Event of Default Waterfall. After the exercise of remedies provided for in Section 8.1 (or after the Loans or L/C Obligations have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the last paragraph of Section 8.1), any amounts received on account of the 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 and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Loans, L/C Obligations, and any fees, premiums and scheduled perodicperiodic payments due under Treasury Services Agreements or Secured Hedge Agreements and other Obligations, indemnities and other amounts (other than principal) payable to the Secured Parties (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender and the Issuing Lenders), 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 Obligations constituting unpaid principal of the Loans and Reimbursement Obligations and any breakage, termination or other payments under Treasury Services Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the applicable Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral Amount. Notwithstanding the foregoing, no amounts received from any Subsidiary Guarantor shall be applied to any Excluded Swap Obligation of such Subsidiary Guarantor.
Event of Default Waterfall. After the exercise of remedies provided for in Section 8.1 (or after the Loans have automatically become immediately due and payable as set forth in the last paragraph of Section 8.1), any amounts received on account of the Obligations shall be applied by the Lender 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 the Lender) payable to the Lender in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5), interest on the Loans, and other Obligations, indemnities and other amounts (other than principal) payable to the Lender (including fees, charges and disbursements of counsel to the respective Lender); and Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans.
