Common use of Application following an Event of Default Clause in Contracts

Application following an Event of Default. Following an Event of Default all monies received by the Agent shall be applied in the following order: firstly, in respect of all costs and expenses whatsoever incurred in connection with or incidental to the enforcement of any Security Document, (excluding enforcement of the GIEK Guarantee and the K-sure Insurance); secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents, the GIEK Guarantee and the K-sure Insurance Policy; fourthly, in or towards payment pro rata of any accrued interest (including default interest), fee or commissions due but unpaid under this Agreement; fifthly, in or towards payment pro rata of any principal due but unpaid and indemnification due but unpaid under this Agreement, including costs relating to the enforcement of the GIEK Guarantee and the K-sure Insurance; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received by the K-sure Agent from K-sure in respect of claims under a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and shall be applied in accordance with the K-sure Insurance Policy. All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurred.

Application following an Event of Default. Following During the continuance of an Event of Default all monies Default, Agent may, and shall upon the direction of Required Lenders, apply any payments received by Agent in accordance with clauses first through sixth below. Notwithstanding any provision herein to the contrary, all payments made by Credit Parties to Agent after any or all of the Obligations have been accelerated (so long as such acceleration has not been rescinded), including proceeds of Collateral, shall be applied as follows and in the following order: firstlysuch priority: (i) first, in respect to payment of all costs and expenses whatsoever incurred in connection with expenses, including Attorney Costs, of Agent payable or incidental to the enforcement of any Security Document, (excluding enforcement of the GIEK Guarantee and the K-sure Insurance); secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted reimbursable by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent Credit Parties under the Finance Loan Documents; (ii) second, the GIEK Guarantee and the K-sure Insurance Policy; fourthlywithout duplication, in to payment of Attorney Costs of Lenders payable or towards payment pro rata of any accrued interest (including default interest), fee or commissions due but unpaid reimbursable by Borrowers under this Agreement; (iii) third, to payment of all accrued unpaid interest on the Obligations and fees owed to Agent, Lenders and L/C Issuers; (iv) fourth, to payment of principal of the Obligations, including L/C Reimbursement Obligations then due and payable, any Obligations under any Secured Rate Contract and cash collateralization of unmatured L/C Reimbursement Obligations to the extent not then due and payable); (v) fifth, to payment of any other amounts owing constituting Obligations; fifthlyand (vi) sixth, in any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto. Each of Lenders or towards other Persons entitled to payment shall receive an amount equal to its pro rata share of any principal due but unpaid amounts available to be applied pursuant to clauses third, fourth and indemnification due but unpaid under this Agreement, including costs relating to the enforcement of the GIEK Guarantee and the K-sure Insurancefifth above; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received no payments by the K-sure Agent from K-sure in respect a Guarantor and no proceeds of claims under Collateral of a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and Guarantor shall be applied in accordance with the K-sure Insurance Policy. All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear Excluded Rate Contract Obligations of any deduction for) set-off or counterclaim. Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurredsuch Guarantor.

Application following an Event of Default. Following an Event of Default Default, all monies received by the Agent shall be applied in the following order: firstly, in respect of all costs and expenses whatsoever incurred by the Agent in connection with or incidental to the enforcement of any Security DocumentFinance Document (save for fees, (excluding enforcement of costs and expenses under the GIEK Guarantee and the K-sure InsuranceSecured Hedging Agreements); secondly, in or towards payment pro rata of any other unpaid fees, costs and expenses of the Agent under the Finance Documents (save for fees, costs and expenses under the Secured Hedging Agreements; thirdly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents, the GIEK Guarantee and the K-sure Insurance Policy; fourthly, in or towards payment pro rata of any accrued interest (including default interest), fee or commissions commission due but unpaid under this Agreement; fifthly, in or towards payment pro rata of any principal due but unpaid and indemnification due but unpaid under this Agreement; sixthly, including costs relating to in or towards payment pro rata of any other sum due but unpaid under the enforcement Finance Documents (except for under the Secured Hedging Agreements); s, in or towards payment pro rata of any sum due but unpaid under the GIEK Guarantee and the K-sure InsuranceSecured Hedging Agreements; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received by the K-sure Agent from K-sure in respect of claims under a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and shall be applied in accordance with the K-sure Insurance PolicyBorrower or to its order. # 72 (72) All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurred.

Application following an Event of Default. Following an Event of Default Default, all monies received by the Agent shall be applied in the following order: firstly, in respect of all costs and expenses whatsoever incurred by the Agent in connection with or incidental to the enforcement of any Security DocumentFinance Document (save for fees, (excluding enforcement of costs and expenses under the GIEK Guarantee and the K-sure InsuranceSecured Hedging Agreements); secondly, in or towards payment pro rata of any other unpaid fees, costs and expenses of the Agent under the Finance Documents (save for fees, costs and expenses under the Secured Hedging Agreements; thirdly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents, the GIEK Guarantee and the K-sure Insurance Policy; fourthly, in or towards payment pro rata of any accrued interest (including default interest), fee or commissions commission due but unpaid under this Agreement; fifthly, in or towards payment pro rata of any principal due but unpaid and indemnification due but unpaid under this Agreement; sixthly, including costs relating to in or towards payment pro rata of any other sum due but unpaid under the enforcement Finance Documents (except for under the Secured Hedging Agreements); s, in or towards payment pro rata of any sum due but unpaid under the GIEK Guarantee and the K-sure InsuranceSecured Hedging Agreements; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received by the K-sure Agent from K-sure in respect of claims under a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and shall be applied in accordance with the K-sure Insurance PolicyBorrower or to its order. All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurred.

