Application of Collateral Proceeds Before Default Sample Clauses

Application of Collateral Proceeds Before Default. Prior to the occurrence of an Event of Default, subject to Section 2.7(b), all payments and collections received in respect of the Obligations and all proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows: (i) first, to any outstanding fees, charges, and expenses then due to the Administrative Agent and the Lenders; (ii) second, to outstanding interest charges then due in respect of the Obligations; (iii) third, to the outstanding principal balance of the Swing Loans; (iv) fourth, to the outstanding principal balance of the Revolving Loans and Reimbursement Obligations in respect of amounts drawn under Letters of Credit; and (v) finally, to be made available to the Borrowers or whoever else may be lawfully entitled thereto.
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Application of Collateral Proceeds Before Default. Prior to the occurrence of an Event of Default, subject to Section 2.7(b), all payments and collections received in respect of the Obligations and all proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows: (i) first, to any outstanding fees, charges, and expenses then due to the Administrative Agent and the Lenders; (ii) second, to outstanding interest charges then due in respect of the Obligations; (iii) third, to the outstanding principal balance of the U.S. Swing Loans and to the outstanding principal balance of the Canadian Swing Loans on a ratable basis (in accordance with the outstanding principal amounts thereof) until all outstanding Swing Loans are paid in full; (iv) fourth, to the outstanding principal balance of the U.S. Revolving Loans and U.S. Reimbursement Obligations in respect of amounts drawn under U.S. Letters of Credit and to the outstanding principal balance of the Canadian Revolving Loans and Canadian Reimbursement Obligations in respect of amounts drawn under the Canadian Letters of Credit on a ratable basis (in accordance with the outstanding principal amounts thereof) until all outstanding Revolving Loans and unpaid Reimbursement Obligations are paid in full; and (v) finally, to be made available to the Borrowers or whoever else may be lawfully entitled thereto.
Sample 1Sample 2Sample 3See All (4)
Application of Collateral Proceeds Before Default. Prior to the occurrence of an Event of Default, subject to Section 2.8(b), all payments and collections received in respect of the Obligations and all proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows: (i) first, to any outstanding fees, charges, and expenses then due to the Administrative Agent and the Lenders; (ii) second, to outstanding interest charges then due in respect of the Obligations; (iii) third, to the outstanding principal balance of the Revolving Loans and Reimbursement Obligations in respect of amounts drawn under Letters of Credit until the outstanding principal balance of the Revolving Loans is not more than $10,000,000; and (iv) finally, to be made available to the Borrower or whoever else may be lawfully entitled thereto.
Sample 1
Application of Collateral Proceeds Before Default. Except upon the occurrence and during the continuation of an Event of Default, all proceeds of Collateral received in a Restricted Account (as hereinafter defined) on and after the Loan Mechanization Date shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows: (i) first, to outstanding interest charges then due and payable in respect of the Obligations; (ii) second, to the outstanding principal balance of the Revolving Loans and any liabilities in respect of unpaid drawings under Letters of Credit; and (iii) finally, to be applied to, or held as collateral security for, any remaining unpaid or unsatisfied Obligations to the extent then due and payable.
Sample 1
Application of Collateral Proceeds Before Default. Prior to the occurrence of an Event of Default, all proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows: (i) first, to any outstanding fees, charges, and expenses then due to the Administrative Agent and the Lenders; (ii) second, to outstanding interest charges then due in respect of the Obligations; (iii) third, to the outstanding principal balance of the Revolving Loans and Reimbursement Obligations in respect of amounts drawn under Letters of Credit; (iv) fourth, to any amounts then due in respect of Hedging Liability and Funds Transfer and Deposit Account Liability; and (v) finally, to be applied to, or held as security (in a non-interest bearing account) for, any remaining unpaid or unsatisfied Obligations. Notwithstanding clause (iii) above, after any payments required under clauses (i) and (ii) above have been made, to the extent any Eurodollar Loans are outstanding and there are no Base Rate Loans outstanding to the Borrower, the Borrower may direct that such proceeds be held in a cash collateral account maintained by the Administrative Agent for the ratable benefit of the Lenders and not applied to the Obligations consisting of Eurodollar Loans until
Sample 1
Application of Collateral Proceeds Before Default. Prior to the occurrence of an Event of Default, all payments by the Borrower hereunder on account of the Obligations and all other proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows, subject to Section 1.6(g) hereof: (i) first, to any outstanding fees, charges, and expenses then due to the Administrative Agent and the Lenders; (ii) second, to outstanding interest charges then due in respect of the Obligations; (iii) third, to the outstanding principal balance of the Swingline Loans and Agent Loans; (iv) fourth, to the outstanding principal balance of the Revolving Loans, Reimbursement Obligations in respect of amounts drawn under Letters of Credit and Hedging Liabilities of which Administrative Agent has been previously informed by the Lender providing the products resulting in the Hedging Liabilities in accordance with Section 11.9 hereof; and (v) finally, to the extent that there remains any outstanding Obligations due and payable, to be applied to, or held as security (in a non-interest bearing account) for, any remaining unpaid or unsatisfied Obligations including Funds Transfer and Deposit Account Liability, and otherwise, to the Borrower. Notwithstanding clause (iii) above, after any payments required under clauses (i) and (ii) above have been made, to the extent any Eurodollar Loans are outstanding and there are no Base Rate Loans outstanding to the Borrower, the Borrower may direct that such proceeds be held in a cash collateral account maintained by the Administrative Agent for the ratable benefit of the Lenders and not applied to the Obligations consisting of Eurodollar Loans until the earlier of (i) the last day of the Interest Period applicable to such Eurodollar Loans and (ii) the occurrence of an Event of Default; provided, that unless a Default or an Event of Default is in existence, the funds held in such cash collateral account, at the Borrower’s direction, (x) shall be invested at the Administrative Agent as directed by the Borrower (to the extent such investments are available at the Administrative Agent), with interest thereon accruing for the Borrower’s account or (y) shall be disbursed, at the Borrower’s direction, so long as after giving effect to such disbursement, the Borrower is in compliance with the applicable limits and ratios contained in the definitions of the term “Borrowing Base”, “Eligible Inventory” and “Eligible...
Sample 1
Application of Collateral Proceeds Before Default. If no Event of Default has occurred and is continuing, subject to Section 2.8(b), all payments and collections received in respect of the Obligations and all proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows: (i) first, to any outstanding fees, charges, and expenses then due to the Administrative Agent and the Lenders; (ii) second, to outstanding interest charges then due in respect of the Obligations; (iii) third, to the outstanding principal balance of the Swing Loans; (iv) fourth, to the outstanding principal balance of the Revolving Loans and Reimbursement Obligations in respect of amounts drawn under Letters of Credit; (v) fifth, to the outstanding principal balance then scheduled as due in respect of the Term Loans; and (vi) finally, to be made available to the Borrower or whoever else may be lawfully entitled thereto.
Sample 1
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Application of Collateral Proceeds Before Default. Prior to the occurrence of an Event of Default, all proceeds of Collateral shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as determined by the Administrative Agent in its reasonable discretion.
Sample 1
Application of Collateral Proceeds Before Default. Prior to the occurrence of a Default or Event of Default, all proceeds of Collateral received in the Concentration Account within the meaning of Section 4.2 hereof shall (subject to the other terms of this Agreement) be applied by the Administrative Agent against the outstanding Obligations as follows: (i) first, to any outstanding fees, charges and expenses then due the Administrative Agent or the Lenders; 22 (ii) second, to outstanding interest charges then due in respect of the Obligations; (iii) third, to the outstanding principal balance of the Loans and any liabilities in respect of unpaid drawings under Letters of Credit; and (iv) finally, to be applied to, or held as collateral security for, any remaining unpaid or unsatisfied Obligations.
Sample 1

