Application of Monies. In the event that, during the continuance of any Default, the Administrative Agent or any Bank, as the case may be, receives any monies in connection with the enforcement of rights under the Loan Documents, such monies shall be distributed for application as follows:
(a) First, to the payment of, or (as the case may be) the reimbursement of the Administrative Agent and the Banks for or in respect of all costs, expenses, disbursements, and losses that shall have been incurred or sustained by the Administrative Agent and the Banks in connection with the collection of such monies by the Administrative Agent or any such Banks, for the exercise, protection, or enforcement by the Administrative Agent or any such Banks of all or any of the rights, remedies, powers, and privileges of the Administrative Agent or any such Banks under this Credit Agreement or any of the other Loan Documents, or in support of any provision of adequate indemnity to the Administrative Agent or any such Banks against any taxes or Liens that by Government Mandate shall have, or may have, priority over the rights of the Administrative Agent or any such Banks to such monies;
(b) Second, to all other Obligations in such order or preference as the Majority Banks may determine; provided, however, that distributions among Obligations owing to the Banks and the Administrative Agent with respect to each type of Obligation such as interest, principal, fees, and expenses, shall be made among the Banks and the Administrative Agent pro rata according to the respective amounts thereof; and provided, further, that the Administrative Agent may in its discretion make proper allowance to take into account any Obligations not then due and payable; and
(c) Third, the excess, if any, shall be returned to the applicable Borrower or to such other Persons as are entitled thereto.
Application of Monies. Any monies collected by the Administration pursuant to Section 4.03 hereof shall be applied (a) first, to pay any attorneys’ fees or other fees and expenses owed by the Borrower pursuant to Section 4.04 hereof, (b) second, to pay interest due on the Loan, (c) third, to pay principal due on the Loan, (d) fourth, to pay any other amounts due hereunder, and (e) fifth, to pay interest and principal on the Loan and other amounts payable hereunder as such amounts become due and payable.
Application of Monies. The proceeds of any sale of, or other realization upon, all or any part of the Collateral shall be applied by the Agent in the following order of priority: first, to payment of the expenses of such sale or other realization, including reasonable compensation to the Agent and its agents and counsel, and all expenses, liabilities and advances incurred or made by the Agent, its agents and counsel in connection therewith or in connection with the care, safekeeping or otherwise of any or all of the Collateral; second, to payment of the Obligations, in such order as the Agent may elect; and third, any surplus then remaining shall be paid to the Debtor, or its successors or assigns, or to whomsoever may be lawfully entitled to receive the same (including pursuant to Section 9-504(1)(C) of the UCC) or as a court of competent jurisdiction may direct.
Application of Monies. The Master Issuer hereby agrees to apply any amounts received by way of prepayment pursuant to Clause 9.1 or Clause 9.2 to redeem, in full or in part, the relevant Master Issuer Notes.
Application of Monies. All monies (including, without limitation, Distributions) received or collected by Secured Party pursuant to this Agreement shall be held as Collateral by Secured Party and after the occurrence of an Event of Default shall be applied by Secured Party first, to the payment of all costs incurred in the collection of such monies (including attorneys' fees and expenses) and second, to the payment of the Indebtedness in such order and priority as Secured Party may in its sole discretion determine. The balance, if any, of such monies remaining after payment in full of such costs and the Obligations shall be remitted to Pledgor or as otherwise directed by a court of competent jurisdiction.
Application of Monies. (a) Each Secured Creditor agrees to apply monies distributed under Section 5.4 hereof to satisfaction of the corresponding obligation described therein. In the case of any Secured Obligations in the form of Contingent Reimbursement Obligations with respect to Letters of Credit, and in addition to matured reimbursement obligations resulting from actual draws under Letters of Credit, the Letter of Credit Issuer may, for purposes of this Agreement and the distribution of monies pursuant to Section 5.4 hereof, treat the amount of such Contingent Reimbursement Obligations to be “due and payable” on any distribution date if, pursuant to the Credit Agreement, the Administrative Agent has declared (or there shall automatically have been declared) all amounts owing to the Lenders under the Credit Agreement to be immediately due and payable. If the Letter of Credit Issuer receives any distribution on account of any such Contingent Reimbursement Obligation, it shall apply the same to, or hold the same as collateral for, the related Letter of Credit in accordance with the terms of the Credit Agreement.
(b) All payments required to be made hereunder shall be made (x) if to the Lender Creditors, to the Administrative Agent under the Credit Agreement for the account of the Lender Creditors, and (y) if to the Swap Creditors or the Noteholders, to the trustee, paying agent or other similar representative for such Swap Creditors or Noteholders of which such Swap Creditors or Noteholders advise the Collateral Agent of in writing, or, in the absence of such a representative, directly to such Swap Creditors or Noteholders.
(c) For purposes of applying payments received in accordance with this Article V, the Collateral Agent shall be entitled to rely upon (i) the Administrative Agent under the Credit Agreement, and (ii) any representative for the Swap Creditors or the Noteholders, or, in the absence of such a representative, upon the Swap Creditors or the Noteholders, as applicable, for a determination (which the Administrative Agent, each representative for any Secured Creditors and the Secured Creditors agree (or shall agree) to provide upon request of the Collateral Agent).
Application of Monies. Subject to Applicable Law, all monies collected or received by the Holder pursuant to or in exercise of any right or remedy shall be applied on account of the amounts outstanding hereunder in such manner as the Holder deems best or, at the option of the Holder, or released to the Corporation, all without prejudice to the liability of the Corporation or the rights of the Holder hereunder, and any surplus shall be accounted for as required by law.
Application of Monies. Each Issuer hereby agrees to apply any amounts received by way of prepayment pursuant to Clause 8.1 (Prepayment for taxation or other reasons) or Clause 8.2 (Prepayment at option of Issuer) in making prepayments under the relevant Notes issued by such Issuer.
Application of Monies. All monies received or recovered by the Security Agent or any Receiver pursuant to this Debenture or the powers conferred by it shall (subject to the claims of any person having prior rights thereto and by way of variation of the provisions of the Law of Property Act 1925) be applied first in the payment of the costs, charges and expenses incurred and payments made by the Receiver, the payment of his remuneration and the discharge of any liabilities incurred by the Receiver in, or incidental to, the exercise of any of his powers, and thereafter shall be applied by the Security Agent (notwithstanding any purported appropriation by any Company) in accordance with the terms of the Credit Agreement.
Application of Monies. Subject to the mandatory provisions of Dutch law on enforcement, all monies received or realized by the Pledgee in connection with the enforcement of any Right of Pledge shall be applied by the Pledgee in accordance with section 11.15 (Allocation of Payments) of the Credit Agreement.
