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.
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Samples: Term Loan Facility (Seanergy Maritime Holdings Corp.), Term Loan Facility (Navios Maritime Partners L.P.), Facility Agreement (Seanergy Maritime Holdings Corp.)
Application of receipts; partial payments. (a) If the Lender Xxxxxx 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.
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