Related to Application of Collateral Proceeds Before Default

  • Application of Collateral Proceeds The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lender, at the time of or received by Lender after the occurrence of an Event of Default hereunder) shall be paid to and applied as follows: (a) First, to the payment of out-of-pocket costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Lender, including, without limitation, Lender’s Expenses; (b) Second, to the payment to Lender of the amount then owing or unpaid on the Loans for any accrued and unpaid interest, the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, the principal balance of the Loans, and all other Obligations with respect to the Loans (provided, however, if such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the Loans, then to the unpaid interest thereon, then to the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, then to the principal balance of the Loans, and then to the payment of other amounts then payable to Lender under any of the Loan Documents); and (c) Third, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to the Person lawfully entitled to receive the same.

  • Distribution of Collateral Proceeds In the event that, following the occurrence or during the continuance of any Default or Event of Default, the Administrative Agent or any Lender, as the case may be, receives any monies in connection with the enforcement of any of the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of the Administrative Agent, in its capacity as such, for or in respect of all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Administrative Agent in connection with the collection of such monies by the Administrative Agent, for the exercise, protection or enforcement by the Administrative Agent of all or any of the rights, remedies, powers and privileges of the Administrative Agent under this Credit Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Administrative Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Administrative Agent to such monies; (b) Second, to all other Obligations in such order or preference as the Required Lenders may determine; provided, however, that (i) distributions shall be made (A) pari passu among Obligations with respect to the Administrative Agent’s Fee and all other Obligations and (B) with respect to each type of Obligation owing to the Lenders, such as interest, principal, fees and expenses, among the Lenders pro rata across all Tranches and (ii) the Administrative Agent may in its discretion make proper allowance to take into account any Obligations not then due and payable; (c) Third, upon payment and satisfaction in full in cash or other provisions for payment in full satisfactory to the Lenders and the Administrative Agent of all of the Obligations, to the payment of any obligations required to be paid pursuant to §9-615 of the UCC of the State of New York; and (d) Fourth, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.

