Amendment to Apportionment and Application of Payments Sample Clauses

Amendment to Apportionment and Application of Payments. Section 2.3(b) of the Loan Agreement is amended by deleting the existing text of Sections 2.3(b)(i)(K), (L), (M) and (N), and replacing them with the following amended and restated versions thereof: (K) eleventh, so long as no Event of Default has occurred and is continuing, and at Agent’s election (which election Agent agrees will not be made if an Overadvance would be created thereby), ratably, to the Bank Product Providers based upon amounts then certified by the applicable Bank Product Provider to Agent (in form and substance satisfactory to Agent) to be due and payable to such Bank Product Providers on account of Bank Product Obligations, (L) twelfth, so long as no Event of Default has occurred and is continuing, to pay the principal of all Advances, until paid in full, (M) thirteenth, if an Event of Default has occurred and is continuing, ratably (i) to pay the principal of all Advances until paid in full, and (ii) ratably, to the Bank Product Providers, in an aggregate amount up to the Bank Product Reserve established prior to the occurrence of, and not in contemplation of, the subject Event of Default, based upon amounts then certified by the applicable Bank Product Provider to Agent (in form and substance satisfactory to Agent) to be due and payable to such Bank Product Providers on account of Bank Product Obligations, (N) fourteenth, if an Event of Default has occurred and is continuing, to pay any other Obligations (including being paid, ratably, to the Bank Product Providers on account of all amounts then due and payable in respect of Bank Product Obligations, with any balance to be paid to Agent, to be held by Agent, for the ratable benefit of the Bank Product Providers, as cash collateral), and