Application following an Event of Default. Following During the continuance of an Event of Default all monies Default, Agent may, and shall upon the direction of Required Lenders, apply any payments received by Agent in accordance with clauses first through sixth below. Notwithstanding any provision herein to the contrary, all payments made by Credit Parties to Agent after any or all of the Obligations have been accelerated (so long as such acceleration has not been rescinded), including proceeds of Collateral, shall be applied as follows and in such priority: (i) first, to all amounts owing to Agent or the following order: firstly, Lenders in respect of all Protective Advances; (ii) second, to payment of costs and expenses whatsoever incurred in connection with expenses, including Attorney Costs, of Agent payable or incidental to the enforcement of any Security Document, (excluding enforcement of the GIEK Guarantee and the K-sure Insurance); secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted reimbursable by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent Credit Parties under the Finance Loan Documents; (iii) third, the GIEK Guarantee and the K-sure Insurance Policy; fourthlywithout duplication, in to payment of Attorney Costs of Lenders payable or towards payment pro rata of any accrued interest (including default interest), fee or commissions due but unpaid reimbursable by Borrowers under this Agreement; (iv) fourth, to payment of all accrued unpaid interest on the Obligations and fees owed to Agent and Lenders; (v) fifth, to payment of principal of the Obligations; (vi) sixth, to payment of any other amounts owing constituting Obligations; fifthlyand (vii) seventh, in any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto. Each of Lenders or towards other Persons entitled to payment shall receive an amount equal to its pro rata share of any principal due but unpaid amounts available to be applied pursuant to clauses first, fourth, fifth and indemnification due but unpaid under this Agreement, including costs relating to the enforcement of the GIEK Guarantee and the K-sure Insurancesixth above; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received no payments by the K-sure Agent from K-sure in respect a Guarantor and no proceeds of claims under Collateral of a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and Guarantor shall be applied in accordance with the K-sure Insurance Policy. All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear Excluded Rate Contract Obligations of any deduction for) set-off or counterclaim. Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurredsuch Guarantor.

Application following an Event of Default. Following During the continuance of an Event of Default all monies Default, Agent may, and shall upon the direction of Required Lenders, apply any payments received by Agent in accordance with clauses first through sixth below. Notwithstanding any provision herein to the contrary, all payments made by Credit Parties to Agent after any or all of the Obligations have been accelerated (so long as such acceleration has not been rescinded), including proceeds of Collateral, shall be applied as follows and in the following order: firstlysuch priority: (i) first, in respect to payment of all costs and expenses whatsoever incurred in connection with expenses, including Attorney Costs, of Agent payable or incidental to the enforcement of any Security Document, (excluding enforcement of the GIEK Guarantee and the K-sure Insurance); secondly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed or taking priority in respect of such proceeds over the Security Interests constituted reimbursable by the Security Documents) secured in the Finance Parties’ secured assets; thirdly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent Credit Parties under the Finance Loan Documents; (ii) second, the GIEK Guarantee and the K-sure Insurance Policy; fourthly, in to payment of Attorney Costs of Lenders payable or towards payment pro rata of any accrued interest (including default interest), fee or commissions due but unpaid reimbursable by Borrowers under this Agreement; (iii) third, to payment of all accrued unpaid interest on the Obligations and fees owed to Agent, Lenders and L/C Issuers; (iv) fourth, to payment of principal of the Obligations, including L/C Reimbursement Obligations then due and payable, any Obligations under any Secured Rate Contract and cash collateralization of unmatured L/C Reimbursement Obligations to the extent not then due and payable); (v) fifth, to payment of any other amounts owing constituting Obligations; fifthlyand (vi) sixth, in any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto. Each of Lenders or towards other Persons entitled to payment shall receive an amount equal to its pro rata share of any principal due but unpaid amounts available to be applied pursuant to clauses third, fourth and indemnification due but unpaid under this Agreement, including costs relating to the enforcement of the GIEK Guarantee and the K-sure Insurancefifth above; and finally, the balance (if any) to the Borrowers, provided, however, that any sum received no payments by the K-sure Agent from K-sure in respect a Guarantor and no proceeds of claims under Collateral of a K-sure Insurance Policy shall be shared amongst the K-sure Lenders only and Guarantor shall be applied in accordance with the K-sure Insurance Policy. All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear Excluded Rate Contract Obligations of any deduction for) set-off or counterclaim. Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. The Obligors shall pay: any amount payable under this Agreement, except as otherwise provided for herein, in USD; and all payments of costs and Taxes in the currency in which the same were incurredsuch Guarantor.