Common use of Application of Payments and Collections Clause in Contracts

Application of Payments and Collections. Each Lender shall apply all receipts with respect to payments on the Liabilities received by it from, or on behalf of, Borrowers first, to pay all fees and expenses due and payable to such Lender hereunder or under any Ancillary Agreements, second, to interest then due and payable on the Term Loan and third, to the unpaid principal on the Term Loan; provided, however, that upon an Event of Default, such Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections against the Liabilities in such manner as such Lender may deem appropriate, notwithstanding any entry by Lender upon any of its books and records. To the extent that Borrowers make a payment or payments to such Lender, which payment(s) or proceeds are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or proceeds received, the Liabilities intended to be satisfied shall be revived and shall continue in full force and effect, as if such payments or proceeds had not been received by such Lender.

Application of Payments and Collections. Each Lender shall apply all receipts with respect The Borrowers irrevocably --------------------------------------- waive the right to direct the application of payments on the Liabilities and collections received by it from, Lender from or on behalf ofof the Borrowers, and the Borrowers first, to pay all fees and expenses due and payable to such Lender hereunder or under any Ancillary Agreements, second, to interest then due and payable on the Term Loan and third, to the unpaid principal on the Term Loan; provided, however, agree that upon an Event of Default, such Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections against the Liabilities in such manner as such Lender may deem appropriate, notwithstanding any entry by Lender upon any of its books and records. To the extent that the Borrowers make a payment or payments to such LenderLender or Lender receives any payment or proceeds of the Collateral for the Borrowers' benefit, which payment(s) or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then then, to the extent of such payment or proceeds receivedreceived are so set aside, invalidated, required to be repaid or the like, the Liabilities or part thereof intended to be satisfied shall be revived and shall continue in full force and effect, as if such payments or proceeds had not been received by such Lender.

Application of Payments and Collections. Each Lender shall apply all receipts with respect Borrower irrevocably waives the right to direct the application of payments on the Liabilities and collections received by it from, Lender from or on behalf ofof such Borrower, Borrowers first, to pay all fees and expenses due and payable to such Lender hereunder or under any Ancillary Agreements, second, to interest then due and payable on the Term Loan and third, to the unpaid principal on the Term Loan; provided, however, each Borrower agrees that upon an Event of Default, such Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections against the Liabilities Revolving Loans in such manner as such Lender may deem appropriate, notwithstanding any entry by Lender upon any of its books and records. To the extent that Borrowers make a Borrower makes a payment or payments to such LenderLender or Lender receives any payment or proceeds of the Collateral for Borrowers' benefit, which payment(s) or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then then, to the extent of such payment or proceeds received, the Liabilities or part thereof intended to be satisfied shall be revived and shall continue in full force and effect, as if such payments or proceeds had not been received by such Lender.

Application of Payments and Collections. Each Lender shall apply all receipts with respect Borrower irrevocably waives the right to direct the application of payments on the Liabilities and collections received by it from, Lender from or on behalf ofof Borrower, Borrowers first, to pay all fees and expenses due and payable to such Lender hereunder or under any Ancillary Agreements, second, to interest then due and payable on the Term Loan and third, to the unpaid principal on the Term Loan; provided, however, Borrower agrees that upon an Event of Default, such Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections against the Liabilities in such manner as such Lender may deem appropriate, notwithstanding any entry by Lender upon any of its books and records. To the extent that Borrowers make Borrower makes a payment or payments to such LenderLender or Lender receives any payment or proceeds of the Collateral for Borrower's benefit, which payment(s) or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or proceeds received, the Liabilities of the Borrower, as the case may be, or part thereof intended to be satisfied shall be revived and shall continue in full force and effect, as if such payments or proceeds had not been received by such Lender.

