Application of Payments Prior to Event of Default but ------------------------------------------------------ Following The Agent's Determination That Funds Contained In the Fleet --------------------------------------------------------------------- Concentration Account Are To Be Applied To The Borrower Obligations. -------------------------------------------------------------------
(a) Prior to the occurrence of an Event of Default of which the account officers of the Agent active on the Borrower's accounts have knowledge, but following the Agent's determination (which may be made by the Agent in its sole discretion) that funds contained in the Fleet Concentration Account are to be applied to the Borrower Obligations, all funds transferred to the Fleet Concentration Account and for which the Borrower has received credits shall be allocated among the Banks, the Swing Line Lender, the Agent, the Senior Noteholders, the CP Holders and the holders of the outstanding Indebtedness permitted pursuant to Section 8.2(g) hereof, with the portion of such funds allocated to the Banks, the Swing Line Lender and the Agent being applied to the Borrower Obligations as follows:
(i) first, to pay amounts then due and payable under this Agreement, the Notes and the other Loan Documents;
(ii) second, to reduce Swing Line Loans made by the Swing Line Lender;
(iii) third, to reduce Revolving Credit Loans and/or Term Loans which are Prime Rate Loans;
(iv) fourth, to reduce Revolving Credit Loans and/or Term Loans which are LIBO Rate Loans; and
(v) fifth, to the Operating Account.
(b) All prepayments of LIBO Rate Loans prior to the end of an Interest Period shall obligate the Borrower to pay any breakage costs associated with such LIBO Rate Loans in accordance with Section 2.11 hereof. Prior to the occurrence of an Event of Default, the Borrower may request that it be permitted (with the Agent determining whether to agree to such request in its sole discretion) to avoid such breakage costs by providing to the Agent cash in an amount sufficient to cash collateralize such LIBO Rate Loans, but in no event shall the Borrower be deemed to have paid such LIBO Rate Loans until such cash has been applied to such LIBO Rate Loans. In the event that the Agent agrees to such request, the Agent may elect to cause such cash collateral to be deposited into either (i) a cash collateral account pursuant to the terms of a cash collateral agreement executed by the Borrower and the Agent and in form and substance satisfactory to the Agent or (ii) ...
Application of Payments Prior to Event of Default. (a) Prior to the occurrence of an Event of Default of which the account officers of the Agent active on the Borrower's account have knowledge, and except as otherwise provided in Section 2.8.2(b), all funds transferred to the Borrower's Account and for which the Borrower has received credits shall be applied to the Obligations once each calendar week as follows:
(i) first, to pay the fees, expenses, costs, and any past due amounts (other than principal and interest on any Loans) due and payable by the Borrower to the Agent or any Bank;
(ii) second, to pay interest then due and payable on the Loans, and any other Obligations then due and payable (other than the principal of the Loans);
(iii) third, to reduce the principal of the Loans; and
(iv) fourth, to pay the Obligations under and as defined in the Receivables Credit Agreement as specified therein.
(b) Prior to the occurrence of an Event of Default of which the account officers of the Agent active on the Borrower's account have knowledge, any funds in the Borrower's Account constituting proceeds from the sale or other disposition of, or otherwise funds generated by or from, the Receivables Loan Collateral shall be applied to the Obligations as follows:
(i) first, to pay the fees, expenses, and any past due amounts (other than principal and interest on any Loans) due and payable by the Borrower to Sovereign;
(ii) second, to pay interest then due and payable on the Loans of Sovereign, and any other Obligations then due and payable to Sovereign (other than the principal of the Loans);
(iii) third, to reduce the principal of the Loans of Sovereign;
(iv) fourth, to pay interest then due and payable on the Loans of the Banks (other than Sovereign) and any other Obligations then due and payable (other than the principal of the Loans) to the Banks (other than Sovereign);
(v) fifth, to reduce the principal of the Loans of the Banks (other than Sovereign); and
(vi) sixth, to pay the Obligations under and as defined in the Receivables Credit Agreement as specified therein.
(c) Except as otherwise provided in Section 2.8.2(a) or (b), all prepayments of the Loans pursuant to this Section 2.8.2 shall be allocated among the Banks making such Loans, in proportion, as nearly as practicable, to the respective unpaid principal amount of such Loans outstanding, with adjustments to the extent practicable to equalize any prior payments or repayments not exactly in proportion.
Application of Payments Prior to Event of Default. Prior to the occurrence of an Event of Default, all principal payments received by Lender with respect to the Revolving Loan shall be applied first to Eurodollar Loans outstanding with Interest Periods ending on the date of such payment, then to the Base Rate Loan, and then to Eurodollar Loans next maturing until such principal payment is fully applied.
