Common use of Dutch Post-Default Allocation Clause in Contracts

Dutch Post-Default Allocation. Notwithstanding anything in any Loan Document to the contrary, during an Event of Default under Section 11.1(j), or during any other Event of Default at the discretion of Agent or Required Lenders, monies to be applied to the Dutch Obligations, whether arising from payments by Dutch Obligors, realization on Dutch Collateral, setoff or otherwise, shall be allocated as follows: (a) FIRST, to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Agent by a Dutch Obligor; (b) SECOND, to all other amounts owing to Agent, including Dutch Swingline Loans, Dutch Protective Advances, and Dutch Revolver Loans and participations that a Defaulting Lender has failed to settle or fund; (c) THIRD, to all amounts owing to Issuing Bank by Dutch Obligors; (d) FOURTH, to all Dutch Obligations (other than Dutch Secured Bank Product Obligations) constituting fees, indemnification, costs or expenses owing to Lenders; (e) FIFTH, to all Dutch Obligations (other than Dutch Secured Bank Product Obligations) constituting interest; (f) SIXTH, to Cash Collateralize all Dutch LC Obligations; (g) SEVENTH, to all Dutch Revolver Loans, and to Dutch Secured Bank Product Obligations arising under Hedge Agreements (including Cash Collateralization thereof) which are provided by Bank of America (and any of its Lending Offices) or any of its Affiliates or any other Dutch Lender or Affiliate of a Dutch Lender, up to the amount of Reserves existing therefor; (h) EIGHTH, to all other Dutch Secured Bank Product Obligations which are provided by Bank of America (or any of its Lending Offices) or any of its Affiliates or any other Dutch Lender or Affiliate of a Dutch Lender; (i) NINTH, to all other Dutch Secured Bank Product Obligations which are provided by a counterparty other than Bank of America (and any of its Lending Offices) or any of its Affiliates or any other Dutch Lender or Affiliate of a Dutch Lender; and (j) LAST, to all remaining Dutch Obligations. With respect to the application of payments under Section 5.6.2 and 5.6.3, amounts shall be applied to payment of each category of Obligations only after Full Payment of amounts payable from time to time under all preceding categories. If amounts are insufficient to satisfy a category, they shall be paid ratably among outstanding Obligations in the category. Monies and proceeds obtained from an Obligor shall not be applied to its Excluded Swap Obligations, but appropriate adjustments shall be made with respect to amounts obtained from other Obligors to preserve the allocations in each category. Agent shall have no obligation to calculate the amount of any Secured Bank Product Obligation and may request a reasonably detailed calculation thereof from a Secured Bank Product Provider. If the provider fails to deliver the calculation within five days following request, Agent may assume the amount is zero. The allocations in this Section are solely to determine the priorities among Secured Parties and may be changed by agreement of affected Secured Parties without the consent of any Obligor. This Section is not for the benefit of or enforceable by any Obligor, and no Obligor has any right to direct the application of payments or Collateral proceeds subject to this Section.