Administrative Agent pursuant to the Administrative Agent; Loan Documents;
(c) THIRD, to the payment of all reasonable and documented out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ and consultants’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations extent owing to such Lender; Lender pursuant to the terms of this Agreement or any other Loan Document;
(d) FOURTH, to the payment of all of the Obligations arising under this Agreement or any other Loan Document consisting of interest and any accrued fees not paid under the foregoing; and interest;
(e) FIFTH, to the payment of the outstanding principal amount of the Obligations (including, without limitation, Secured Hedge Obligations and any breakage, termination or other payments due on the Secured Cash Management Obligations, and any interest accrued thereon together with all Obligations ) arising under any Hedging this Agreement with a Lender (or an Affiliate of a Lender) or any account other Loan Document;
(including cash management accountsf) or other cash management services provided by a Lender (or an Affiliate of a Lender); SIXTH, to all other Obligations and all arising under this Agreement, the other obligations Loan Documents or otherwise which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and and
(g) SEVENTH, to the payment of the surplus, if any, to whomever whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding categorycategory and (ii) each of the Lenders (so long as it is not a Defaulting Lender) shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on its Applicable Percentage) of amounts available to be applied pursuant to clauses “FOURTH”, “FIFTH” and “SIXTH” above. Notwithstanding the foregoing, Secured Cash Management Obligations and Secured Hedge Obligations shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable holders thereof. Each holder of Secured Cash Management Obligations or Secured Hedge Obligations that, in either case, is not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article 9 for itself and its Affiliates as if a “Lender” party hereto.
Appears in 1 contract
Sources: Delayed Draw Term Loan and Guaranty Agreement (ArcLight Clean Transition Corp. II)