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 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; and (iii) thirdly, any surplus shall be paid to the Borrower 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.
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Samples: Term Loan Facility (Grindrod Shipping Holdings Ltd.)
Application of receipts; partial payments. (a) Subject to paragraph (b) below and except 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 Party under, in connection with, Document or pursuant to the enforcement of the rights of the Lender under or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same applied in the following order:
(ia) first, in or towards payment of any amounts then due and payable to the Lender 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 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; and
(iiib) thirdlysecondly, any surplus shall be paid to the Borrower or to any other person who appears to be entitled to it.
(b) 33.2.2 If the Facility Agent Lender receives a payment that is insufficient to discharge all the amounts then due and payable by a Transaction Obligor the Obligors under the Finance Documents, the Facility Agent Lender shall apply that payment towards the obligations of that Transaction Obligor the Obligors under the Finance Documents in the following order:
(ia) first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, of the Facility Agent, the Security Agent, any Receiver and any Delegate Lender under the Finance Documents;
(iib) secondly, in or towards payment pro rata of any accrued interest interest, fee or commission due to any Finance Party payable but unpaid under this Agreement;
(iiic) thirdly, in or towards payment pro rata of any principal due payable but unpaid under this Agreement; and
(ivd) fourthly, in or towards payment pro rata of any other sum due to any Finance Party payable but unpaid under the Finance Documents.
(c) 33.2.3 The Facility Agent shall, if so directed by the Majority Lenders, Lender may vary the order set out in sub- paragraphs (ii) to (iv) of paragraph (b) aboveClause 33.2.2, acting reasonably.
(d) Paragraphs (a)33.2.4 Clause 33.2.1, (b) Clause 33.2.2 and (c) above Clause 33.2.3 will override any appropriation made by a Transaction an Obligor.. Amendment No. 9 to Credit Agreement
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Samples: Facility Agreement (SAVVIS, Inc.)
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 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; and
(iii) thirdly, any surplus shall be paid to the Borrower 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 or any Delegate under the Finance Documents;
(ii) secondly, in or towards payment pro rata of any accrued interest or commission and fees due to any Finance Party 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 periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreement;
(v) fifthly, in or towards payment pro rata of any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreement; and
(vi) sixthly, in or towards payment pro rata of any other sum due to any Finance Party but unpaid under the Finance Documents.
(cb) The Facility Agent shall, if so directed by the Majority LendersLenders and the Hedge Counterparties, vary, or instruct the Security Agent to vary (as applicable), the order set out in sub- sub-paragraphs (ii) to (ivvi) of paragraph (ba) above.
(dc) Paragraphs (a), (b) and (cb) above will override any appropriation made by a Transaction Obligor.
(d) For the avoidance of doubt any monies receive pursuant to any Sinosure Policy shall be applied, in accordance with sub-paragraphs (ii) and (iii) of paragraph (a) above.
(e) A payment by Sinosure to the Finance Parties under any of the Sinosure Policies will not discharge any Transaction Obligor from its payment obligations to such Finance Party under any Finance Document.
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Application of receipts; partial payments. (a) Subject to paragraph (bi) 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 DocumentsDocuments excluding any Hedging Agreement;
(ii) secondly, in retention by the Security Agent of an amount equal to any amount not then payable under any Finance Document excluding any Hedging Agreement but which the Facility Agent, by notice to the Borrower 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;
(iii) thirdly, in or towards payment of any amounts then due and payable under any Hedging Agreement;
(iv) fourthly, in retention by the Security Agent of an amount equal to any amount not then payable under any Hedging Agreement 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
(iiiv) thirdlyfifthly, any surplus shall be paid to the Borrower 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 an 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 DocumentsDocuments excluding any Hedging Agreement;
(ii) secondly, in or towards payment pro rata of any accrued interest or commission and fees due to any Finance Party 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 to any Finance Party but unpaid under the Finance DocumentsDocuments excluding any Hedging Agreement; and
(v) fifthly, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to any Hedge Counterparty under any Hedging Agreement;
(vi) sixthly, in or towards payment of any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements;
(vii) seventhly, in or towards payment of any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements.
(c) The Facility Agent shall, if so directed by the Majority LendersLenders and the Hedge Counterparties, vary the order set out in sub- paragraphs (iib)(ii) to (ivb) of paragraph (bvii) above.
(d) Paragraphs (a), (b) and b)and (c) above will override any appropriation made by a Transaction an Obligor.
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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 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; and
(iii) thirdly, any surplus shall be paid to the Borrower 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 or any Delegate under the Finance Documents;
(ii) secondly, in or towards payment pro rata of of:
(A) any accrued interest or commission and fees due to any Finance Party but unpaid to the Lenders under this Agreement; and
(B) any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements;
(iii) thirdly, in or towards payment pro rata of of:
(A) any principal due but unpaid to the Lenders under this Agreement; and
(B) any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements; and
(iv) fourthly, in or towards payment pro rata of any other sum due to any Finance Party but unpaid under the Finance Documents.
(cb) The Facility Agent shall, if so directed by the Majority LendersLenders and the Hedge Counterparties, vary, or instruct the Security Agent to vary (as applicable), the order set out in sub- sub-paragraphs (ii) to (iv) of paragraph (ba) above.
(dc) Paragraphs (a), (b) and (cb) above will override any appropriation made by a Transaction Obligor.
(d) Notwithstanding the foregoing, no amount received from a Hedge Guarantor or the Parent Guarantor in respect of obligations under Clauses 17 (Guarantee and Indemnity – Parent Guarantor) and 19 (Guarantee and Indemnity – Hedge Guarantors) shall be applied to any Excluded Hedging Obligations.
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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 Borrower 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 Borrower 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 an 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 of:
(A) any accrued interest or commission and fees due to any Finance Party but unpaid to the Lenders under this Agreement; and
(B) any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements;
(iii) thirdly, in or towards payment pro rata of of:
(A) any principal due but unpaid to the Lenders under this Agreement; and
(B) any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements; 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 LendersLenders and the Hedge Counterparties, vary the order set out in sub- paragraphs (iib)(ii) to (iv) of paragraph (bb)(iv) above.
(d) Paragraphs (a), (b) and (c) above will override any appropriation made by a Transaction an Obligor.
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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 Borrower 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 Borrower 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- 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.
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