Common use of Application of Payments After Event of Default Clause in Contracts

Application of Payments After Event of Default. Notwithstanding any other provisions of this Agreement, after the exercise of any remedies by CoBank pursuant to Section 7.02 (or after the commitments shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received by CoBank on account of amounts outstanding under any of the Credit Documents shall be applied as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable Attorney Costs) of CoBank in connection with administering and enforcing the rights of CoBank under the Credit Documents; SECOND, to payment of any fees or surcharges owed to CoBank; THIRD, to the payment of all accrued interest payable to the CoBank hereunder and under the Supplements and Promissory Notes; FOURTH, to the payment of the outstanding principal amount of the Loans; FIFTH, to all other obligations which shall have become due and payable under the Credit Documents and not repaid pursuant to clauses “FIRST” through “FOURTH” above; and SIXTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.

Application of Payments After Event of Default. Notwithstanding any other provisions of this AgreementCredit Agreement to the contrary, after the exercise occurrence and during the continuance of any remedies by CoBank pursuant to Section 7.02 (or after the commitments shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms an Event of such Section)Default, all amounts collected or received by CoBank the Agent or any Bank in connection with the Loans or the Notes or on account of the Obligations or any other amounts outstanding under any of the Credit Documents shall be applied paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable Attorney Costsattorneys' fees) of CoBank the Agent in connection with administering and enforcing the rights of CoBank the Banks under the Credit Documents; SECOND, to payment of any fees or surcharges owed to CoBankthe Agent; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys' fees) of each of the Banks in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Bank; FOURTH, to the payment of all accrued interest payable to and fees on or in respect of the CoBank hereunder and under the Supplements and Promissory NotesObligations; FOURTHFIFTH, to the payment of the outstanding principal amount of the LoansObligations (including the payment or cash collateralization of the outstanding LOC Obligations); FIFTHSIXTH, to all other Obligations and other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “"FIRST” " through “FOURTH” "FIFTH" above; and SIXTHSEVENTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. 108 In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; and (ii) each of the Banks shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Obligations held by such Bank bears to the aggregate then outstanding Obligations) of amounts available to be applied pursuant to clauses "THIRD", "FOURTH", "FIFTH" and "SIXTH" above; and (iii) to the extent that any amounts available for distribution pursuant to clause "FIFTH" above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Agent in a cash collateral account and applied (A) first, to reimburse the Issuing Bank for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses "FIFTH" and "SIXTH" above in the manner provided in this Section 2.11(c).

Application of Payments After Event of Default. Notwithstanding any other provisions of this Agreement, after the exercise of any remedies by CoBank the Lender pursuant to Section 7.02 (or after the commitments Commitments shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received by CoBank the Lender on account of amounts outstanding under any of the Credit Documents shall be applied as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable Attorney Costs) of CoBank the Lender in connection with administering and enforcing the rights of CoBank the Lender under the Credit Documents; SECOND, to payment of any fees or surcharges owed to CoBankthe Lender; THIRD, to the payment of all accrued interest payable to the CoBank hereunder and under the Supplements and Promissory NotesLender hereunder; FOURTH, to the payment of the outstanding principal amount of the Loans; FIFTH, to all other obligations which shall have become due and payable under the Credit Documents and not repaid pursuant to clauses “"FIRST” " through “"FOURTH” " above; and SIXTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.

Application of Payments After Event of Default. Notwithstanding any other provisions of this Agreement, after the exercise of any remedies by CoBank the Lender pursuant to Section 7.02 (or after the commitments Commitment shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received by CoBank the Lender on account of amounts outstanding under any of the Credit Documents shall be applied as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable Attorney Costs) of CoBank the Lender in connection with administering and enforcing the rights of CoBank the Lender under the Credit Documents; SECOND, to payment of any fees or surcharges owed to CoBankthe Lender; THIRD, to the payment of all accrued interest payable to the CoBank hereunder and under the Supplements and Promissory NotesLender hereunder; FOURTH, to the payment of the outstanding principal amount of the Loans; FIFTH, to all other obligations which shall have become due and payable under the Credit Documents and not repaid pursuant to clauses “FIRST” through “FOURTH” above; and SIXTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category.