APPLICATION OF FUNDS AVAILABLE FOR LOAN REPAYMENTS Sample Clauses

APPLICATION OF FUNDS AVAILABLE FOR LOAN REPAYMENTS. If after any disbursements are made pursuant to SECTION 7.2, there shall remain Master Account Collected Balances in excess of $200,000, then such amount (which shall be in an integral multiple of $5,000) as shall leave a balance of not less than $100,000 nor greater than $105,000 in the Master Account shall be applied to the outstanding obligations of Borrower in the following order of priority: first, to principal of the Reimbursement Obligations and the Revolving Loans then due and payable in such order as Agent shall determine (PROVIDED, HOWEVER, that application on account of Liabilities constituting Revolving Loans shall be made by Agent (a) first to all Prime Rate Revolving Loans and (b) only when no Prime Rate Revolving Loans are outstanding to LIBOR Rate Revolving Loans); SECOND, to interest then due and payable on the Reimbursement Obligations and the Revolving Loans in such order as Agent shall determine; THIRD, to interest on the Term Loan; FOURTH, to any fees hereunder then due and payable, in such order as Agent may elect; and FIFTH, to the payment of any other Liabilities then due and payable to Agent and Lenders in such order as Agent may determine. Solely for purposes of calculating interest earned by each Lender with respect to the Revolving Loans, any item of payment by or for the account of Borrower received by Agent from the Master Account or otherwise shall be applied by Agent on account of the Liabilities on the Business Day Agent has received immediately available funds as a result of such payment.
Sample 1
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APPLICATION OF FUNDS AVAILABLE FOR LOAN REPAYMENTS. Promptly after any disbursements pursuant to Section 7.2 are made, Agent Bank promptly shall transfer to Collateral Agent in integral multiples of $5,000 the remaining Collected Balances in excess of $450,000 but leaving a balance of at least $300,000 but not more than $305,000 in the Master Account. Any amounts received by Collateral Agent pursuant to this Section 7.3 shall be applied to the outstanding obligations of Borrower in the following order of priority: first, to accrued and unpaid interest on the Reimbursement Obligations; second, to accrued and unpaid interest then due and payable on the Working Capital Loans; third, to accrued and unpaid interest then due and payable on the Capital Expenditure Loans; fourth, to accrued and unpaid interest then due and payable on the Revolving Loans; fifth, to accrued and unpaid interest then due and payable on the Term Loans, sixth to the unpaid principal amount of the Reimbursement Obligations; seventh, to the unpaid principal amount of the Working Capital Loans then due and payable; eighth, to the unpaid principal amount of the Revolving Loans then due and payable; ninth, to any fees hereunder then due and payable, in such order as the Requisite Lenders may elect; tenth, to the unpaid principal amount of the Working Capital Loans not otherwise due and payable at such time (provided, however, that prior to the termination of the Working Capital Commitment, the unpaid principal amount of the Working Capital Loans shall never be less than $1,000); eleventh, to the unpaid principal amount of the Revolving Loans not otherwise due and payable at such time (provided, however, that prior to the termination of the Revolving Loan Commitment, the unpaid principal amount of the Revolving Loans shall never be less than $1,000); twelfth, to the payment of any other Liabilities then due and payable to Lender; and thirteenth, any remainder shall be retained in the Master Account and applied (a) first to the unpaid principal amount of the Capital Expenditure Loans as and when due and payable and last to the unpaid principal amount of the Term Loans as and when due and payable. Notwithstanding the foregoing provisions of this Section 7.3 to the contrary, any amounts received by Collateral Agent representing Asset Sale Proceeds in respect of any Financed Equipment or insurance proceeds in respect of any Financed Equipment shall be applied first to the unpaid principal amount of the Capital Expenditure Loans, whether or not the...
Sample 1
APPLICATION OF FUNDS AVAILABLE FOR LOAN REPAYMENTS. Any amounts received by Lender pursuant to SECTION 7.2(b) shall be applied to the outstanding obligations of Borrowers in the following order of priority: FIRST, to principal of the Reimbursement Obligations and the Loans then due and payable, in such order as Lender shall elect (PROVIDED, that, application on account of Loans shall be made by Lender (i) first, to Prime Rate Loans and (ii) only when no Prime Rate Loans are outstanding, to LIBOR Rate Loans); SECOND, to interest on the Loans then due and payable; THIRD, to any fees hereunder then due and payable, in such order as Lender may elect; and FOURTH, to the payment of any other Liabilities then due and payable to Lender, in such order as Lender may elect.
Sample 1
APPLICATION OF FUNDS AVAILABLE FOR LOAN REPAYMENTS. Promptly following the calculation of the Collected Balance in each Borrower's Master Account pursuant to Section 7.2, Master Account Bank shall transfer to Lender the Collected Balance of each Master Account in excess of $5,000 in integral multiples of $5,000. Any amounts received by Lender pursuant to this Section 7.3 shall be applied, prior to the existence of an Event of Default, to the outstanding obligations of Borrowers in the following order of priority: first, to principal of the Reimbursement Obligations and the Revolving Loans and any other Loans then due and payable, in such order as Lender shall elect; second, to interest on the Loans then due and payable, in such order as Lender may elect; third, to any fees hereunder then due and payable, in such order as Lender may elect; and fourth, to the payment of any other Liabilities then due and payable to Lender. All such payments made from Collected Balances shall, prior to the existence of an Event of Default, be for such Borrower's Allocation Account described in Section 2.14 hereof. To the extent the foregoing application would cause a Borrower to, in effect, pay more than the amount allocated to such Borrower for Loans and Letters of Credit, an intercompany loan shall be deemed made from such Borrower to the Borrower for whose Allocation Account such payment was applied so long as, after giving effect to such payment, the intercompany Indebtedness would not exceed the amounts permitted by Section 11.21 hereof.
Sample 1

