Common use of Application of Moneys During Continuation of Event of Default Clause in Contracts

Application of Moneys During Continuation of Event of Default. (a) So long as an Event of Default of which the Agent shall have given notice to the Lenders shall continue, all moneys received by the Agent (i) from any Obligor under the Loan Documents shall, except as otherwise required by law, be distributed by the Agent on the dates selected by the Agent as follows: first, to payment of the unreimbursed expenses for which either Agent or any Lender is to be reimbursed pursuant to Section 13.03 and to any unpaid fees owing to the Agents; second, to the ratable payment of accrued but unpaid interest on the Obligations; third, to the ratable payment of unpaid principal of the Obligations;