Common use of Application of Payments Against Secured Obligations Clause in Contracts

Application of Payments Against Secured Obligations. Any and all payments made in respect of the Secured Obligations from time to time and moneys realized on the Collateral shall be applied in accordance with Section 2.13 of the Credit Agreement. Any insurance moneys received by the Collateral Agent pursuant to this Agreement may, at the option of the Collateral Agent, be applied to rebuilding or repairing the Collateral or be applied against the Secured Obligations in accordance with the provisions of this Section.