Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows: (A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full, (B) second, to pay any fees then due to Lender under the Loan Documents, until paid in full, (C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full, (D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full, (E) fifth, to pay the principal of all Advances until paid in full, (F) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full, (G) seventh, to pay any other Obligations until paid in full, and (H) eighth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law. (i) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement. (ii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding. (iii) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) A. first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) B. second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) C. third, ratably to pay interest due in respect of the Advances and the Term Loan Loans until paid in full,
(D) D. fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan Loans until paid in full,
(E) E. fifth, to pay the principal of all Advances until paid in full,
(F) F. sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan B (in the inverse order of the maturity of the installments due thereunder) until the Term Loan B is paid in full,
G. seventh, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan A (Gin the inverse order of the maturity of the installments due thereunder) seventhuntil the Term Loan A is paid in full,
H. eighth, if an Event of Default has occurred and is continuing, to be held by Lender as cash collateral in an amount up to 105% of the then extant Letter of Credit Usage until paid in full, I. ninth, to pay any other Obligations until paid in full, and
(H) eighthand J. tenth, to Borrower Borrowers (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower Borrowers specified by Borrower Borrowers to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means and includes payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, until paid in full,
(C) third, ratably to pay all interest amounts due in with respect of to the Advances and the Term Loan Advances, until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan Advances, until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(F) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(G) seventh, to pay any other Obligations Obligations, until paid in full, and
(HF) eighthsixth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement[Intentionally omitted].
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, so long as no Event of Default has occurred and is continuing, and at Lender's election, to pay amounts then due and owing by Borrower or its Subsidiaries in respect of Bank Products, until paid in full,
(E) fifth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(EF) fifthsixth, to pay the principal of all Advances until paid in full,
(FG) sixthseventh, if an Event of Default has occurred and is continuing, ratably (i) to pay the principal of all Advances until paid in full, and (ii) to Lender, to be held by Lender for the benefit of Xxxxx Fargo or its Affiliates, as applicable, as cash collateral in an amount up to the amount of the Bank Product Reserve established prior to the occurrence of and not in contemplation of, the subject Event of Default until Borrower's and its Subsidiaries' obligations in respect of the then extant Bank Products have been paid in full or the cash collateral amount has been exhausted,
(H) eighth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(GI) seventhninth, if an Event of Default has occurred and is continuing, to be held by Lender as cash collateral in an amount up to 105% of the then extant Letter of Credit Usage until paid in full,
(J) tenth, to pay any other Obligations until paid in full, and
(HK) eightheleventh, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees)payments, and all proceeds of Premium Finance Agreements, Borrower’s Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees interest then due to Lender under in respect of the Loan DocumentsAdvances, until paid in full,
(C) third, ratably so long as no Event of Default has occurred and is continuing, and at Lender’s election, to pay interest amounts then due and owing by Borrower and its Subsidiaries in respect of the Advances and the Term Loan Bank Products, until paid in full,
(D) fourth, ratably to pay all principal amounts then due so long as no Event of Default has occurred and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifthis continuing, to pay the principal of all Advances until paid in full,
(FE) sixthfifth, if an Event of Default has occurred and is continuing, ratably (i) to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) all Advances until the Term Loan is paid in full, and (ii) to the Bank Product Providers based upon amounts then certified by the applicable Bank Product Provider to Lender (in form and substance satisfactory to Lender) to be due and payable to such Bank Product Providers on account of Bank Product Obligations,
(GF) seventhsixth, to pay any other Obligations until (including being paid, ratably, to the Bank Product Providers on account of all amounts then due and payable in respect of Bank Product Obligations, with any balance to be paid to Lender, to be held by Lender, for the ratable benefit of the Bank Product Providers, as cash collateral (which cash collateral may be released by Lender to the applicable Bank Product Provider and applied by such Bank Product Provider to the payment or reimbursement of any amounts due and payable with respect to Bank Product Obligations owed to the applicable Bank Product Provider as and when such amounts first become due and payable and, if and at such time as all such Bank Product Obligations are paid or otherwise satisfied in full, andthe cash collateral held by Lender in respect of such Bank Product Obligations shall be reapplied pursuant to this Section 2.3(b)(i), beginning with tier (A) hereof)
(HG) eighthseventh, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable lawApplicable Law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b2.3(b) shall not be deemed to apply to any payment by Borrower to Lender and specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this AgreementAgreement or any other Loan Document.
(iiiii) For purposes of the foregoing, "“paid in full" ” of a type of Obligation means payment in cash or immediately available funds of all amounts owing under the Loan Documents according to the terms thereofon account of such type of Obligation, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, irrespective of whether or not any of the same foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 2.3 and other provisions contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, then the terms and provisions of this Section 2.4 2.3 shall control and govern.
Appears in 1 contract
Samples: Loan and Security Agreement (Fortegra Financial Corp)
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts Accounts, License Receivables, or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender ----- under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the ------ Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan ----- Advances, until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full[intentionally omitted],
(E) fifthfourth, to pay the principal of all Advances bearing ------ interest at a rate determined by reference to the Base Rate until paid in full,
(F) fifth, if an Event of Default has occurred and is ----- continuing, to pay the principal of all LIBOR Rate Loans until paid in full,
(G) [intentionally omitted]
(H) sixth, if an Event of Default has occurred and is ----- continuing, to pay the outstanding principal balance be held by Lender as cash collateral in an amount up to 105% of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(GI) seventh, to pay any other Obligations then due and ------- payable until paid in full, and
(HJ) eighth, to Borrower (to be wired to the Designated ------ Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to -------------- apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any ----------- other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) A. first, to pay any Lender Foothill Expenses then due to Lender Foothill ----- under the Loan Documents, until paid in full,
(B) B. second, to pay any fees then due to Lender Foothill under the ------ Loan Documents, Documents until paid in full,
(C) C. third, ratably to pay interest due in respect of the ----- Advances and the Term Loan until paid in full,
(D) D. fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid ------ in full,
(F) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(G) seventhE. fifth, to pay any other Obligations until paid in full, ----- and
(H) eighthF. sixth, to Borrower Borrowers (to be wired to the Designated ----- Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to -------------- any payment by Borrower Borrowers specified by Borrower Borrowers to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, 19 including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan ----------- Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.. -----------
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(FE) sixthfifth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance be held by Lender as cash collateral in an amount up to 105% of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(GF) seventhsixth, to pay any other Obligations until paid in full, and
(HG) eighthseventh, to Borrower Borrowers (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower Borrowers specified by Borrower Borrowers to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Samples: Loan and Security Agreement (Peninsula Gaming Corp)
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) A. first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) B. second, to pay any fees then due to Lender under the Loan Documents, until paid in full,
(C) C. third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) D. fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(F) sixthE. fifth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance be held by Lender, as cash collateral in an amount up to one hundred and five percent (105%) of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(G) seventhF. sixth, to pay any other Obligations until paid in full, and
(H) eighthG. seventh, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(i) . In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(ii) . For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iii) . In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of the Intercreditor Agreement shall control and govern and, to the extent not addressed in the Intercreditor Agreement, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(FE) sixthfifth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance be held by Lender as cash collateral in an amount up to 105% of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(GF) seventhsixth, to pay any other Obligations until paid in full, and
(HG) eighthseventh, to Borrower Borrowers (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower Borrowers specified by Borrower Borrowers to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "“paid in full" ” means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Samples: Loan and Security Agreement (Old Evangeline Downs Capital Corp)
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably so long as no Event of Default has occurred and is continuing, to pay the principal of all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan Advances until paid in full,
(E) fifth, so long as no Event of Default has occurred and is continuing, and at Lender's election, to pay the principal amounts then due and owing by Borrower or its Subsidiaries in respect of all Advances Bank Products, until paid in full,
(F) sixth, if an Event of Default has occurred and is continuing, ratably (i) to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) all Advances until the Term Loan is paid in full, and after payment in full of the Advances,
(G) seventh, if an Event of Default has occurred and is continuing, to be held by Lender as cash collateral in an amount up to 105% of the then extant Letter of Credit Usage until paid in full,
(H) eighth, to pay (i) all Bank Product Obligations until paid in full, and (ii) any other Obligations until paid in full, and
(HI) eighthninth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Samples: Loan and Security Agreement (Harvey Electronics Inc)
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Revolving Loan A Advances and the Term Loan until paid in full,
(D) fourth, ratably to pay all principal amounts then interest due and payable (other than as a result in respect of an acceleration thereof) with respect to the Term Revolving Loan B Advances until paid in full,
(E) fifth, to pay principal due in respect of the principal of all Revolving Loan A Advances until paid in full,
(F) sixth, to pay principal due in respect of the Revolving Loan B Advances until paid in full,
(G) seventh, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance Lender, to be held by Lender, as cash collateral in an amount up to 105% of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(GH) seventheighth, to pay any other Obligations until paid in full, and
(HI) eighthninth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) : first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) , second, to pay any fees then due to Lender under the Loan Documents, until paid in full,
(C) , third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) , fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(F) sixth, fifth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance be held by Lender, as cash collateral in an amount up to 105% of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(G) seventh, sixth, to pay any other Obligations until paid in full, and
(H) eighthand seventh, to Borrower Borrowers (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(i) . In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower Borrowers specified by Borrower Borrowers to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(ii) . For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iii) . In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Samples: Loan Agreement (Synalloy Corp)
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) A. first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) B. second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) C. third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) D. fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(F) sixthE. fifth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance be held by Lender as cash collateral in an amount up to 105% of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(G) seventh, F. sixth, to pay any other Obligations until paid in full, and
(H) eighthG. seventh, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayablepre-payable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Samples: Loan and Security Agreement (Peninsula Gaming Co LLC)
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, so long as no Event of Default has occurred and is continuing, and at Lender's election, to pay amounts then due and owing by Borrower or its Subsidiaries in respect of Bank Products, until paid in full,
(F) sixth, so long as no Event of Default has occurred and is continuing, to pay the principal of all Advances until paid in full,
(FG) sixthseventh, if an Event of Default has occurred and is continuing, ratably (i) to pay the principal of all Advances until paid in full, and (ii) to Lender, to be held by Lender, for the benefit of Wells Fargo or its Affiliates, as applicable, as caxx xxllateral in an amount up to the amount of the Bank Products Reserve established prior to the occurrence of, and not in contemplation of, the subject Event of Default until Borrower's and its Subsidiaries' obligations in respect of the then extant Bank Products have been paid in full or the cash collateral amount has been exhausted,
(H) eighth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(GI) seventhninth, if an Event of Default has occurred and is continuing, to be held by Lender as cash collateral in an amount up to 105% of the then extant Letter of Credit Usage until paid in full,
(J) tenth, to pay any other Obligations until paid in full, and
(HK) eightheleventh, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan A and Acquisition Line Advances until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan A and Acquisition Line Advances until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(F) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan A (in the inverse order of the maturity of the installments due thereunder) and Acquisition Line Advances until the Term Loan is A and the Acquisition Line Advances are paid in full,
(GF) seventhsixth, to pay any other Obligations until paid in full, and
(HG) eighthseventh, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) A. first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) B. second, to pay any fees then due to Lender under the Loan Documents, until paid in full,
(C) C. third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) D. fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances (allocated to the applicable Borrower with respect to such payment, as determined by Lender in its Permitted Discretion, and taking into account for any payment any concurrent written request from Administrative Borrower as to application thereof, and thereafter to Advances allocated to all other Borrowers on a pro rata basis, provided, that, if there shall have occurred and be continuing an Event of Default at such time, such payments shall be allocated to the Borrowers as determined by Lender in its sole discretion at such time) until all Advances are paid in full,
(F) sixthE. fifth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance be held by Lender, as cash collateral in an amount up to 105% of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(G) seventh, F. sixth, to pay any other Obligations that are due and payable until paid in full, and
