After Event of Default. Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event of Default, each Loan Party irrevocably waives the right to direct the application of any and all payments at any time or times thereafter received by Xxxxxx from or on behalf of Borrower or any Guarantor of all or any part of the Obligations and any and all proceeds of Collateral received by Lender, and, as between the Loan Parties on the one hand and Lender on the other, Lender shall have the continuing and exclusive right to apply and to reapply any and all payments received against the Obligations and any and all proceeds of Collateral received by Lender in such manner as Lender may deem advisable notwithstanding any previous application by Xxxxxx.
Appears in 3 contracts
Samples: Credit Agreement (Thorne Healthtech, Inc.), Credit Agreement (Universal Technical Institute Inc), Credit Agreement (Lincoln Educational Services Corp)
After Event of Default. Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event of Default, each Loan Party irrevocably waives the right to direct the application of any and all payments at any time or times thereafter received by Xxxxxx Lender from or on behalf of Borrower or any Guarantor of all or any part of the Obligations and any and all proceeds of Collateral received by Lender, and, as between the Loan Parties on the one hand and Lender on the other, Lender shall have the continuing and exclusive right to apply and to reapply any and all payments received against the Obligations and any and all proceeds of Collateral received by Lender in such manner as Lender may deem advisable notwithstanding any previous application by XxxxxxLender.
Appears in 2 contracts
Samples: Credit Agreement (M-Tron Industries, Inc.), Credit Agreement (LGL Group Inc)
After Event of Default. Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event of Default, each Loan Party irrevocably waives the right to direct the application of any and all payments at any time or times thereafter during the continuance of such Event of Default received by Xxxxxx Lxxxxx from or on behalf of Borrower Borrowers or any Guarantor of all or any part of the Obligations and any and all proceeds of Collateral received by LenderLxxxxx, and, as between the Loan Parties on the one hand and Lender on the other, Lender shall have the continuing and exclusive right to apply and to reapply any and all payments received against the Obligations and any and all proceeds of Collateral received by Lender in such manner as Lender may deem advisable notwithstanding any previous application by XxxxxxLxxxxx.
Appears in 1 contract
Samples: Credit Agreement (American Shared Hospital Services)