Application of Proceeds During an Event of Default. If an Event of Default shall have occurred and remain outstanding, CIT may apply all Proceeds of Collateral and all other payments received by CIT to the payment of the Obligations in such manner and in such order as CIT may elect in its sole discretion. If as a result of the application of the provisions of this Section 3.5(c), any Proceeds or payments are applied to loans that are LIBOR Loans, such application shall be treated as a prepayment of such LIBOR Loans and CIT shall be entitled to the costs and fees provided for in Section 8.10 hereof.
Appears in 3 contracts
Samples: Financing Agreement (Pizza Inn Inc /Mo/), Financing Agreement (Rentech Inc /Co/), Financing Agreement (Ascendia Brands, Inc.)
Application of Proceeds During an Event of Default. If an Event of Default shall have occurred and remain outstanding, CIT may apply all Proceeds of Collateral and all other payments received by CIT to the payment of the Obligations in such manner and in such order as CIT may elect in its sole discretion. If If, as a result of the application of the provisions of this Section 3.5(c), any Proceeds or payments are applied to loans that are LIBOR Loans, such application shall be treated as a prepayment of such LIBOR Loans and CIT shall be entitled to the costs and fees provided for in Section 8.10 hereof.
Appears in 2 contracts
Samples: Financing Agreement, Financing Agreement (Crown Crafts Inc)
