Common use of Priority of Claims Clause in Contracts

Priority of Claims. Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is continuing and the Controlling Authorized Representative or any First-Priority Secured Party is taking action to enforce rights in respect of any Common Collateral, or any distribution is made in respect of any Common Collateral in any Bankruptcy Case of any Grantor, or any First-Priority Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Collateral, the proceeds of any sale, collection or other liquidation of any such Common Collateral by any First-Priority Secured Party or received by the Controlling Authorized Representative or any First-Priority Secured Party pursuant to any such intercreditor agreement with respect to such Common Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the First-Priority Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Common Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by the Controlling Authorized Representative as follows:

Priority of Claims. Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is continuing continuing, and the Controlling Authorized Representative or any First-Priority Secured Party Applicable Collateral Agent is taking action to enforce rights in respect of any Common Shared Collateral, or any distribution is made in respect of any Common Shared Collateral in any Bankruptcy Case of any Grantor, Grantor or any First-Priority First Lien Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Common Shared Collateral by any First-Priority First Lien Secured Party or received by the Controlling Authorized Representative Applicable Collateral Agent or any First-Priority First Lien Secured Party pursuant to any such intercreditor agreement with respect to such Common Shared Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the First-Priority First Lien Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Common Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by the Controlling Authorized Representative as followsApplicable Collateral Agent in the following order:

Priority of Claims. Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is continuing continuing, and the Controlling Authorized Representative Collateral Agent or any First-Priority Secured Party is taking action to enforce rights in respect of any Common Collateral, or any distribution is made in respect of any Common Collateral in any Bankruptcy Case of any Grantor, Grantor or any First-Priority Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Collateral, the proceeds of any sale, collection or other liquidation of any such Common Collateral by any First-Priority Secured Party or received by the Controlling Authorized Representative Collateral Agent or any First-Priority Secured Party pursuant to any such intercreditor agreement with respect to such Common Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the First-Priority Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Common Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by the Controlling Authorized Representative as followsCollateral Agent:

Priority of Claims. (a) Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is continuing continuing, and the Controlling Authorized Representative or any First-Priority Secured Party Applicable Collateral Agent is taking action to enforce rights in respect of any Common Shared Collateral, or any distribution is made in respect of any Common Shared Collateral in any Bankruptcy Case of any Grantor, Grantor or any First-Priority First Lien Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Common Shared Collateral by any First-Priority First Lien Secured Party or received by the Controlling Authorized Representative Applicable Collateral Agent or any First-Priority First Lien Secured Party pursuant to any such intercreditor agreement with respect to such Common Shared Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the First-Priority First Lien Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Common Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by the Controlling Authorized Representative as followsApplicable Collateral Agent in the following order:

Priority of Claims. (a) Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is continuing continuing, and the Controlling Authorized Representative Applicable Collateral Agent or any First-Priority Secured Party is taking action to enforce rights in respect of any Common Collateral, or any distribution is made in respect of any Common Collateral in any Bankruptcy Case of any Grantor, Grantor or any First-Priority Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) or otherwise with respect to any Common Collateral, the proceeds of any sale, collection or other liquidation of any such Common Collateral by the Applicable Collateral Agent or any First-Priority Secured Party or received by the Controlling Authorized Representative Applicable Collateral Agent or any First-First- Priority Secured Party pursuant to any such intercreditor agreement or otherwise with respect to such Common Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately followingparagraph (b) below) to which the First-Priority Obligations are entitled under any intercreditor agreement (other than this Agreement) or otherwise (all proceeds of any sale, collection or other liquidation of any Collateral comprising either Common Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by the Controlling Authorized Representative as followsApplicable Collateral Agent in the following order:

Priority of Claims. Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b1.01 (b)), if an Event of Default has occurred and is continuing continuing, and the Controlling Authorized Representative or any First-Priority Secured Party Applicable Collateral Agent is taking action to enforce rights in respect of any Common Shared Collateral, or any distribution is made in respect of any Common Shared Collateral in any Bankruptcy Case of any Grantor, Grantor or any First-Priority First Lien Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Common Shared Collateral by any First-Priority First Lien Secured Party or received by the Controlling Authorized Representative Applicable Collateral Agent or any First-Priority First Lien Secured Party pursuant to any such intercreditor agreement with respect to such Common Shared Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the First-Priority First Lien Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Common Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by the Controlling Authorized Representative as followsApplicable Collateral Agent in the following order:

