Application of receipts; partial payments. Subject to paragraph (b) below and except as any Finance Document may otherwise provide, any payment that is received or recovered by any Finance Party under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:
Application of receipts; partial payments. If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by a Transaction Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the obligations of that Transaction Obligor under the Finance Documents in the following order:
Application of receipts; partial payments. (a) If the Facility Agent or the Security Agent (as applicable) receives a payment that is insufficient to discharge all the amounts then due and payable by a Transaction Obligor under the Finance Documents, the Facility Agent or the Security Agent (as applicable) shall apply that payment towards the obligations of that Transaction Obligor under the Finance Documents in the following order (in addition to any relevant provisions in the Security Documents):
(i) first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents;
(ii) secondly, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Lenders under this Agreement;
(iii) thirdly, in or towards payment pro rata of any principal due but unpaid to the Lenders under this Agreement; and
(iv) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.
(b) The Facility Agent shall, if so directed by the Majority Lenders, vary, or instruct the Security Agent to vary (as applicable) the order set out in sub-paragraphs (ii) to (iv) of paragraph (a) above.
(c) Paragraphs (a) and (b) above will override any appropriation made by a Transaction Obligor.
Application of receipts; partial payments. (a) Subject to paragraph (b) below and except as any Finance Document may otherwise provide, any payment that is received or recovered by any Finance Party under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:
(i) first, in or towards payment of any amounts then due and payable under any of the Finance Documents;
(ii) secondly, in retention by the Security Agent of an amount equal to any amount not then payable under any Finance Document but which the Facility Agent, by notice to the Borrowers and the other Finance Parties, states in its opinion will or may become payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them; and
(iii) thirdly, any surplus shall be paid to the Borrowers or to any other person who appears to be entitled to it.
(b) If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by a Transaction Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the obligations of that Transaction Obligor under the Finance Documents in the following order:
(i) first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver and any Delegate under the Finance Documents;
(ii) secondly, in or towards payment pro rata of any accrued interest or commission due to any Finance Party but unpaid under this Agreement;
(iii) thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and
(iv) fourthly, in or towards payment pro rata of any other sum due to any Finance Party but unpaid under the Finance Documents.
(c) The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in sub-paragraphs (ii) to (iv) of paragraph (b) above.
(d) Paragraphs (a), (b) and (c) above will override any appropriation made by a Transaction Obligor.
Application of receipts; partial payments. (a) If the Lender receives a payment that is insufficient to discharge all the amounts then due and payable by a Transaction Obligor under the Finance Documents, the Lender may apply that payment towards the obligations of that Transaction Obligor under the Finance Documents in any manner it may decide.
(b) Paragraph (a) above will override any appropriation made by a Transaction Obligor.
Application of receipts; partial payments. (a) If the Facility Agent or the Security Trustee (as applicable) receives a payment that is insufficient to discharge all the amounts then due and payable by a Transaction Obligor under the Loan Documents, the Facility Agent or the Security Trustee (as applicable) shall apply that payment towards the obligations of that Transaction Obligor under the Loan Documents in accordance with Section 9.2 (Application of Moneys).
(b) Paragraph (a) above will override any appropriation made by a Transaction Obligor.
Application of receipts; partial payments. (a) Subject to paragraph (b) below and except as any Finance Document may otherwise provide, any payment that is received or recovered by any Finance Party under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:
(i) first, in or towards payment of any amounts then due and payable under any of the Finance Documents, except for the Hedging Agreements;
(ii) secondly, in retention by the Security Agent of an amount equal to any amount not then payable under any Finance Document (except for the Hedging Agreements) but which the Facility Agent, by notice to the Borrower and the other Finance Parties, states in its opinion will or may become payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them;
Application of receipts; partial payments. 33.2.1 Except as any Finance Document may otherwise provide, any payment that is received or recovered by the Lender under or in connection with any Finance Document or pursuant to the enforcement of the rights of the Lender under or pursuant to any Finance Document shall be applied in the following order:
(a) first, in or towards payment of any amounts then due and payable to the Lender under any of the Finance Documents, and
(b) secondly, any surplus shall be paid to the Borrower or to any other person who appears to be entitled to it.
33.2.2 If the Lender receives a payment that is insufficient to discharge all the amounts then due and payable by the Obligors under the Finance Documents, the Lender shall apply that payment towards the obligations of the Obligors under the Finance Documents in the following order:
(a) first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Lender under the Finance Documents;
(b) secondly, in or towards payment pro rata of any accrued interest, fee or commission payable but unpaid under this Agreement;
(c) thirdly, in or towards payment pro rata of any principal payable but unpaid under this Agreement; and
(d) fourthly, in or towards payment pro rata of any other sum payable but unpaid under the Finance Documents.
33.2.3 The Lender may vary the order set out in Clause 33.2.2, acting reasonably.
33.2.4 Clause 33.2.1, Clause 33.2.2 and Clause 33.2.3 will override any appropriation made by an Obligor. Amendment No. 9 to Credit Agreement
Application of receipts; partial payments. If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order:
(a) FIRST, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Agent, the Security Agent, any Receiver and any Delegate under the Finance Documents;
(b) SECOND, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Lenders under this Agreement;
(c) THIRD, in or towards payment pro rata of any principal due but unpaid to the Lenders under this Agreement; and
(d) FOURTH, in or towards payment pro rata of any other sum due to any Finance Party but unpaid under the Finance Documents;
Application of receipts; partial payments. If the Lender receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Lender may apply that payment towards the obligations of that Obligor under the Finance Documents in any manner it may decide.
