Common use of Application of Proceeds of Collateral and Payments after Event of Default Clause in Contracts

Application of Proceeds of Collateral and Payments after Event of Default. Subject to the provisions of the Intercreditor Agreement, upon the occurrence and during the continuation of an Event of Default, if requested by Requisite Lenders, or upon acceleration of the Obligations pursuant to Section 8, (a) all payments received by Administrative Agent or Collateral Agent, whether from Company or any Guarantor or otherwise, and (b) all proceeds received by Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Collateral Document may, in the discretion of Administrative Agent, be held by Collateral Agent as Collateral for, and/or (then or at any time thereafter) applied in full or in part by Collateral Agent, in each case in the following order of priority:

Application of Proceeds of Collateral and Payments after Event of Default. Subject to the provisions of the Intercreditor Agreement, upon Upon the occurrence and during the continuation of an Event of Default, either if requested by Requisite Lenders, Lenders or upon acceleration termination of the Obligations pursuant to Section 8, Revolving Loan Commitments (a) all payments received by Administrative Agent or Collateral Agenton account of the Obligations, whether from Company or Borrowers, from any Guarantor or otherwise, shall be applied by Administrative Agent against the Obligations and (b) all proceeds received by Collateral Administrative Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Collateral Document may, in the discretion of Administrative Agent, be held by Collateral Administrative Agent as Collateral for, and/or (then or at any time thereafter) applied in full or in part by Administrative Agent against, the applicable Secured Obligations (as defined in such Collateral AgentDocument), in each case in the following order of priority:

Application of Proceeds of Collateral and Payments after Event of Default. Subject to the provisions of the Intercreditor Agreement, upon the occurrence and during the continuation of an Event of Default, if requested by Requisite Lenders, or upon acceleration of the Obligations pursuant to Section 8, (a) all payments received by Administrative Agent or Collateral Agent, whether from Company Company, Holdings or any Subsidiary Guarantor or otherwise, and (b) following the Discharge of First Lien Obligations, all proceeds received by Collateral Administrative Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Collateral Document may, in the discretion of Administrative Agent, be held by Collateral Administrative Agent as Collateral for, and/or (then or at any time thereafter) applied in full or in part by Collateral Administrative Agent, in each case in the following order of priority: