Common use of Application of Proceeds After Acceleration Clause in Contracts

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” below) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, and the Lender Counterparties and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.16, and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighth, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law or by the intercreditor agreement for the Second Lien Facility. Subject to Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations shall be excluded from the application described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 3 contracts

Samples: Credit Agreement (Sundance Energy Australia LTD), Credit Agreement (Sundance Energy Australia LTD), Credit Agreement (Sundance Energy Australia LTD)

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Application of Proceeds After Acceleration. After Except as otherwise provided in the exercise Security Documents with respect to application of remedies provided for in Section 8.2 (proceeds to any reimbursements due Agent thereunder and to the Lender Hedging Obligations, if Agent collects or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16), any amounts received receives money on account of the Secured Obligations shall be applied by Administrative Agent in after the following order: First, to payment of that portion acceleration of the Secured Obligations constituting feesas provided in Section 8.1, indemnities, expenses and other amounts Agent shall distribute all money so collected or received: (including fees, charges and disbursements of counsel to Administrative Agent (but excluding fees and time charges for attorneys who may be employees of Administrative Agenta) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; SecondFirst, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to Agent in its capacity as such; (b) Second, to payment of that portion of the Secured Obligations constituting fees (other than Commitment Fees and Letter of Credit fees payable to the Lenders), indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal and interest) payable to the Lenders, the LC Issuer and the Swingline Lender Counterparties (under the Loan Documents, including attorney fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, and the Lender Counterparties and amounts payable under Article III), ratably among them the Lenders, the LC Issuer and the Swingline Lender in proportion to the respective amounts described in this clause Second payable to them; ; (c) Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Commitment Fees, Letter of Credit fees, accrued fees payable to the Lenders and unpaid interest on the Loans, accrued Loans and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among the Lenders, the LC Issuer, Issuer and the Swingline Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; ; (d) Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Loans, Matured LC Obligations and payment obligations then owing under Lender Hedging Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.16, and settlements under Hedging Contracts, ratably among the Lenders, the LC Issuer, Issuer and the Secured Parties to whom such Lender Counterparties Hedging Obligations are owed in proportion to the respective amounts described in this clause Fourth held by payable to them; provided that Agent shall have no independent responsibility to determine the existence or amount of Lender Hedging Obligations and may reserve from the application of amounts under this Section amounts distributable in respect of Lender Hedging Obligations until it has received evidence satisfactory to it of the existence and amount of such Lender Hedging Obligations; provided further, however, that Agent may rely on statements of the Secured Parties as to the existence and amounts of Lender Hedging Obligations owing to them; (e) Fifth, to the payment of any other that portion of the Secured Obligations constituting Lender Bank Services Obligations, ratably among the Secured Parties to whom such Secured Obligations are owed; provided that Agent shall have no independent responsibility to determine the existence or amount of Lender Bank Services Obligations and may reserve from the application of amounts under this Section amounts distributable in respect of Lender Bank Services Obligations until it has received evidence satisfactory to it of the existence and amount of such Lender Bank Services Obligations; provided, further, however, that Agent may rely on statements of the Secured Parties as to the existence and amounts of Lender Bank Services Obligations owing to them; (other than Cash Management Obligations); f) Sixth, to payment Agent for the account of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien FacilityLC Issuer to cash collateralize any LC Obligations then outstanding; Seventh, to payment of the Cash Management Obligations; Eighthand (g) Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law or by the intercreditor agreement for the Second Lien Facility. Subject to Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth aboveLaw. Notwithstanding the foregoingabove, Excluded Swap Obligations with respect to any Guarantor that is not an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Restricted Persons to preserve the allocation to Lender Hedging Obligations and Cash Management Obligations shall be excluded from the application described otherwise set forth above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to in this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party heretoSection.

Appears in 2 contracts

Samples: Credit Agreement (Comfort Systems Usa Inc), Credit Agreement (Comfort Systems Usa Inc)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First: (a) first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent and Collateral Agent (but excluding including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second; (b) second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal, interest and Letter of Credit fees) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, Lenders and LC Issuer, and the Lender Counterparties Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second second payable to them; Third; (c) third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued fees and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, Obligations and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Issuer and the Lender Counterparties, in proportion to the respective amounts described in this clause Third third payable to them; Fourth; (d) fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.16, 2.16 and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, Issuer and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth fourth held by them; Fifth, to payment of any other Secured Obligations and (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthe) fifth, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law or by the intercreditor agreement for the Second Lien FacilityLaw. Subject to Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding Administrative Agent shall have no responsibility to determine the foregoing, existence or amount of Lender Hedging Obligations and Cash Management Obligations shall be excluded may reserve from the application described above if of amounts under this Section amounts distributable in respect of Lender Hedging Obligations until it has received evidence satisfactory to it of the existence and amount of such Lender Hedging Obligations. Any Lender or Affiliate of a Lender owed obligations under Hedging Contracts will, at any time and from time to time upon Administrative Agent’s request, provide evidence satisfactory to Administrative Agent has not received written notice thereof, together with of the existence and amount of such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party heretoHedging Obligations.

Appears in 2 contracts

Samples: Credit Agreement (Mid-Con Energy Partners, LP), Credit Agreement (Mid-Con Energy Partners, LP)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 9.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16Collateralized), any amounts received on account of the Secured Obligations shall shall, subject to the provisions of Section 2.17, be applied by Administrative Agent in the following order: First, on a pro rata basis, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent the Agents (but excluding including fees and time charges for attorneys who may be employees of Administrative Agentthe Agents) and amounts payable under Article III) payable to Administrative Agent such Agents in its capacity their respective capacities as such; Second, on a pro rata basis, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal, Interest Expense and Hedge Termination Payments) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, Lenders and LC Issuer, and the Lender Counterparties Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, on a pro rata basis, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest Interest Expense on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Lender Hedging Secured Obligations, ratably among Lenders, the LC Issuer, Issuer and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, on a pro rata basis, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured Loans, Hedge Termination Payments, LC ObligationsBorrowings, obligations to Cash Collateralize LC Obligations pursuant to Section 2.16, 2.17 and settlements Secured Obligations then owing under Hedging ContractsSecured Cash Management Agreements, ratably among Lenders, LC Issuer, and the Lender Counterparties and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and (other than indemnity obligations under the Second Lien Facility for which no claim has been made) have been indefeasibly paid in full, to Borrower or as otherwise required by Law; provided that, to the extent that any Excluded Swap Obligations exist with respect to any Restricted Person, monies or Property received from such Restricted Person or from the proceeds of any Collateral provided by such Restricted Person may not be shared with the Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable Law the amounts received or recovered from the other Restricted Persons will instead be 93 [OPAL Fuels Credit Agreement] allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and Property intended by the intercreditor agreement this Section but for the Second Lien Facilitythis proviso). Subject to Section 2.162.17, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Secured Obligations and arising under Secured Cash Management Obligations Agreements, Interest Rate Hedging Agreements and Secured Commodity Hedging Agreements shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Lender Counterparty or Cash Management LenderBank or Lender Counterparty, as the case may be. Each Cash Management Bank and Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article IX X hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit and Guarantee Agreement (OPAL Fuels Inc.)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.162.17), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of outside counsel to Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal interest and Letter of Credit fees) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, Lenders and LC Issuer, and the Lender Counterparties Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued fees and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Issuer and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to deliver Cash Collateralize LC Obligations pursuant to Section 2.162.17, and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, Issuer and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law or by the intercreditor agreement for the Second Lien FacilityLaw. Subject to Section 2.162.12, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations shall be excluded from the application described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may beCounterparty. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Vantage Energy Inc.)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized cash collateralized as set forth in Section 2.162.13), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal, interest and Letter of Credit Fees) payable to Lenders, the LC Issuer and Lender Counterparties SG (including fees, charges and disbursements of counsel to the respective Lenders, the LC Issuer, Issuer and the Lender Counterparties SG and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to themthem and the Lender; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued Fees and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on the Lender Hedging Obligations and the SG Obligations, ratably among Lenders, the LC Issuer, and the Lender CounterpartiesCounterparties and SG, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC ObligationsLoans, obligations to Cash Collateralize deliver cash collateral for LC Obligations pursuant to Section 2.162.13, and settlements under Hedging ContractsContracts and the unpaid principal of the SG Obligations, ratably among Lenders, the LC Issuer, and the Lender Counterparties and SG in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law or by the intercreditor agreement for the Second Lien FacilityLaw. Subject to Section 2.162.12, amounts used to Cash Collateralize cash collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral cash collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding Administrative Agent shall have no responsibility to determine the foregoing, existence or amount of Lender Hedging Obligations and Cash Management Obligations shall be excluded may reserve from the application described above if Administrative Agent of amounts under this Section amounts distributable in respect of Lender Hedging Obligations until it has not received written notice thereof, together with evidence satisfactory to it of the existence and amount of such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party heretoHedging Obligations.

