Common use of APPLICATION RULES Clause in Contracts

APPLICATION RULES. Amounts shall be applied to each of the categories of Obligations in the order presented in Section 10.5(a), (b) or (c) above, as applicable, before being applied to the following category in Section 10.5(a), (b) or (c) above, as applicable. Where applicable, all amounts to be applied to a given category will be applied on a pro rata basis, in accordance with applicable Pro Rata Shares, among those entitled to payment in such category. In determining the amount to be applied to Bank Product Obligations within any given category, each Bank Product Provider’s pro rata share thereof shall be based on the lesser of (x) the amount presented in the most recent notice from such Bank Product Provider to the Agent (as contemplated in the definition of “Bank Product Obligations”) and (y) the actual amount of such Bank Product Obligations, calculated in accordance with a methodology presented to and approved by the Agent in its Permitted Discretion by such Bank Product Provider to the Agent. The Agent has no duty to investigate the actual amount of any Bank Product Obligations and, instead, is entitled to rely in all respects on the applicable Bank Product Provider’s reasonably detailed written accounting thereof. If such Bank Product Provider does not submit such accounting of its own accord and in a timely manner, the Agent, may instead rely on any prior accounting thereof. The allocations set forth in this Section 10.5 are solely to determine the rights and priorities of the Secured Parties among themselves and may be changed by agreement among them without the consent of any Loan Party. No Loan Party is entitled to any benefit under this Section or has any standing to enforce this Section 10.5.

APPLICATION RULES. Amounts shall be applied to each of the categories of Obligations in the order presented in Section 10.5(a)) or, (b) or (c) above, as applicable, before being applied to the following category in Section 10.5(a), (b) or (cbc) above, as applicable. Where applicable, all amounts to be applied to a given category will be applied on a pro rata basis, in accordance with applicable Pro Rata Shares, among those entitled to payment in such category. In determining the amount to be applied to Bank Product Obligations within any given category, each Bank Product Provider’s pro rata share thereof shall be based on the lesser of (x) the amount presented in the most recent notice from such Bank Product Provider to the Agent (as contemplated in the definition of “Bank Product Obligations”) and (y) the actual amount of such Bank Product Obligations, calculated in accordance with a methodology presented to and approved by the Agent in its Permitted Discretion by such Bank Product Provider to the Agent. The Agent has no duty to investigate the actual amount of any Bank Product Obligations and, instead, is entitled to rely in all respects on the applicable Bank Product Provider’s reasonably detailed written accounting thereof. If such Bank Product Provider does not submit such accounting of its own accord and in a timely manner, the Agent, may instead rely on any prior accounting thereof. The allocations set forth in this Section 10.5 are solely to determine the rights and priorities of the Secured Parties among themselves and may be changed by agreement among them without the consent of any Loan Party. No Loan Party is entitled to any benefit under this Section or has any standing to enforce this Section 10.5.

APPLICATION RULES. Amounts shall be applied to each of the categories of Obligations in the order presented in Section 10.5(a), (b) or (cb) above, as applicable, before being applied to the following category in Section 10.5(a), (b) or (cb) above, as applicable. Where applicable, all amounts to be applied to a given category will be applied on a pro rata basis, in accordance with applicable Pro Rata Shares, basis among those entitled to payment in such category. In determining the amount to be applied to Bank Product Obligations within any given category, each Bank Product Provider’s pro rata share thereof shall be based on the lesser of (x) the amount presented in the most recent notice from such Bank Product Provider to the Agent (as contemplated in the definition of “Bank Product Obligations”) and (y) the actual amount of such Bank Product Obligations, calculated in accordance with a methodology presented to and approved by the Agent in its Permitted Discretion by such Bank Product Provider to the Agent. The Agent has no duty to investigate the actual amount of any Bank Product Obligations and, instead, is entitled to rely in all respects on the applicable Bank Product Provider’s reasonably detailed written accounting thereof. If such Bank Product Provider does not submit such accounting of its own accord and in a timely manner, the Agent, may instead rely on any prior accounting thereof. The allocations set forth in this Section 10.5 are solely to determine the rights and priorities of the Secured Parties among themselves and may be changed by agreement among them without the consent of any Loan Party. No Loan Party is entitled to any benefit under this Section or has any standing to enforce this Section 10.5.