Application of Recoveries. All sums paid under the Ship's Insurances to anyone other than the Security Agent shall be applied in repairing the damage and/or in discharging the liability in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already discharged.
Application of Recoveries. The Owner will apply all sums receivable under the Insurances which are to be paid to the Owner in accordance with the applicable Loss Payable Clause in repairing all damage and/or in discharging the liability in respect of which such sums shall have been received.
Application of Recoveries. The Borrower agrees to apply all sums receivable under the Insurances which are paid to it in accordance with the Loss Payable Clauses in repairing all damage and/or in discharging the liability in respect of which such sums shall have been received.
Application of Recoveries. Except to the extent otherwise provided in Section 8.13 hereof, all payments made and actually received by the Agent in respect of the Loan (from any person or source including, without limitation, proceeds of title insurance policies with respect to any Eligible Project) shall be applied in the following order of priority:
(i) to the reimbursement of any reasonable costs incurred by the Agent to administer, enforce, collect or deal with the Loan (including payments made pursuant to Section 8.11 or Section 8.12 hereof) (or to reimbursement of the Lenders to the extent such costs have been paid by the Lenders) (based on Pro Rata Shares thereof);
(ii) to the repayment of any Protective Advances (to the extent not paid pursuant to clause (i) above) (based on Pro Rata Shares thereof);
(iii) to the payment of all interest (including default interest) due and payable on the Notes (based on Pro Rata Shares thereof);
(iv) to the payment of fees payable under the Loan Documents (based on Pro Rata Shares thereof); and
(v) to the payment of principal of the Notes (based on Pro Rata Shares thereof). Agent shall wire transfer to each Lender, at such Lender's bank account as designated by such Lender to Agent in writing, its Pro Rata Share of any payments (to the extent payable to Lender pursuant to this Section 2.7(g)) within one (1) Business Day of Agent's receipt of such payment. Agent shall pay to the Lenders interest thereon, at the Federal Funds Rate, from the Business Day following receipt of such funds by Agent until such funds are paid in immediately available funds to the Lender. The Agent shall in any event not be bound to inquire into or determine the validity, scope or priority of any interest or entitlement of any Lender and may suspend all payments and seek appropriate relief (including, without limitation, instructions from the Majority Lenders or all Lenders, as applicable, or an action in the nature of interpleader) in the event of any doubt or dispute as to any apportionment or distribution contemplated hereby. In the absence of gross negligence or willful misconduct, the Agent shall not be liable for any apportionment or distribution of payments made by it in good faith pursuant to this Section, and if any such apportionment or distribution is subsequently determined to have been made in error, the sole recourse of any person to whom payment was due, but not made, shall be to recover from the recipients of such payments any payment in excess of the a...
Application of Recoveries procure that each Owner applies all sums receivable under the Insurances which are paid to each Owner in accordance with the relevant Loss Payable Clauses in repairing all damage and/or in discharging the liability in respect of which such sums shall have been received; and
Application of Recoveries. Any sums recovered in respect of a payment made pursuant to an EDC Support Agreement shall be first applied to the costs and expenses incurred by EDC to effect such recovery and then retained by EDC to the extent that any monies are due to EDC from the Principal pursuant to this Indemnity Agreement, provided that any monies remaining thereafter shall, subject to applicable law, be paid to the Principal.
Application of Recoveries. Except to the extent otherwise provided in Section 8.7 hereof, all payments and proceeds received by Agent in connection with the Loan and the Note and all proceeds from the liquidation of collateral, if any, and from any enforcement action (or other realization), from any source related to the Loan, shall be applied in the following order of priority (unless Agent otherwise agrees in writing, or, during the existence and continuance of an Event of Default, unless Agent and all of the Lenders otherwise agree in writing):
(1) to the reimbursement of any costs incurred by the Agent to administer, enforce, collect or deal with the Loan (including payments made pursuant to Sections 8.5(a)(2) and (3) hereof (or to reimbursement of the Lenders to the extent such costs have been paid by the Lenders);
(2) to the repayment of any Protective Advances (to the extent not paid pursuant to clause (1) above);
(3) to the payment of all interest (including interest calculated at the Default Rate) due and payable on each Note and to the payment of all amounts owing to Swap Counterparty under all Swap Contracts that are secured by the Deeds of Trust (which shall be paid parri passu with interest);
(4) to the payment of fees payable under the Loan Documents;
(5) to the payment of principal of each Note; and
(6) to the payment of any other amounts owing under the Loan Documents.
Application of Recoveries. Lenders and Agent agree that all payments made and actually received by the Agent in respect of the Loan (from any person or source) shall be applied in the following order of priority (based on Commitment Percentages thereof):
(1) to the reimbursement of any costs incurred by the Agent to administer, enforce, collect or deal with the Loan (including payments made pursuant to Sections 8.5.A(2) and (3) hereof (or to reimbursement of the Lenders to the extent such costs have been paid by the Lenders);
(2) to the payment of all interest (including interest calculated at the Default Rate) due and payable on the Note;
(3) to the payment of fees payable under the Loan Documents;
(4) to the payment of principal of the Note; and
(5) to the Borrower.
Application of Recoveries. All sums paid under the Insurances to anyone other than the Security Agent shall be applied in repairing the damage and/or in discharging the liability in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already discharged.
Application of Recoveries. 9.1 All amounts received or recovered by the Interim Security Agent pursuant to this Agreement including in connection with the realisation or enforcement of all or any part of the Collateral or the Grantor Security Interests shall, to the extent permitted by law, be applied by the Interim Security Agent in accordance with the terms of the Interim Documents.
9.2 The Interim Security Agent will be accountable (and the Grantor is entitled to be credited) only for the actual net value or amount realised by the Interim Security Agent arising from the appropriation, sale or other realisation of any Collateral by the Interim Security Agent.
9.3 To the fullest extent permitted by law, the Interim Security Agent shall be under no liability to the Grantor for any failure to apply and distribute any amounts representing the value or amount realised by the Interim Security Agent on enforcement of the Grantor Security Interests in accordance with the Law if the Interim Security Agent applies and distributes such amounts in good faith without further enquiry and in accordance with the information expressly known to it at the time of application and distribution.
9.4 If the value or amount realised by the Interim Security Agent from the appropriation, sale or other realisation of any Collateral by the Interim Security Agent is insufficient to discharge the Secured Obligations in full, the Grantor will remain liable to the Interim Security Agent for any shortfall.
9.5 The Grantor may not direct the application by the Interim Security Agent of any amounts received by the Interim Security Agent under, or pursuant to, any of the terms of this Agreement or in respect of the Secured Obligations.