Appears in 1 contract

Samples: Credit Agreement (Berry Petroleum Co)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16payable), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal interest) payable to Lenders, LC Issuer Lenders and Lender Secured Third Party Hedge Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, and the Lender Counterparties Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to themthem and the Lender; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued Loans and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Lender Secured Hedging Obligations, ratably among Lenders, LC Issuer, Lenders and the Lender Counterparties, Secured Third Party Hedge Counterparties in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.16, and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, Lenders and the Lender Secured Third Party Hedge Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower Company or as otherwise required by Law Law. Administrative Agent shall have no responsibility to determine the existence or by the intercreditor agreement for the Second Lien Facility. Subject to Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations shall be excluded may reserve from the application described above if Administrative Agent of amounts under this Section amounts distributable in respect of Secured Hedging Obligations until it has not received written notice thereof, together with evidence satisfactory to it of the existence and amount of such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party heretoSecured Hedging Obligations.

Appears in 1 contract

Samples: Credit Agreement (NiMin Energy Corp.)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting reimbursable fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting reimbursable fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” clause Third or Fourth” below) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, and the Lender Counterparties and amounts payable under Article III)Counterparties, ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, fees and accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Cash Management Obligations, and interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.16, Cash Management Obligations, and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law Law. provided that, to the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with the intercreditor agreement Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable law the amounts received or recovered from the other Restricted Persons will instead be allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by this Section but for the Second Lien Facilitythis proviso). Subject to Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations shall be excluded from the any application described above if Administrative Agent has not received written notice thereofthereof at least five (5) Business Days prior to the date of such application, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Magnum Hunter Resources Corp)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations Letter of Credit Liabilities have automatically been required to be Cash Collateralized as set forth in Section 2.162.14), any amounts received on account of the Secured Obligations shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses expenses, and other amounts (including fees, charges charges, and disbursements of counsel to the Administrative Agent (but excluding fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article IIISection 4.9 and Section 10.14) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities indemnities, expenses, and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” below) payable to the Lenders, the LC Issuer Issuer, the Cash Management Lenders, and the Lender Counterparties (including fees, charges charges, and disbursements of counsel to the respective Lenders, each Lender and each LC Issuer, and the Lender Counterparties Issuer and amounts payable under Article IIISection 2.16 or Section 2.17), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC the Obligations described in clause (b) of the definition of Letter of Credit Liabilities, accrued and unpaid interest on the Cash Management Obligations, and accrued and unpaid interest on the Lender Hedging Obligations, ratably among the Lenders, the LC Issuer, the Cash Management Lenders, and the Lender Counterparties, Counterparties in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC ObligationsObligations described in clause (b) of the definition of Letter of Credit Liabilities, obligations to Cash Collateralize LC Obligations Letter of Credit Liabilities pursuant to Section 2.162.14, Cash Management Obligations, and settlements other amounts due under or in connection with Hedging ContractsContracts giving rise to Lender Hedging Obligations (including amounts payable in connection with the early termination of Hedging Contracts but excluding accrued and unpaid interest on the Lender Hedging Obligations provided for in clause “Third” above), ratably among the Lenders, the LC Issuer, the Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, pro rata to the payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to the Borrower or as otherwise required by Law; provided that, to the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with the Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable Law the amounts received or recovered from the other Credit Parties will instead be allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by the intercreditor agreement this section but for the Second Lien Facilitythis proviso). Subject to Section 2.162.14, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all of the Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, the Lender Hedging Obligations and the Cash Management Obligations shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article IX X hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Kolibri Global Energy Inc.)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.162.15), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; 95 CREDIT AGREEMENT Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” below) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, and the Lender Counterparties and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Cash Management Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.162.15, Cash Management Obligations, and settlements amounts due under or in connection with Hedging Contracts (including amounts payable in connection with the early termination of Hedging Contracts), ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law Law; provided that, to the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with the intercreditor agreement Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable law the amounts received or recovered from the other Restricted Persons will instead be allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by this Section but for the Second Lien Facilitythis proviso). Subject to Section 2.162.15, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations and shall be excluded from the application described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Silver Run Acquisition Corp II)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC L/C Obligations have automatically been required to be Cash Collateralized cash collateralized as set forth in Section 2.162.13), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal, interest and L/C Fees) payable to Lenders, LC the L/C Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, Lenders and the Lender Counterparties L/C Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to themthem and the Lenders; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued L/C Fees and unpaid interest on the Loans, accrued the L/C Borrowings and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on the Lender Hedging Obligations, ratably among Lenders, LC Issuer, L/C Issuer and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC ObligationsL/C Borrowings, obligations to Cash Collateralize LC deliver cash collateral for L/C Obligations pursuant to Section 2.16, 2.13 and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, the L/C Issuer and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law or by the intercreditor agreement for the Second Lien FacilityLaw. Subject to Section 2.162.12, amounts used to Cash Collateralize cash collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral cash collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding Administrative Agent shall have no responsibility to determine the foregoing, existence or amount of Lender Hedging Obligations and Cash Management Obligations shall be excluded may reserve from the application described above if Administrative Agent of amounts under this Section amounts distributable in respect of Lender Hedging Obligations until it has not received written notice thereof, together with evidence satisfactory to it of the existence and amount of such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party heretoHedging Obligations.

Appears in 1 contract

Samples: Credit Agreement (Double Eagle Petroleum Co)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized cash collateralized as set forth in Section 2.16), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal, interest and Letter of Credit Fees) payable to Lenders, LC Issuer Issuer, Lender Counterparties, and Lender Counterparties SG (including fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, Lender Counterparties, and the Lender Counterparties SG and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued Fees and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on the Lender Hedging Obligations and the SG Obligations, ratably among Lenders, LC Issuer, and the Lender CounterpartiesCounterparties and SG, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC ObligationsLoans, obligations to Cash Collateralize deliver cash collateral for LC Obligations pursuant to Section 2.16, and settlements under Hedging ContractsContracts and the unpaid principal of the SG Obligations, ratably among Lenders, LC Issuer, and the Lender Counterparties and SG in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law or by the intercreditor agreement for the Second Lien FacilityLaw. Subject to Section 2.162.12, amounts used to Cash Collateralize cash collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral cash collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding Administrative Agent shall have no responsibility to determine the foregoing, existence or amount of Lender Hedging Obligations and Cash Management Obligations shall be excluded may reserve from the application described above if Administrative Agent of amounts under this Section amounts distributable in respect of Lender Hedging Obligations until it has not received written notice thereof, together with evidence satisfactory to it of the existence and amount of such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party heretoHedging Obligations.

Appears in 1 contract

Samples: Credit Agreement (Berry Petroleum Co)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16payable), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent and Majority Lenders (but excluding including fees and time charges for attorneys who may be employees of Administrative AgentAgent or Majority Lenders) and amounts payable under Article III) payable to Administrative Agent in its capacity as suchsuch or Highbridge under any fee letter; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal and interest) payable to Lenders, LC Issuer Lenders and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, and the Lender Counterparties Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Lenders and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.16, and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, Lenders and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law Law. Administrative Agent shall have no responsibility to determine the existence or by the intercreditor agreement for the Second Lien Facility. Subject to Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations shall be excluded may reserve from the application described above if Administrative Agent of amounts under this Section amounts distributable in respect of Lender Hedging Obligations until it has not received written notice thereof, together with evidence satisfactory to it of the existence and amount of such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party heretoHedging Obligations.

Appears in 1 contract

Samples: Credit Agreement (RAAM Global Energy Co)

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Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal, interest and Letter of Credit fees) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, Lenders and LC Issuer, and the Lender Counterparties Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued fees and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, Obligations and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Issuer and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.16, 2.16 and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, Issuer and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law or by the intercreditor agreement for the Second Lien FacilityLaw. Subject to Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding Administrative Agent shall have no responsibility to determine the foregoing, existence or amount of Lender Hedging Obligations and Cash Management Obligations shall be excluded may reserve from the application described above if Administrative Agent of amounts under this Section amounts distributable in respect of Lender Hedging Obligations until it has not received written notice thereof, together with evidence satisfactory to it of the existence and amount of such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party heretoHedging Obligations.

Appears in 1 contract

Samples: Credit Agreement (RAAM Global Energy Co)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding fees and time charges for attorneys who may be employees of Administrative Agenta) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses The “Third” or and “Fourth” below) payable clauses of Section 8.3 of the Existing Agreement are hereby amended in their entirety and a new “Fifth” clause is hereby added to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel immediately follow the “Fourth” clause to the respective Lenders, LC Issuer, and the Lender Counterparties and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; read as follows: “Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, accrued and unpaid interest on Cash Management Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.162.17, Cash Management Obligations, and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixththe Second Lien Agent, to payment of the outstanding obligations as required under the Second Lien Facility Intercreditor Agreement; and” (b) Further, the “Last” clause of Section 8.3 of the Existing Agreement is hereby amended (i) to replace the period at the end of clause “Last” thereof with a semi-colon and (ii) to add the following proviso at the end of such clause to read as required by the intercreditor agreement for the Second Lien Facility; Seventhfollows: “provided that, to payment the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with the Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable Law the amounts received or recovered from the other Restricted Persons will instead be allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by this Section but for this proviso).” (c) Further, the last paragraph of Section 8.3 of the Cash Management Obligations; Eighth, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid Existing Agreement is hereby amended in full, its entirety to Borrower or read as otherwise required by Law or by the intercreditor agreement for the Second Lien Facility. Subject to Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. follows: “Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations and shall be excluded from the application described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Vantage Energy Inc.)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.162.17), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of outside counsel to Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal interest and Letter of Credit fees) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, Lenders and LC Issuer, and the Lender Counterparties Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, accrued and unpaid interest on Cash Management Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.162.17, Cash Management Obligations, and settlements amounts due under or in connection with Hedging Contracts (including amounts payable in connection with the early termination of Hedging Contracts), ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law; provided that, to the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with the Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable Law the amounts received or recovered from the other Restricted Persons will instead be allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by the intercreditor agreement this Section but for the Second Lien Facilitythis proviso). Subject to Section 2.162.17, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations shall be excluded from the application described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Vantage Energy Inc.)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.16), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” below) payable to Lenders, LC Issuer Issuer, Cash Management Lenders, and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, and the Lender Counterparties and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Cash Management Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.16, Cash Management Obligations, and settlements amounts due under or in connection with Hedging Contracts (including amounts payable in connection with the early termination of Hedging Contracts), ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law Law; provided that, to the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with the intercreditor agreement Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable law the amounts received or recovered from the other Restricted Persons will instead be allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by this Section but for the Second Lien Facilitythis proviso). 106 CREDIT AGREEMENT Subject to Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations and shall be excluded from the application described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Remora Royalties, Inc.)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations Letter of Credit Liabilities have automatically been required to be Cash Collateralized as set forth in Section 2.162.14), any amounts received on account of the Secured Obligations shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses expenses, and other amounts (including fees, charges charges, and disbursements of counsel to the Administrative Agent (but excluding fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article IIISection 4.9 and Section 10.14) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities indemnities, expenses, and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” below) payable to the Lenders, the LC Issuer Issuer, the Cash Management Lenders, and the Lender Counterparties (including fees, charges charges, and disbursements of counsel to each Lender and the respective LC Issuer and amounts payable under Section 2.16 or Section 2.17), ratably among the Lenders, the LC Issuer, the Cash Management Lenders, and the Lender Counterparties and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC the Obligations described in clause (b) of the definition of “Letter of Credit Liabilities”, accrued and unpaid interest on the Cash Management Obligations, and accrued and unpaid interest on Lender Hedging Obligationsthe Hedge Liabilities, ratably among the Lenders, the LC Issuer, the Cash Management Lenders, and the Lender Counterparties, Counterparties in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC ObligationsObligations described in clause (b) of the definition of Letter of Credit Liabilities, obligations to Cash Collateralize LC Obligations Letter of Credit Liabilities pursuant to Section 2.162.14, Cash Management Obligations, and settlements other amounts due under or in connection with Hedging ContractsContracts giving rise to Hedge Liabilities (including amounts payable in connection with the early termination of Hedging Contracts but excluding accrued and unpaid interest on the Hedge Liabilities provided for in clause “Third” above), ratably among the Lenders, the LC Issuer, the Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, pro rata to the payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to the Borrower or as otherwise required by Law; provided that, to the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with the Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable Law the amounts received or recovered from the other Restricted Persons will instead be allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by the intercreditor agreement this section but for the Second Lien Facilitythis proviso). Subject to Section 2.162.14, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all of the Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations the Hedge Liabilities and the Cash Management Obligations shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article IX X hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Loan Agreement (Acacia Research Corp)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.162.17), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of outside counsel to Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” belowthan principal interest and Letter of Credit fees) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, Lenders and LC Issuer, and the Lender Counterparties Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, accrued and unpaid interest on Cash Management Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.162.17, Cash Management Obligations, and settlements under Hedging Contracts, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixththe Second Lien Agent, to payment of the outstanding obligations as required under the Second Lien Facility as required by the intercreditor agreement for the Second Lien FacilityIntercreditor Agreement; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law; provided that, to the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with the Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable Law the amounts received or recovered from the other Restricted Persons will instead be allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by the intercreditor agreement this Section but for the Second Lien Facilitythis proviso). Subject to Section 2.162.17, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations and shall be excluded from the application described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Vantage Energy Inc.)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations Letter of Credit Liabilities have automatically been required to be Cash Collateralized as set forth in Section 2.162.14), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article IIISection 4.9) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” below) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, Lenders and LC Issuer, and the Lender Counterparties and amounts payable under Article IIISection 2.16 or 2.17), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations described in clause (b) of the definition of Letter of Credit Liabilities, accrued and unpaid interest on Cash Management Obligations, and accrued and unpaid interest on Lender Hedging ObligationsSwap Obligations under Specified Swap Agreements, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties, Counterparties in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC ObligationsObligations described in clause (b) of the definition of Letter of Credit Liabilities, obligations to Cash Collateralize LC Obligations pursuant to Section 2.162.14, Cash Management Obligations, and settlements amounts due under Hedging Contractsor in connection with Specified Swap Agreements (including amounts payable in connection with the early termination of Swap Agreements), ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, pro rata to the payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid in full, to Borrower or as otherwise required by Law; provided that, to the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable Law the amounts received or recovered from the other Restricted Persons will instead be allocated to Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by the intercreditor agreement this section but for the Second Lien Facilitythis proviso). Subject to Section 2.162.14, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Swap Obligations under Specified Swap Agreements and Cash Management Obligations shall be excluded from the application described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX X hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Unit Corp)

