Application of accounts. At any time after the occurrence of an Event of Default, the Agent may (and on the instructions of the Majority Banks shall), without notice to the Borrowers, instruct the Account Bank to apply all moneys then standing to the credit of the Accounts or any of them (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Creditors or any of them under the Security Documents in the manner specified in clause 13.1.
Application of accounts. At any time after the occurrence of an Event of Default, the Bank may, without notice to the Borrower, apply all moneys then standing to the credit of the Accounts (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Bank under the Security Documents in the manner specified in clause 13.1.
Application of accounts. At any time after the occurrence of an Event of Default, the Lender may without notice to the Owners, apply all moneys then standing to the credit of any Earnings Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Lender under the Security Documents in the manner specified in clause 13.1.
Application of accounts. At any time after the occurrence of an Event of Default and while the same is continuing unwaived and unremedied, the Lender may, without prior notice to the Borrower apply all moneys then standing to the credit of the Earnings Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to Lender under the Security Documents at the time of such applications in the manner specified in clause 13.1. Following such application, the Lender shall give notice thereof to the Borrower.
Application of accounts. At any time after the Agent has exercised its rights pursuant to clause 10.1, the Agent may, without notice to the Borrower but subject to the terms of the Security Documents, instruct the Account Banks to apply all moneys then standing to the credit of the Accounts (other than the Distribution Account) (together with interest from time to time accruing or accrued thereon) in payment to the Security Trustee and the Security Trustee shall apply the same in or towards satisfaction of any sums due to the Agent, the Security Trustee, the KEIC Agent, the Swap Providers and the Lenders under the Security Documents in the manner specified in the Intercreditor Deed.
Application of accounts. At any time after the occurrence of an Event of Default which is continuing, the Agent may, with prior notice to the Borrower, instruct the Security Agent or the relevant Finance Party to apply all moneys then standing to the credit of the HSH Accounts (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Finance Parties under the Finance Documents in the manner specified in clause 27.22 (Order of application).
Application of accounts. 14.6.1 At any time after the occurrence of an Event of Default which is continuing, the Agent may (and on the instructions of the Majority Lenders shall), without notice to the Borrowers, instruct the Account Bank to apply all moneys then standing to the credit of an Account (other than the Cash Collateral Account), together with interest from time to time accruing or accrued thereon in the manner specified in clause 13.1.
14.6.2 At any time after the occurrence of an Event of Default which is continuing, the Agent may (and on the instructions of the Junior Lenders shall), without notice to the Borrowers, instruct the Account Bank to pay all moneys then standing to the credit of the Cash Collateral Account, together with interest from time to time accruing or accrued thereon to the Junior Lenders pro-rata.
14.6.3 Neither the Agent nor the Lenders shall be obliged to exercise their rights under clause 14.6.1 or 14.6.2, and any moneys standing to the credit of the Cash Collateral Account from time to time shall constitute continuing security for the payment of all moneys and obligations, actual or contingent, of the Borrowers to the Junior Lenders under this Agreement.
Application of accounts. At any time after the occurrence of an Event of Default, the Agent may (and on the instructions of the Majority Lenders shall), without notice to the Borrowers, instruct the Account Bank to apply all moneys then standing to the credit of the Earnings Accounts and/or the Retention Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Banks or any of them under the Security Documents in the manner specified in clause 13.1 (subject to any right of pledge arising from the general banking conditions (algemene bankvoorwaarden) of the Account Bank).
Application of accounts. On the Repayment Date or upon any part of the Loan becoming immediately due and payable, the sums outstanding to the credit of each Account may be applied by the Agent (and it is irrevocably authorised to do so by each Borrower) in or towards payment of the Secured Obligations in accordance with the provisions of the Finance Documents.
Application of accounts. So long as no Event of Default shall have occurred and be continuing, the Lenders shall apply funds received in the Sweep Account to the Obligations as follows:
(a) To the extent such funds consist of payments received from any Customer, such funds shall be applied to the Loans (such as the Vehicle Purchase Loan and Ancillary Vehicle Loan) the proceeds of which were used to finance Borrower’s (or its wholly owned Subsidiary’s) purchase of, or Vehicle Shipping & Conversion Costs relating to, the Eligible Inventory that was sold to such Customer, in the inverse order of maturity as to such Loans, as follows: (i) first, to any due but unpaid interest accrued on such Loan at the Per Diem Default Rate, (ii) second, to any due but unpaid interest accrued on such Loan at the Per Diem Base Rate, (iii) third, to any due but unpaid fees or expenses payable hereunder and allocated to such Loan (which allocation the Administrative Agent shall be entitled to make in such manner or order as it shall deem appropriate), (iv) fourth, to any then outstanding principal of such Loan, and (vi) except as set forth in clause (b) of this Section 3.6, fifth, to any and all other Obligations in such order as the Administrative Agent shall deem appropriate.
(b) To the extent such funds consist of any other payments received from any Customer, such funds shall be applied to the A/R Loans (in such order of maturity as the Administrative Agent shall deem appropriate), as follows: (i) first, to any due but unpaid interest accrued on such A/R Loan at the Per Diem Default Rate, (ii) second, to any due but unpaid interest accrued on such A/R Loan at the Per Diem Base Rate, (iii) third, to any due but unpaid fees or expenses payable hereunder and allocated to such A/R Loan (which allocation the Administrative Agent shall be entitled to make in such manner or order as it shall deem appropriate), and (iv) fourth, to any then outstanding principal of such A/R Loan.
(c) Any payments received into the Sweep Account, to the extent not applied in accordance with clauses (a) and (b) hereof, in excess of the amount of the then outstanding Obligations (including, without limitation, all then outstanding A/R Loans, A/R Loan Interest, Conversion Loans, Conversion Loan Interest, Ancillary Vehicle Loans, Ancillary Vehicle Loan Interest, Vehicle Purchase Loans, Vehicle Purchase Loan Interest, LC Loan, LC Interest and any Prepayment Fee) shall be transferred to the Borrower’s Operating Account promptly upo...