Related to APPLICATION OF FUNDS AVAILABLE FOR LOAN REPAYMENTS

  • Application of Mandatory Prepayments All amounts required to be paid pursuant to this Section 2.05(b) shall be applied as follows:

  • Application of Mandatory Prepayments by Type of Loans Except as provided in subsection 2.4D, any amount required to be applied as a mandatory prepayment of the Loans and/or a reduction of the Revolving Loan Commitment Amount pursuant to subsections 2.4B(iii)(a)-(f) shall be applied first to prepay the Term Loans to the full extent thereof, second, to the extent of any remaining portion of such amount, to prepay the Swing Line Loans to the full extent thereof and to permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, third, to the extent of any remaining portion of such amount, to prepay the Revolving Loans to the full extent thereof and to further permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, fourth, to the extent of any remaining portion of such amount, to further permanently reduce the Revolving Loan Commitment Amount to the full extent thereof and fifth, to the extent of any remaining portion of such amount, to cash collateralize any outstanding Letters of Credit. Any mandatory reduction of the Revolving Loan Commitment Amount pursuant to this subsection 2.4B shall be in proportion to each Revolving Lender’s Pro Rata Share.

  • Application of Certain Mandatory Prepayments Any prepayments made by Borrower pursuant to Section 1.3(b)(iii) above, and any prepayments from insurance or condemnation proceeds in accordance with Section 5.4(c), shall be applied as follows: first, to Fees and reimbursable expenses of Agent then due and payable pursuant to any of the Loan Documents; second, to interest then due and payable on the Swing Line Loan; third, to the principal balance of the Swing Line Loan until the same has been repaid in full; fourth, to interest then due and payable on Revolving Credit Advances; fifth, to the principal balance of Revolving Credit Advances until the same has been paid in full; and sixth, to any Letter of Credit Obligations of Borrower to provide cash collateral therefor in the manner set forth in Annex B, until all such Letter of Credit Obligations have been fully cash collateralized in the manner set forth in Annex B. Neither the Revolving Loan Commitment nor the Swing Line Commitment shall be permanently reduced by the amount of any such prepayments. Any prepayments made by Borrower pursuant to Section 1.3(b)(iv) above shall be applied to the principal balance of outstanding Revolving Credit Advances and as a concurrent and permanent reduction of the Revolving Loan Commitment, pro rata among all Lenders.

  • Limitation on Repayment of LIBOR Rate Loans The Borrower may not repay any LIBOR Rate Loan on any day other than on the last day of the Interest Period applicable thereto unless such repayment is accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Application of Voluntary Prepayments by Type of Loans Any prepayment of any Loan pursuant to Section 2.13(a) shall be applied as specified by Borrower in the applicable notice of prepayment; provided that, in the event Borrower fails to specify the Loans to which any such prepayment shall be applied, such prepayment shall be applied as follows:

  • Mandatory Prepayments Commitment Reductions 53 2.13 Application of Prepayments/Reductions............................................................................... 55 2.14 Allocation of Certain Payments and Proceeds......................................................................... 56 2.15

  • Application of Prepayments Reductions (a) Any prepayment of any Loan pursuant to Section 2.11 shall be applied as specified by the Borrower in the applicable notice of prepayment; provided, in the event the Borrower fails to specify the Loans to which any such prepayment shall be applied, such prepayment shall be applied as follows:

  • Application of Voluntary Prepayments Unless otherwise provided in this Section 2.12 or elsewhere in any Loan Document, all payments and any other amounts received by the Administrative Agent from or for the benefit of the Borrower shall be applied to repay the Obligations the Borrower designates.

  • Limitation on Prepayment of LIBOR Rate Loans The Borrower may not prepay any LIBOR Rate Loan on any day other than on the last day of the Interest Period applicable thereto unless such prepayment is accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

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