Application of Proceeds After Acceleration. After the exercise of remedies provided for in Section 8.2 (or after the Loans have automatically become immediately due and payable and the LC Obligations have automatically been required to be Cash Collateralized as set forth in Section 2.162.15), any amounts received on account of the Secured Obligations shall be applied by Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent (but excluding including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts payable under Article III) payable to Administrative Agent in its capacity as such; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (excluding other amounts provided for in clauses “Third” or “Fourth” below) payable to Lenders, LC Issuer and Lender Counterparties (including fees, charges and disbursements of counsel to the respective Lenders, LC Issuer, and the Lender Counterparties and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit fees, accrued and unpaid interest on the Loans, accrued and unpaid interest on Matured LC Obligations, and accrued and unpaid interest on Cash Management Obligations, and accrued and unpaid interest on Lender Hedging Obligations, ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties, in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Matured LC Obligations, obligations to Cash Collateralize LC Obligations pursuant to Section 2.162.15, Cash Management Obligations, and settlements amounts due under or in connection with Hedging Contracts (including amounts payable in connection with the early termination of Hedging Contracts), ratably among Lenders, LC Issuer, Cash Management Lenders, and the Lender Counterparties in proportion to the respective amounts described in this clause Fourth held by them; Fifth, to payment of any other Secured Obligations (other than Cash Management Obligations); Sixth, to payment of the outstanding obligations under the Second Lien Facility as required by the intercreditor agreement for the Second Lien Facility; Seventh, to payment of the Cash Management Obligations; Eighthand Last, the balance, if any, after all of the Secured Obligations and obligations under the Second Lien Facility have been indefeasibly paid Payment in fullFull, to Borrower or as otherwise required by Law Law; provided that, to the extent that any Excluded Swap Obligations exist with respect to any Guarantor, monies or property received from such Guarantor or from the proceeds of any Collateral provided by such Guarantor may not be shared with the intercreditor agreement Lender Counterparties to the extent that doing so would violate the Commodity Exchange Act (but to the maximum extent allowed under applicable law the amounts received or recovered from the other Restricted Persons 106 will instead be allocated to the Lender Counterparties as necessary to achieve the overall ratable applications of monies and property intended by this Section but for the Second Lien Facilitythis proviso). Subject to Section 2.162.15, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Notwithstanding the foregoing, Lender Hedging Obligations and Cash Management Obligations and shall be excluded from the application described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request, from the applicable Lender Counterparty or Cash Management Lender, as the case may be. Each Lender Counterparty or Cash Management Lender not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

Appears in 1 contract

Samples: Credit Agreement (Alta Mesa Resources, Inc. /DE)

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