(H) eighthand G. seventh, to Borrower Borrowers (to be wired wired, as allocated among the Borrowers, to the Designated AccountAccount for each Borrower) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 2.3 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 2.3 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) firstA. FIRST, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) secondB. SECOND, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) thirdC. THIRD, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifthD. FOURTH, to pay the principal of all Advances until paid in full,
(F) sixthE. FIFTH, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance be held by Lender, as cash collateral in an amount up to 105% of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(G) seventhF. SIXTH, to pay any other Obligations until paid in full, and
(H) eighthG. SEVENTH, to Borrower Borrowers (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(bSECTION 2.3(b) shall not be deemed to apply to any payment by Borrower Borrowers specified by Borrower Borrowers to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 SECTION 2.3 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 SECTION 2.3 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) A. first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) B. second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) C. third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) D. fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(F) sixthE. fifth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance be held by Lender as cash collateral in an amount up to one hundred five percent (105%) of the Term Loan (in the inverse order then extant Letter of the maturity of the installments due thereunder) Credit Usage until the Term Loan is paid in full,
(G) seventhF. sixth, to pay any other Obligations until paid in full, and
(H) eighthand G. seventh, to Borrower DF (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(bclause (i) above shall not be deemed to apply to any payment by Borrower DF specified by Borrower DF to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific the Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) A. first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) B. second, to pay any fees then due to Lender under the Loan Documents, until paid in full,
(C) C. third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) D. fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(F) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(G) seventhE. fifth, to pay any other Obligations until paid in full, and
(H) eighthF. sixth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Samples: Loan and Security Agreement (New World Restaurant Group Inc)
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably so long as no Event of Default has occurred and is continuing, and at Lender's election, to pay all principal amounts then due and payable (other than as a result owing by Borrower or its Subsidiaries in respect of an acceleration thereof) with respect to the Term Loan Bank Products, until paid in full,
(E) fifth, so long as no Event of Default has occurred and is continuing, to pay the principal of all Advances until paid in full; it being understood and agreed that, so long as no Event of Default has occurred and is continuing, such amounts shall be deemed applied to the payment of the Advances in the order in which they were made,
(F) sixth, if an Event of Default has occurred and is continuing, ratably (i) to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) all Advances until the Term Loan is paid in full, and (ii) to Lender, to be held by Lender, for the benefit of Xxxxx Fargo or its Affiliates, as applicable, as cash collateral in an amount up to the amount of the Bank Products Reserve established prior to the occurrence of, and not in contemplation of, the subject Event of Default until Borrower's and its Subsidiaries' obligations in respect of the then extant Bank Products have been paid in full or the cash collateral amount has been exhausted,
(G) seventh, to pay any other Obligations until paid in full, and
(H) eighth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b2.4(b)(i) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(FE) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(G) seventhfifth, to pay any other Obligations until paid in full, and
(HF) eighthsixth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iii) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.,
Appears in 1 contract
Samples: Loan and Security Agreement (Interact Commerce Corp)
Application and Reversal of Payments. (ia) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations with respect to the Notes or which relate to the payment of specific Obligations, including, but not limited to, the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(Ai) first, to pay any Lender Expenses then due to Lender under the any Loan Documents, until paid in full,
(Bii) second, to pay any fees then due to Lender under the Loan Documents, until paid in full,
(Ciii) third, ratably to pay all accrued interest amounts due in with respect of to the Advances and the Term Loan Note, until paid in full,
(Div) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifthNote, to pay the principal of all Advances until paid in full,
(F) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(G) seventh, to pay any other Obligations until paid in full, and
(Hv) eighthfifth, to Borrower (to be wired to the Designated Account) or such pay any other Person entitled thereto under applicable lawObligations, until paid in full.
(i) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iib) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceedinginsolvency proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceedinginsolvency proceeding.
(iiic) In the event of a direct conflict between the priority provisions of this Section 2.4 2.7 and other provisions contained in any other Loan Documentloan document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 2.7 shall control and govern.
