Common use of Application of Payments and Prepayments Clause in Contracts

Application of Payments and Prepayments. (1) Subject to Section 10.03, all amounts received by the Agent from or on behalf of the Borrower and not previously applied pursuant to this Agreement shall be applied by the Agent as follows (i) first, in reduction of the Borrowers’ obligations to pay any unpaid expenses of the Agent; (ii) second, in reduction of the Borrowers’ obligations to pay any unpaid interest and any Fees which are due and owing; (iii) third, in reduction of the Borrowers’ obligations to pay any claims or losses referred to in Section 17.01; (iv) fourth, in reduction of the Borrowers’ obligations to pay any amounts due and owing on account of any unpaid principal amount of Advances which are due and owing; (v) fifth, in reduction of the Borrowers’ obligations to pay any other unpaid Accommodations Outstanding which are due and owing; (vi) sixth, in reduction of any other obligation of the Borrowers under this Agreement and the other Loan Documents; and (vii) seventh, to the Borrowers or such other Persons as may lawfully be entitled to or directed to receive the remainder.

Application of Payments and Prepayments. (1) Subject to Section 10.03, all All amounts received by the Administrative Agent from or on behalf of the Borrower and not previously applied pursuant to this Agreement shall be applied by the Administrative Agent as follows follows: (i) first, in reduction of the Borrowers’ obligations to pay any unpaid expenses of the Agent; (ii) second, in reduction of the Borrowers’ obligations Borrower’s obligation to pay any unpaid interest and any Fees which are due and owing; , (ii) second, in reduction of the Borrower’s obligation to pay any amounts referred to in Section 9.5, (iii) third, subject to any other provision hereof relating to the order in reduction of which the Borrowers’ obligations Facilities are to pay any claims or losses referred to in Section 17.01; (iv) fourthbe reduced and the Advances repaid, in reduction of the Borrowers’ obligations Borrower’s obligation to pay any amounts due and owing on account of any unpaid principal amount of Advances which are is due and owing; , (viv) fifthfourth, in reduction of the Borrowers’ obligations Borrower’s obligation to pay any other unpaid Accommodations Outstanding Outstandings which are due and owing; , (viv) sixthfifth, in reduction of any other obligation of the Borrowers Borrower under this Agreement and and/or the other Loan Credit Documents; , and (viivi) seventhsixth, to the Borrowers Borrower or such other Persons as may lawfully be entitled to or directed to receive the remainder.

Application of Payments and Prepayments. (1) Subject to Section 10.039.03, all amounts received by the Agent from or on behalf of the Borrower Borrowers and not previously applied pursuant to this Agreement shall be applied by the Agent as follows (i) first, in reduction of the Borrowers’ obligations to pay any unpaid expenses of the Agent; (ii) second, in reduction of the Borrowers’ obligations to pay any unpaid interest and any Fees which are due and owing; (iii) third, in reduction of the Borrowers’ obligations to pay any claims or losses referred to in Section 17.01; (iv) fourth, in reduction of the Borrowers’ obligations to pay any amounts due and owing on account of any unpaid principal amount of Advances which are due and owing; (v) fifth, in reduction of the Borrowers’ obligations to pay any other unpaid Accommodations Outstanding which are due and owing; (vi) sixth, in reduction of any other obligation of the Borrowers under this Agreement and the other Loan Documents; and (vii) seventh, to the Borrowers or such other Persons as may lawfully be entitled to or directed to receive the remainder.