Application of Loans Sample Clauses
Application of Loans. Each conversion shall be effected by applying the proceeds of the new LIBOR Loan and/or Prime Rate Loan, as the case may be, to the Loan (or portion thereof) being converted.
Application of Loans. With respect to each Business Day, the Servicer shall either (i) apply all Collections received in the Lock-Box Accounts on such day to the related balances of Issuer Loans on the records of the Servicer prior to the preparation of the Daily Report on the immediately following Business Day or (ii) subtract such unapplied Collections from the Net Loans Balance (as contemplated by the definition thereof) to be reported in such Daily Report.
Application of Loans. The Agent is authorized and directed to apply the proceeds of the Loans on the Closing Date directly to the repayment of amounts outstanding under the 1996 Facility B Credit Agreement to the full extent necessary to effect such repayment.