Common use of Application of Payments Prior to an Event of Default Clause in Contracts

Application of Payments Prior to an Event of Default. Except as otherwise agreed to by the Lenders in their sole discretion, all payments made by or on behalf of the Borrower pursuant to this Agreement prior to the delivery of an Acceleration Notice or the occurrence of an Insolvency Event shall be applied rateably among the Lenders and the Agent in accordance with amounts owed to the Lenders and the Agent in respect of each category of amounts set forth below, each such application to be made in the following order with the balance remaining after application in respect of each category to be applied to the next succeeding category: (a) firstly, in payment of any amounts due and payable as and by way of recoverable expenses hereunder; (b) secondly, in payment of any amounts due and payable as and by way of the Agent's fees referred to in Section 5.8; (c) thirdly, in payment of any amounts due and payable as and by way of the standby fees referred to in Section 5.7; (d) fourthly, in payment of any amounts due and payable as and by way of interest on Borrowings pursuant to Sections 5.1, 5.2 and 5.3, acceptance fees pursuant to Section 5.4, Letter of Credit fees pursuant to Section 5.5, and interest on overdue amounts pursuant to Section 5.6; and (e) fifthly, in payment of any amounts (other than Borrowings) then due and payable by the Borrower hereunder other than amounts hereinbefore referred to in this Section 6.2; with the balance to be applied to repay or otherwise reduce Borrowings in a manner so that the Borrowings and each basis of Borrowing outstanding hereunder to each Lender will, to the extent possible, be in the same proportion as the Lender's Proportion of such Lender.

Application of Payments Prior to an Event of Default. Except as otherwise agreed to by the Lenders in their sole discretion, all payments made by or on behalf of the Borrower pursuant to this Agreement prior to the delivery of an Acceleration Notice or the occurrence of an Insolvency Event shall be applied rateably among the Lenders and the Agent in accordance with amounts owed to the Lenders and the Agent in respect of each category of amounts set forth below, each such application to be made in the following order with the balance remaining after application in respect of each category to be applied to the next succeeding category: (a) firstly, in payment of any amounts due and payable as and by way of recoverable expenses hereunder; (b) secondly, in payment of any amounts due and payable as and by way of the Agent's ’s fees referred to in Section 5.8; (c) thirdly, in payment of any amounts due and payable as and by way of the standby fees referred to in Section 5.7; (d) fourthly, in payment of any amounts due and payable as and by way of interest on Borrowings pursuant to Sections 5.1, 5.2 and 5.3, acceptance fees pursuant to Section 5.4, Letter of Credit fees pursuant to Section 5.5, and interest on overdue amounts pursuant to Section 5.6; and (e) fifthly, in payment of any amounts (other than Borrowings) then due and payable by the Borrower hereunder other than amounts hereinbefore referred to in this Section 6.2; with the balance to be applied to repay or otherwise reduce Borrowings in a manner so that the Borrowings and each basis of Borrowing outstanding hereunder to each Lender will, to the extent possible, be in the same proportion as the Lender's ’s Proportion of such Lender.

Application of Payments Prior to an Event of Default. Except as otherwise agreed to by all of the Lenders in their sole discretion, all payments made by or on behalf of the Borrower pursuant to this Agreement prior to the delivery of an Acceleration Notice or the occurrence of an Insolvency Event of Default specified in Section 9.1(c) or Section 9.1(d) shall (subject to Section 4.4(g)) be applied rateably among the Lenders and the Agent in accordance with amounts owed to the such Lenders and the Agent in respect of each category of amounts set forth below, each such application to be made to the category or categories specified by the Borrower or, failing such direction, shall be made in the following order with the balance remaining after application in respect of each category to be applied to the next succeeding category: (a) firstly, in payment of any amounts due and payable as and by way of recoverable expenses hereunder; (b) secondly, in payment of any amounts due and payable as and by way of the Agent's fees referred to in Section 5.85.6; (c) thirdly, in payment of any amounts due and payable as and by way of the standby fees referred to in Section 5.75.5; (d) fourthly, in payment of any amounts due and payable as and by way of interest on Borrowings pursuant to Sections 5.15.1 and 5.2, 5.2 and 5.3, acceptance fees Utilization Fees pursuant to Section 5.4, Letter of Credit fees pursuant to Section 5.5, 5.3 and interest on overdue amounts pursuant to Section 5.65.4; and (e) fifthly, in payment of any amounts (other than Borrowings) then due and payable by the Borrower hereunder other than amounts hereinbefore referred to in this Section 6.2; with the balance to be applied to repay or otherwise reduce Borrowings in a manner so that the Borrowings and each basis of Borrowing outstanding hereunder to each Lender will, to the extent possible, be in the same proportion as the Lender's Proportion Pro-Rata Share of such LenderLender in respect of such Borrowings.