Application of Payments Prior to Event of Default. Prior to the occurrence of an Event of Default, all payments hereunder made by or on behalf of the Borrower shall be applied in the following order:
(a) firstly, to any amounts due hereunder from the Borrower as recoverable costs and expenses, for distribution to the Administrative Agent and relevant Lenders;
(b) secondly, to any amounts due hereunder from the Borrower as agency fees and other amounts due to the Administrative Agent in its capacity as such, for distribution to the Administrative Agent;
(c) thirdly, to any amounts due hereunder from the Borrower as interest, BA Stamping Fees, LCG Fees, 364 Day Commitment Fees and other Indebtedness hereunder other than principal; and
(d) fourthly, to any amounts due hereunder from the Borrower as principal. After the occurrence of an Event of Default, payments hereunder made by or on behalf of the Borrower shall be applied in such manner as the Lenders in their sole discretion may determine.
Application of Payments Prior to Event of Default. (a) Prior to the occurrence of an Event of Default of which the account officers of the Agent active on the Borrowers' account have knowledge, all funds transferred to the Fleet Concentration Account and for which the Domestic Borrowers have received credits shall be applied to the Obligations as follows:
(i) first, to pay amounts of principal, interest, Unpaid Reimbursement Obligations, fees and all other amounts then due and payable under this Credit Agreement, the Notes and the other Loan Documents;
(ii) second, to reduce Revolving Credit Loans made by the Swing Line Lender pursuant to ss.
Application of Payments Prior to Event of Default. (a) [Intentionally Omitted].
(b) Prior to the occurrence of an Event of Default of which the account officers of the Administrative Agent active on the Borrower's account have knowledge, all funds transferred to the Concentration Account and for which the Borrower has received credits shall, subject to the Intercreditor Agreement, be applied to the Obligations of the Borrowers as follows:
(i) first, to pay amounts then due and payable by the Borrower under this Credit Agreement, the Notes and the other Loan Documents and in respect of any other Obligations of the Borrower;
(ii) second, to repay Swing Line Loans made by the Administrative Agent pursuant to ss.2.6.2 and for which Settlement has not then been made;
(iii) third, to repay Revolving Loans which are Base Rate Loans;
(iv) fourth, to repay Revolving Loans which are LIBOR Rate Loans; and
(v) fifth, except as otherwise required by ss.ss.4.2(b) and (c), to the Operating Account.
(c) All prepayments of LIBOR Rate Loans prior to the end of an Interest Period shall obligate the Borrower to pay any breakage costs associated with such LIBOR Rate Loans in accordance with ss.
Application of Payments Prior to Event of Default. (a) Prior to the occurrence of an Event of Default of which the account officers of the Agent active on the Borrowers' account have knowledge, all funds transferred to the BKB Concentration Account and for which the Borrowers have received credits shall be applied to the Obligations as follows:
(ii) second, to reduce Revolving Credit Loans made by the Agent pursuant to ss.
Application of Payments Prior to Event of Default. Prior to the occurrence of an Event of Default of which the account officers of the Administrative Agent active on the Borrower's account have knowledge and which has not been cured or waived, all funds transferred to the Fleet Concentration Account and for which the Borrower has received credits shall be applied to the Obligations: (a) first, to pay amounts then due and payable under this Credit Agreement, the Notes and the other Loan Documents; and (b) second, except as otherwise required by Section 5.2(b) and (c), to the Operating Account.
Application of Payments Prior to Event of Default. (a) Prior to the occurrence of an Event of Default of which the account officers of the Agent active on the Borrower's account have knowledge, all funds transferred to the BKB Concentration Account and for which the Borrower has received credits shall be applied to the Obligations as follows:
(i) first, to pay amounts then due and payable under this Agreement, the Notes and the other Loan Documents;
(ii) second, to reduce Tranche B Loans which are Base Rate Loans;
(iii) third, to reduce Tranche B Loans which are Eurodollar Rate Loans;
(iv) fourth, to reduce Tranche A Loans which are Base Rate Loans;
(v) fifth, to reduce Tranche A Loans which are Eurodollar Rate Loans; and
(vi) sixth, except as otherwise required by ss.4.2(b) and (c), to the Operating Account.
(b) All prepayments of Eurodollar Rate Loans prior to the end of an Interest Period shall obligate the Borrower to pay any breakage costs associated with such Eurodollar Rate
Application of Payments Prior to Event of Default. (a) Prior to the occurrence of an Event of Default of which the account officers of the Administrative Agent active on the Borrower's account have actual knowledge, all funds transferred to the Concentration Account and for which the Borrower has received credits shall be applied to the Obligations as follows:
(i) first, to pay interest then due and payable on, and then principal of, Revolving Credit Loans advanced by the Administrative Agent pursuant to ss.2.8;
(ii) second, to pay interest on the Loans (other than Revolving Credit Loans advanced by the Administrative Agent pursuant to ss.
