Common use of Application of Payments and Recoveries Clause in Contracts

Application of Payments and Recoveries. After a Minimum Payment Default has occurred, as to any payments received directly from a Guarantor, the LGCB shall apply such payments to amounts due under the Guaranty Obligation. Any other payments or recoveries received by the LGCB after a Minimum Payment Default shall be applied, as directed by the LGCB at its sole option, (a) first, to amounts due for any Additional Charges, and (b) second, to any Daily Payments, Required Payments, or Minimum Payment due for any Fiscal Year other than the Fiscal Year in which the Minimum Payment Default has occurred (collectively, the "Other Fiscal Year Payments"). Only when such Additional Charges and all Other Fiscal Year Payments are paid current will any payments or recoveries be applied to the Guaranty Obligation under this Guaranty Agreement; provided, however, Daily Payments, Required Payments or Minimum Payments paid by the Company during a Covered Fiscal Year shall be applied to the Minimum Payment for that Covered Fiscal Year.

Application of Payments and Recoveries. After a Minimum Payment Default has occurred, as to any payments received directly from a Guarantor, the LGCB shall apply such payments to amounts due under the Guaranty Obligation. Daily Payments, Required Payments or Minimum Payments paid by the Company during any of the Four Covered Fiscal Years shall be applied to the Minimum Payment for the Fiscal Year in which it is due during any of the Four Covered Fiscal Years. Any other payments or recoveries received by the LGCB after a Minimum Payment Default shall be applied, as directed by the LGCB at its sole option, (a) first, to amounts due for any Additional Charges, and (b) second, to any Daily Payments, Required Payments, or Minimum Payment due for any prior Fiscal Year other than the Fiscal Year in which the Minimum Payment Default has occurred (collectively, the "Other Fiscal Year Payments"). Only when such Additional Charges and all Other Fiscal Year Payments are paid current will any payments or recoveries be applied to the Guaranty Obligation under this Guaranty Agreement; provided, however, Daily Payments, Required Payments or Minimum Payments paid by the Company during a Covered Fiscal Year shall be applied to the Minimum Payment for that Covered Fiscal Year.

Application of Payments and Recoveries. After a Minimum Payment Default has occurred, as to any payments received directly from a Guarantor, the LGCB shall apply such payments to amounts due under the Guaranty Obligation. Daily Payments, Required Payments or Minimum Payments paid by the Company during a Covered Fiscal Year shall be applied to the Minimum Payment for that Covered Fiscal Year. Any other payments or recoveries received by the LGCB after a Minimum Payment Default shall be applied, as directed by the LGCB LGC3 at its sole option, (a) first, to amounts due for any Additional Charges, and (b) second, to any Daily Payments, Required Payments, or Minimum Payment due for any Fiscal Year other than the Fiscal Year in which the Minimum Payment Default has occurred (collectively, the "Other Fiscal Year Payments"). Only when such Additional Charges and all Other Fiscal Year Payments are paid current will any payments or recoveries be applied to the Guaranty Obligation under this Guaranty Agreement; provided, however, Daily Payments, Required Payments or Minimum Payments paid by the Company during a Covered Fiscal Year shall be applied to the Minimum Payment for that Covered Fiscal Year.

Application of Payments and Recoveries. After a Minimum Payment Default has occurred, as to any payments received directly from a Guarantor, the LGCB shall apply such payments to amounts due under the Guaranty Obligation. Daily Payments, Required Payments or Minimum Payments paid by the Company during a Covered Fiscal Year shall be applied to the Minimum Payment for that Covered Fiscal Year. Any other payments or recoveries received by the LGCB after a Minimum Payment Default shall be applied, as directed by the LGCB at its sole option, (a) first, to amounts due for any Additional Charges, and (b) second, to any Daily Payments, Required Payments, or Minimum Payment due for any Fiscal Year other than the Fiscal Year in which the Minimum Payment Default has occurred (collectively, the "Other Fiscal Year Payments"). Only when such Additional Charges and all Other Fiscal Year Payments are paid current will any payments or recoveries be applied to the Guaranty Obligation under this Guaranty Agreement; provided, however, Daily Payments, Required Payments or Minimum Payments paid by the Company during a Covered Fiscal Year shall be applied to the Minimum Payment for that Covered Fiscal Year.