Application of Payments and Collections. Each Lender shall apply all receipts with respect Except as otherwise provided herein, and subsequent to Default, Borrowers irrevocably waive the right to direct the application of payments on the Liabilities and collections received by it from, Lender from or on behalf ofof Borrowers, and Borrowers first, to pay all fees and expenses due and payable to such Lender hereunder or under any Ancillary Agreements, second, to interest then due and payable on the Term Loan and third, to the unpaid principal on the Term Loan; provided, however, agree that upon an Event of Default, such Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections against the Liabilities in such manner as such Lender may deem appropriate, notwithstanding any entry by Lender upon any of its books and records. To the extent that Borrowers make either Borrower makes a payment to Lender or payments to such LenderLender receives any payment or proceeds of the Collateral for either Borrower's benefit, which payment(s) payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then then, to the extent of such payment or proceeds received, the Liabilities or part thereof intended to be satisfied shall be revived and shall continue in full force and effect, as if such payments or proceeds had not been received by such Lender.

Application of Payments and Collections. Each Lender shall apply all receipts with respect Borrower irrevocably waives the right to direct the application of payments on the Liabilities and collections received by it from, Lender from or on behalf ofof Borrower, Borrowers first, to pay all fees and expenses due and payable to such Lender hereunder or under any Ancillary Agreements, second, to interest then due and payable on the Term Loan and third, to the unpaid principal on the Term Loan; provided, however, Borrower agrees that upon an Event of Default, such Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections against the Liabilities in such manner as such Lender may deem appropriate, notwithstanding any entry by Lender upon any of its books and records. To the extent that Borrowers make Borrower makes a payment or payments to such LenderLender or Lender receives any payment or proceeds of the Collateral for Borrower's benefit, which payment(s) or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then then, to the extent of such payment or proceeds received, the Liabilities or part thereof intended to be satisfied shall be revived and shall continue in full force and effect, as if such payments or proceeds had not been received by such Lender.

Application of Payments and Collections. Each Lender shall apply all receipts with respect Borrower irrevocably waives the right to direct the application of payments on the Liabilities and collections received by it from, Lender from or on behalf ofof Borrower, Borrowers first, to pay all fees and expenses due and payable to such Lender hereunder or under any Ancillary Agreements, second, to interest then due and payable on the Term Loan and third, to the unpaid principal on the Term Loan; provided, however, Borrower agrees that upon an Event of Default, such Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections against the Liabilities in such manner as such Lender may deem appropriate, notwithstanding any entry by Lender upon any of its books and records. To the extent that Borrowers make Borrower makes a payment or payments to such LenderLender or Lender receives any payment or proceeds of the Collateral for Borrower's benefit, which payment(s) or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then then, to the extent of such payment or proceeds receivedreceived are so set aside, invalidated, required to be repaid or the like, the Liabilities or part thereof intended to be satisfied shall be revived and shall continue in full force and effect, as if such payments or proceeds had not been received by such Lender.been

Application of Payments and Collections. Each Lender shall apply all receipts with respect Borrower irrevocably waives the right to direct the application of payments on the Liabilities and collections received by it from, Lender from or on behalf of, Borrowers first, to pay all fees and expenses due and payable to such Lender hereunder or under any Ancillary Agreements, second, to interest then due and payable on of Borrower during the Term Loan and third, to the unpaid principal on the Term Loan; provided, however, that upon an Event continuance of a Default, such and Borrower agrees that Lender shall have the continuing continuing, exclusive right to apply and reapply any and all such payments and collections against the Liabilities in such manner as such Lender may reasonably deem appropriateappropriate during the continuance of a Default, notwithstanding any term or provision hereof or any entry by Lender upon any of its books and records. To the extent that Borrowers make Borrower makes a payment or payments to such LenderLender or Lender receives any payment or proceeds of the Collateral for Borrower's benefit, which payment(s) or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or and/or required to be repaid to a trustee, receiver receiver, custodian or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then then, to the extent of such payment or proceeds received, the Liabilities or part thereof intended to be satisfied shall be revived and shall continue in full force and effect, as if such payments or proceeds had not been received by such Lender.