Common use of Application of Payments and Proceeds Upon Default Clause in Contracts

Application of Payments and Proceeds Upon Default. Subject to Section 9.1(a) in the case of an Event of Default solely with respect to a violation of Section 6.7(a), if an Event of Default has occurred and is continuing, Bank may apply 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 in such order as Bank shall determine in its sole discretion. Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its good faith business judgment, 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 Payments and Proceeds Upon Default. Subject to Section 9.1(a) in the case of an Event of Default solely with respect to a violation of Section 6.7(a), if If an Event of Default has occurred and is continuingcontinuing (or at any time on the terms set forth in Section 6.3(c), regardless of whether an Event of Default exists), Bank may 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 in such order as Obligations. Bank shall determine in its sole discretion. Any pay any surplus shall be paid 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, in its good faith business judgment, directly or indirectly 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 Payments and Proceeds Upon Default. Subject to Section 9.1(a) in the case of an Event of Default solely with respect to a violation of Section 6.7(a), if If an Event of Default has occurred and is continuing, Bank may apply any funds in its possession, whether from Borrower Borrowers account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations in such order as Bank shall determine in its sole discretion; provided that Bank shall not apply any funds of Singapore Borrower to any Obligation of a US Borrower. Any surplus shall be paid to Borrower Borrowers or other Persons legally entitled thereto; Borrower Borrowers shall remain liable to Bank for any deficiency. If Bank, in its good faith business judgment, 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 Payments and Proceeds Upon Default. Subject to Section 9.1(a) in the case of an Event of Default solely with respect to a violation of Section 6.7(a), if If an Event of Default has occurred and is continuingcontinuing (or at any time on the terms set forth in Section 6.3(c), regardless of whether an Event of Default exists) Bank may 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 in such order as Obligations. Bank shall determine in its sole discretion. Any pay any surplus shall be paid 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, in its good faith business judgment, directly or indirectly 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 Payments and Proceeds Upon Default. Subject to Section 9.1(a) in the case of an Event of Default solely with respect to a violation of Section 6.7(a), if If an Event of Default has occurred and is continuingcontinuing (or at any time on the terms set forth in Section6.4(c), Bank may regardless of whether an Event of Default exists), Lender 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 in such order as Bank Obligations. Lender shall determine in its sole discretion. Any pay any surplus shall be paid to Borrower by credit to the designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank Lender for any deficiency. If Bank, in its good faith business judgmentLender, directly or indirectly indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank Lender 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 Lender of cash therefor.