Common use of Turn Over of Payments Clause in Contracts

Turn Over of Payments. All amounts payable hereunder to the Defaulting Lender in respect of the Obligations (whether on account of principal, interest, fees or otherwise, including, without limitation, interest payments from interest reserve allocations to the Defaulting Lender and any amounts that would otherwise be payable to the Defaulting Lender pursuant to Section 3.10, but excluding Section 3.11(b)) hereof, shall be paid to Administrative Agent, retained in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by Administrative Agent as follows: (i) first, to the payment of any reasonable amounts actually due and owing by the Defaulting Lender to Administrative Agent hereunder as determined by Administrative Agent in good faith, (ii) second, to the funding of any Advance in respect of which the Defaulting Lender has failed to fund its portion as required by this Agreement, as determined by Administrative Agent, in good faith (iii) third, to the payment of any reasonable amounts actually due and owing by the Defaulting Lender to the Non-Defaulting Lenders hereunder, including without limitation for any Special Advance under paragraph (c) of this Section 10.11, as determined by Administrative Agent in good faith and (iv) fourth, to the Defaulting Lender.