Application of Payments Prior to an Event of Default. Except as otherwise agreed to by the Lenders in their sole discretion, all payments made by or on behalf of the Borrower pursuant to this Agreement prior to the delivery of an Acceleration Notice or the occurrence of an Insolvency Event shall be applied rateably among the Lenders and the Agent in accordance with amounts owed to the Lenders and the Agent in respect of each category of amounts set forth below, each such application to be made in the following order with the balance remaining after application in respect of each category to be applied to the next succeeding category: (a) firstly, in payment of any amounts due and payable as and by way of recoverable expenses hereunder; (b) secondly, in payment of any amounts due and payable as and by way of the Agent's ’s fees referred to in Section 5.85.6; (c) thirdly, in payment of any amounts due and payable as and by way of the standby fees referred to in Section 5.7; (d) fourthly, in payment of any amounts due and payable as and by way of interest on Borrowings pursuant to Sections 5.1, 5.2 and 5.3, acceptance fees pursuant to Section 5.4, Letter of Credit fees pursuant to Section 5.5, and interest on overdue amounts pursuant to Section 5.65.5; and (ed) fifthlyfourthly, in payment of any amounts (other than Borrowings) then due and payable by the Borrower hereunder other than amounts hereinbefore referred to in this Section 6.2; with the balance to be applied to repay or otherwise reduce Borrowings in a manner so that the Borrowings and each basis of Borrowing outstanding hereunder to each Lender will, to the extent possible, be in the same proportion as the Lender's ’s Proportion of such Lender.

Application of Payments Prior to an Event of Default. Except as otherwise agreed to by all of the Lenders in their sole discretion, all payments made by or on behalf of the Borrower pursuant to this Agreement prior to the delivery of an Acceleration Notice or the occurrence of an Insolvency Event of Default specified in Section 9.1(c) or Section 9.1(d) shall (subject to Section 3.4(c) or Section 4.4(i)) be applied rateably among the Lenders and the Agent in accordance with amounts owed to the such Lenders and the Agent in respect of each category of amounts set forth below, each such application to be made to the category or categories specified by the Borrower or, failing such direction, shall be made in the following order with the balance remaining after application in respect of each category to be applied to the next succeeding category: (a) firstly, in payment of any amounts due and payable as and by way of recoverable expenses hereunder; (b) secondly, in payment of any amounts due and payable as and by way of the Agent's fees referred to in Section 5.85.9; (c) thirdly, in payment of any amounts due and payable as and by way of the standby fees referred to in Section 5.75.8; (d) fourthly, in payment of any amounts due and payable as and by way of interest on Borrowings pursuant to Sections 5.1, 5.2 and 5.3, acceptance fees Acceptance Fees pursuant to Section 5.4, Letter of Credit fees LC Fees pursuant to Section 5.5, Utilization Fees pursuant to Section 5.6 and interest on overdue amounts pursuant to Section 5.65.7; and (e) fifthly, in payment of any amounts (other than Borrowings) then due and payable by the Borrower hereunder other than amounts hereinbefore referred to in this Section 6.2; with the balance to be applied to repay or otherwise reduce Borrowings in a manner so that the Borrowings and each basis of Borrowing outstanding hereunder to each Lender will, to the extent possible, be in the same proportion as the Lender's Proportion Pro-Rata Share of such LenderLender in respect of such Borrowings.