  • Application of Payments and Proceeds Upon Default If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor.

  • Application of Proceeds of Collateral Except as provided in subsection 2.4B(iii)(a) with respect to prepayments from Net Asset Sale Proceeds, all proceeds received by Administrative Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Collateral Document may, in the discretion of Administrative Agent, be held by Administrative Agent as Collateral for, and/or (then or at any time thereafter) applied in full or in part by Administrative Agent against, the applicable Secured Obligations (as defined in such Collateral Document) in the following order of priority: (a) To the payment of all costs and expenses of such sale, collection or other realization, including reasonable compensation to Administrative Agent and its agents and counsel, and all other expenses, liabilities and advances made or incurred by Administrative Agent in connection therewith, and all amounts for which Administrative Agent is entitled to indemnification under such Collateral Document and all advances made by Administrative Agent thereunder for the account of the applicable Loan Party, and to the payment of all costs and expenses paid or incurred by Administrative Agent in connection with the exercise of any right or remedy under such Collateral Document, all in accordance with the terms of this Agreement and such Collateral Document; (b) thereafter, to the extent of any excess such proceeds, to the payment of all other such Secured Obligations for the ratable benefit of the holders thereof; and (c) thereafter, to the extent of any excess such proceeds, to the payment to or upon the order of such Loan Party or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

  • Application of Net Liquidation Proceeds For all purposes under this agreement, Net Liquidation Proceeds received from a Servicer shall be allocated first to accrued and unpaid interest on the related Mortgage Loan and then to the unpaid principal balance thereof.

  • Transfer of Collateral upon Occurrence of Termination Event Upon the occurrence of a Termination Event and the transfer to the Purchase Contract Agent of the Senior Notes, the appropriate Applicable Ownership Interests in the Treasury Portfolio or the Treasury Securities, as the case may be, underlying the Corporate Units and the Treasury Units, as the case may be, pursuant to the terms of the Pledge Agreement, the Purchase Contract Agent shall request transfer instructions with respect to such Senior Notes, the appropriate Applicable Ownership Interests in the Treasury Portfolio or Treasury Securities, as the case may be, from each Holder by written request, substantially in the form of Exhibit D hereto, mailed to such Holder at its address as it appears in the Security Register. Upon book-entry transfer of the Corporate Units or the Treasury Units or delivery of a Corporate Units Certificate or Treasury Units Certificate to the Purchase Contract Agent with such transfer instructions, the Purchase Contract Agent shall transfer the Senior Notes, the appropriate Applicable Ownership Interests in the Treasury Portfolio or Treasury Securities, as the case may be, underlying such Corporate Units or Treasury Units, as the case may be, to such Holder by book-entry transfer, or other appropriate procedures, in accordance with such instructions. In the event a Holder of Corporate Units or Treasury Units fails to effect such transfer or delivery, the Senior Notes, the appropriate Applicable Ownership Interests in the Treasury Portfolio or Treasury Securities, as the case may be, underlying such Corporate Units or Treasury Units, as the case may be, and any distributions thereon, shall be held in the name of the Purchase Contract Agent or its nominee in trust for the benefit of such Holder, until the earlier to occur of: (i) the transfer of such Corporate Units or Treasury Units or surrender of the Corporate Units Certificate or Treasury Units Certificate or the receipt by the Company and the Purchase Contract Agent from such Holder of satisfactory evidence that such Corporate Units Certificate or Treasury Units Certificate has been destroyed, lost or stolen, together with any indemnity that may be required by the Purchase Contract Agent and the Company; and (ii) the expiration of the time period specified in the abandoned property laws of the relevant State in which the Purchase Contract Agent holds such property.

  • Application of Collateral The proceeds of any sale, or other realization (other than that received from a sale or other realization permitted by the Credit Agreement) upon all or any part of the Pledged Collateral pledged by the Pledgors shall be applied by the Secured Party as set forth in Section 7.06 of the Credit Agreement.

  • Disposition of Collateral Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.

  • Use and Disposition of Collateral None of the Grantors shall make or permit to be made an assignment, pledge or hypothecation of the Collateral or shall grant any other Lien in respect of the Collateral, except as expressly permitted by Section 6.02

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

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