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.
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Samples: Revolving Credit Agreement (Saul Centers Inc), Revolving Credit Agreement (Saul Centers Inc), Revolving Credit Agreement (Saul Centers Inc)
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;; and
(4) to the payment of principal of the Note; and
(5) to the Borrower.
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