Common use of Application of Proceeds of Term Loan Priority Collateral Clause in Contracts

Application of Proceeds of Term Loan Priority Collateral. Each ABL Agent, on behalf of itself and each ABL Lender, and each Term Loan Agent, on behalf of itself and each applicable Term Loan Lender, hereby agrees that the Term Loan Priority Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Term Loan Priority Collateral upon the Exercise of Any Secured Creditor Remedies, shall be applied: first, to the payment of the Term Loan Claims in accordance with the Term Loan Documents until a Discharge of Term Loan Claims has occurred, second, to the payment of the ABL Claims in accordance with the ABL Loan Documents until a Discharge of ABL Claims has occurred, third, to the Excess Term Loan Debt in accordance with the Term Loan Documents until such obligations are paid in full in cash; fourth, to the Excess ABL Debt in accordance with the ABL Loan Documents until such obligations are paid in full in cash; and fifth, the balance, if any, to the Grantors or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

Application of Proceeds of Term Loan Priority Collateral. Each The ABL Agent, on behalf of itself and each applicable ABL Lender, and each Term Loan Agent, on behalf of itself and each applicable Term Loan Lender, hereby agrees that the Term Loan Priority Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Term Loan Priority Collateral upon the Exercise of Any Secured Creditor Remedies: first, shall be applied: first, applied to the payment of the Term Loan Claims in accordance with the Term Loan Documents until a Discharge of Term Loan Claims has occurred, second, shall be delivered to the ABL Agent for application to the payment of the ABL Claims in accordance with the ABL Loan Documents until a Discharge of ABL Claims has occurred, third, if the Junior Lien Intercreditor Agreement is then in effect, shall be delivered to the Excess Term Loan Debt Designated Junior Lien Representative (as defined in the Junior Lien Intercreditor Agreement) for application to the payment of Future Junior Lien Indebtedness in accordance with the Term Loan Documents Junior Lien Intercreditor Agreement until such obligations are paid a Discharge of Junior Lien Obligations (as defined in full in cash; the Junior Lien Intercreditor Agreement) has occurred, and fourth, to the Excess ABL Debt in accordance with the ABL Loan Documents until such obligations are paid in full in cash; and fifth, the balance, if any, shall be delivered to the Grantors or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.