Common use of Application of Proceeds of ABL Priority Collateral Clause in Contracts

Application of Proceeds of ABL Priority Collateral. The ABL Agent, the [Term Loan] Agent and each Additional [Term] Agent hereby agree that all ABL Priority Collateral, and all Proceeds thereof, received by any of them in connection with any Exercise of Secured Creditor Remedies shall be applied, first, to the payment of the ABL Obligations in accordance with the ABL Credit Agreement until the Discharge of ABL Obligations, second, by the [Term Loan] Collateral Representative to the payment of the [Term Loan] Obligations and any Additional [Term] Obligations in accordance with the [Term Loan] Credit Agreement or any applicable [Term] Intercreditor Agreement until the Discharge of [Term Loan] Collateral Obligations, and third, the balance, if any, to the Credit Parties or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. Each ABL Agent, [Term Loan] Agent and Additional [Term] Agent shall provide the ABL Collateral Representative and the [Term Loan] Collateral Representative with such information about the ABL Obligations or [Term Loan] Collateral Obligations represented by it as they may reasonably request in order to carry out the purposes of this Section 4.1.

Application of Proceeds of ABL Priority Collateral. The ABL Agent, the [Term Loan] Agent on behalf of itself and each Additional [Term] Agent ABL Lender, and each Term Loan Agent, on behalf of itself and each applicable Term Loan Lender, hereby agree that all the ABL Priority Collateral, and all Proceeds thereof, Collateral or proceeds thereof received by any of them in connection with any the sale or other disposition of, or collection on, such ABL Priority Collateral upon the Exercise of Any Secured Creditor Remedies Remedies, shall be applied, : (a) first, to the payment of the ABL Obligations Claims in accordance with the ABL Credit Agreement Loan Documents until the a Discharge of ABL Obligations, Claims has occurred; (b) second, by the [Term Loan] Collateral Representative to the payment of the [Term Loan] Obligations and any Additional [Term] Obligations Loan Claims in accordance with the [Term Loan] Credit Agreement or any applicable [Term] Intercreditor Agreement Loan Documents until the a Discharge of [Term Loan] Collateral ObligationsLoan Claims has occurred; (c) third, and thirdto the payment of Excess ABL Debt in accordance with the ABL Loan Documents until such obligations are paid in full in cash; (d) fourth, to the payment of Excess Term Loan Debt in accordance with the Term Loan Documents until such obligations are paid in full in cash; and (e) fifth, the balance, if any, to the Credit Parties Grantors or to whomsoever whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. Each ABL Agent, [Term Loan] Agent and Additional [Term] Agent shall provide the ABL Collateral Representative and the [Term Loan] Collateral Representative with such information about the ABL Obligations or [Term Loan] Collateral Obligations represented by it as they may reasonably request in order to carry out the purposes of this Section 4.1.