Application of Payments after an Event of Default. Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may (and at the direction of the Majority Lenders shall) instruct the Account Bank to transfer all Collections in the applicable Collection Account and/or Expense Reserve Account, in accordance with the related Payment Date Report, to be applied in the following order and priority (and if the Administrative Agent elects not to apply the Collections in accordance with this Section 2.08(c), the provisions of Section 2.08(a) shall apply):
Appears in 6 contracts
Samples: Loan and Servicing Agreement (Carlyle Credit Solutions, Inc.), Loan and Servicing Agreement (Carlyle Secured Lending III), Loan and Servicing Agreement (Carlyle Secured Lending III)
Application of Payments after an Event of Default. Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may (and shall, at the direction of the Majority Lenders shall) Lenders, instruct the Account Bank to transfer all Collections in the applicable Collection Account and/or Expense Reserve Account, to be applied in accordance with the related Payment Date Report, to be applied Report for such Payment Date in the following order and priority (and if the Administrative Agent elects not to apply the Collections in accordance with this Section 2.08(c), the provisions of Section 2.08(a) shall apply):priority:
Appears in 1 contract
Samples: Loan and Servicing Agreement (Cim Real Estate Finance Trust, Inc.)
Application of Payments after an Event of Default. Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may (and Agent, at the direction of the Majority Lenders shall) Lenders, shall instruct the Account Bank to transfer all Collections in the applicable Collection Account and/or Expense Reserve Account, and all other funds on deposit in the Secured Accounts to be applied in accordance with the related Servicing and Payment Date Report, to be applied Report for such Payment Date in the following order and priority (and if the Administrative Agent elects not to apply the Collections in accordance with this Section 2.08(c), the provisions of Section 2.08(a) shall apply):priority:
Appears in 1 contract
Samples: Loan and Servicing Agreement (PIMCO Capital Solutions BDC Corp.)