Priority of Claims. Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is continuing continuing, and the Controlling Authorized Representative or any First-Priority Secured Party Applicable Collateral Agent is taking action to enforce rights in respect of any Common Shared Collateral, or any distribution is made in respect of any Common Shared Collateral in any Bankruptcy Case Insolvency or Liquidation Proceeding of any Grantor, Grantor or any First-Priority First Lien Secured Party receives any payment or distribution pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Common Shared Collateral by any First-Priority First Lien Secured Party or received by the Controlling Authorized Representative Applicable Collateral Agent or any First-Priority First Lien Secured Party pursuant to any such intercreditor agreement with respect to such Common Shared Collateral and proceeds or payments of any such distribution (subject, in the case of any such distribution, proceeds or payments to the sentence immediately following) to which the First-Priority First Lien Obligations are entitled under any intercreditor agreement (other than this Agreement) (all payments, distributions, proceeds of any sale, collection or other liquidation of any Common Collateral and all proceeds or payments, of any such distribution being collectively referred to as “Proceeds”), shall be applied by the Controlling Authorized Representative as followsApplicable Collateral Agent in the following order:

Priority of Claims. Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject a) Subject to Section 1.01(b))1.3, if an Event of a Priority Debt Default has occurred and is continuing continuing, and the Controlling Authorized Representative or any First-Priority Secured Party Collateral Agent is taking action to enforce rights in respect of any Common Shared Collateral, or any distribution is made in respect of any Common Shared Collateral in any Bankruptcy Case Insolvency or Liquidation Proceeding of any Grantor, the Borrower or any First-Priority other Grantor or any Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Common Shared Collateral by any First-Priority Secured Party or received by the Controlling Authorized Debt Representative or any First-Priority Secured Party pursuant to any such intercreditor agreement with respect to such Common Collateral and proceeds of any such distribution (subjectall such payments, in the case of any such distributiondistributions, to the sentence immediately following) to which the First-Priority Obligations are entitled under any intercreditor agreement (other than this Agreement) (all and proceeds of any sale, collection or other liquidation of any Common Shared Collateral and all such payments and proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by applied: FIRST, to the Controlling Authorized payment of all amounts due and payable to each Priority Debt Representative (in its capacity as follows:such) or any co-trustee or agent of such Priority Debt Representative in connection with performing its obligations under any Priority Debt Document or this Agreement (including, but not limited to, indemnification obligations arising under this Agreement or any Security Document that are then due and payable);

Priority of Claims. Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is continuing continuing, and the Controlling Authorized Representative Applicable Collateral Agent or any First-Priority First Lien Secured Party is taking action to enforce rights in respect of any Common Shared Collateral, or any distribution is made in respect of any Common Shared Collateral in any Bankruptcy Case Insolvency or Liquidation Proceeding of any Grantor, Grantor (including any adequate protection payments) or any First-Priority First Lien Secured Party receives any payment payment, proceeds, or distributions pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Common Shared Collateral by any First-Priority First Lien Secured Party or received by the Controlling Authorized Representative Applicable Collateral Agent or any First-Priority First Lien Secured Party pursuant to any such intercreditor agreement with respect to such Common Shared Collateral and proceeds of any such distribution or payments (subject, in the case of any such payments, proceeds, or distribution, to the sentence immediately following) to which the First-Priority First Lien Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Common Collateral and all proceeds of any such distribution or payments being collectively referred to as “Proceeds”), shall be applied by the Controlling Authorized Representative as followsApplicable Collateral Agent in the following order:

Priority of Claims. (a) Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is continuing continuing, and the Controlling Authorized Representative or any First-Priority Secured Party Applicable Collateral Agent is taking action to enforce rights in respect of any Common Shared Collateral, or any distribution is made in respect of any Common Shared Collateral in any Bankruptcy Case of any Grantor, Grantor or any First-Priority First Lien Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Common Shared Collateral received by any First-Priority First Lien Secured Party or received by the Controlling Authorized Representative Applicable Collateral Agent or any First-Priority First Lien Secured Party pursuant to any such intercreditor agreement with respect to such Common Shared Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the First-Priority First Lien Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Common Shared Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by the Controlling Authorized Representative as followsApplicable Collateral Agent in the following order: