Application of Collateral Proceeds Before Default. Prior to the occurrence of an Event of Default, subject to Section 2.7(b), all payments and collections received in respect of the Obligations and all proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows: (i) first, to any outstanding fees, charges, and expenses then due to the Administrative Agent and the Lenders; (ii) second, to outstanding interest charges then due in respect of the Obligations; (iii) third, to the outstanding principal balance of the Swing Loans; (iv) fourth, to the outstanding principal balance of the Revolving Loans and Reimbursement Obligations in respect of amounts drawn under Letters of Credit; and (v) finally, to be made available to the Borrowers or whoever else may be lawfully entitled thereto.
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Samples: Credit Agreement (Delek US Holdings, Inc.), Credit Agreement (Delek Logistics Partners, LP), Credit Agreement (Delek Logistics Partners, LP)
Application of Collateral Proceeds Before Default. Prior to the occurrence of an Event of Default, subject to Section 2.7(b2.8(b), all payments and collections received in respect of the Obligations and all proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows:
(i) first, to any outstanding fees, charges, and expenses then due to the Administrative Agent and the Lenders;
(ii) second, to outstanding interest charges then due in respect of the Obligations;
(iii) third, to the outstanding principal balance of the Swing Loans;
(iv) fourth, to the outstanding principal balance of the Revolving Loans and Reimbursement Obligations in respect of amounts drawn under Letters of Credit;
(iv) fourth, to the outstanding principal balance then scheduled as due in respect of the Term Loans; and
(v) finally, to be made available to the Borrowers Borrower or whoever else may be lawfully entitled thereto.
Appears in 2 contracts
Samples: Credit Agreement (Limbach Holdings, Inc.), Credit Agreement (Limbach Holdings, Inc.)
Application of Collateral Proceeds Before Default. Prior to the occurrence of an Event of Default, subject to Section 2.7(b2.8(b), all payments and collections received in respect of the Obligations and all proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows:
(i) first, to any outstanding fees, charges, and expenses then due to the Administrative Agent and the Lenders;
(ii) second, to outstanding interest charges then due in respect of the Obligations;
(iii) third, to the outstanding principal balance of the Swing Loans;
(iv) fourth, to the outstanding principal balance of the Revolving Loans and Reimbursement Obligations in respect of amounts drawn under Letters of Credit; and;
(v) finallyfifth, to be made available to the Borrowers or whoever else may be lawfully entitled thereto.outstanding principal balance then scheduled as due in respect of the Term Loans; and
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