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Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan Loans until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan Loans until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(F) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan Loans (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is Loans are paid in full,
(GF) seventhsixth, to pay any other Obligations until paid in full, and
(HG) eighthseventh, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
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Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably so long as no Event of Default has occurred and is continuing, and at Lender’s election, to pay all principal amounts then due and payable (other than as a result owing by Borrower or its Subsidiaries in respect of an acceleration thereof) with respect to the Term Loan Bank Products, until paid in full,
(E) fifth, so long as no Event of Default has occurred and is continuing, to pay the principal of all Advances until paid in full,
(F) sixth, if an Event of Default has occurred and is continuing, ratably (i) to pay the outstanding principal balance of all Advances until paid in full, and (ii) to Lender, to be held by Lender, for the benefit of Wxxxx Fargo or its Affiliates, as applicable, as cash collateral in an amount up to the amount of the Term Loan (Bank Products Reserve established prior to the occurrence of, and not in contemplation of, the inverse order subject Event of Default until Borrower’s and its Subsidiaries’ obligations in respect of the maturity then extant Bank Products have been paid in full or the cash collateral amount has been exhausted,
(G) seventh, if an Event of Default has occurred and is continuing, to be held by Lender as cash collateral in an amount up to 105% of the installments due thereunder) then extant Letter of Credit Usage until the Term Loan is paid in full,
(GH) seventheighth, to pay any other Obligations until paid in full, and
(HI) eighthninth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b2.4(b)(i) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "“paid in full" ” means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
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Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(F) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(G) seventh, to pay any other Obligations until paid in full, and
(H) eighth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.
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Application and Reversal of Payments. (i) All Subject to Section 2.3(b)(ii), all payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, Documents until paid in full,
(C) third, ratably to pay interest due in respect of the Advances and the Term Loan until paid in full,
(D) fourth, ratably to pay all principal amounts then due and payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances until paid in full,
(FE) sixth, if an Event of Default has occurred and is continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(G) seventhfifth, to pay any other Obligations until paid in full,
(F) sixth, if any Event of Default has occurred, to Lender, for the benefit of Issuing Bank, as cash collateral in an amount up to one hundred five percent (105.00%) of the then extant Letter of Credit Usage until paid in full, and
(HG) eighthsixth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b2.3(b)(i) shall not be deemed to apply to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 2.3 and other provisions contained in any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 2.3 shall control and govern.
Appears in 1 contract
Application and Reversal of Payments. (i) All payments shall be remitted to Lender and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts Accounts, License Receivables, or other Collateral received by Lender, shall be applied as follows:
(A) first, to pay any Lender Expenses then due to Lender ----- under the Loan Documents, until paid in full,
(B) second, to pay any fees then due to Lender under the Loan Documents, ------ Documents until paid in full,
(C) third, ratably to pay interest due in respect of the ----- Advances and the Term Loan until paid in full,
(D) fourth, ratably to pay all principal amounts then due and ------ payable (other than as a result of an acceleration thereof) with respect to the Term Loan until paid in full,
(E) fifth, to pay the principal of all Advances bearing ----- interest at a rate determined by reference to the Base Rate until paid in full,
(F) sixth, if an Event of Default has occurred and is ----- continuing, to pay the principal of all LIBOR Rate Loans until paid in full,
(G) seventh, if an Event of Default has occurred and is ------- continuing, to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full,
(GH) seventheighth, if an Event of Default has occurred and is ------ continuing, to be held by Lender as cash collateral in an amount up to 105% of the then extant Letter of Credit Usage until paid in full,
(I) ninth, to pay any other Obligations then due and payable ----- until paid in full, and
(HJ) eighthtenth, to Borrower (to be wired to the Designated ----- Account) or such other Person entitled thereto under applicable law.
(iii) In each instance, so long as no Default or Event of Default has occurred and is continuing, Section 2.4(b) shall not be deemed to apply -------------- to any payment by Borrower specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement.
(iiiii) For purposes of the foregoing, "paid in full" means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not the same would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.
(iiiiv) In the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in any other ----------- Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern.. -----------
Appears in 1 contract
