Before Default Clause Samples
Before Default. Any payment made by Borrower or received for Borrower's account shall be applied as follows if after applying such payment no Event of Default or Incipient Payment Default shall have occurred and be continuing:
(i) Payments made by Borrower to, or received for Borrower's account by, U.S. Bank shall be applied to amounts due in respect of Overnight Loans in accordance with the following priorities:
(A) First, to expenses and indemnities due to U.S. Bank hereunder or under any other Loan Document;
(B) Second, to fees due to U.S. Bank under Section 2.10(c) hereof;
(C) Third, to interest due on any Overnight Loans;
(D) Fourth, to repay principal then due in respect of Overnight Loans;
(E) Fifth, to prepay principal of such of the Overnight Loans as may be designated by Borrower if such prepayment is permitted in a notice provided contemporaneously with any such payment and, in the absence of any such designation, as U.S. Bank may elect; and
(F) Sixth, if all amounts due to U.S. Bank in respect of the Overnight Loans have been paid in full and such Loans have been fully repaid, U.S. Bank shall immediately transfer amounts remaining, if any, to Agent for application pursuant to Section 2.9(a)(ii).
(ii) Payments made by Borrower to, or received for Borrower's account by Agent shall be applied to amounts due in respect of Revolving Loans, Operating Loans, Short-term Acquisition Loans, Long-term Acquisition Loans, Drafts, and Letters of Credit in accordance with the following priorities:
(A) First, to expenses and indemnities due to Agent and the Lenders hereunder or under any other Loan Documents;
(B) Second, to fees due to Agent and Lenders under Sections 2.10(a), (b) and (d) hereof;
(C) Third, to interest due on any Operating, Revolving, Short-term Acquisition and Long-term Acquisition Loans;
(D) Fourth, to repay principal then due in respect of the Operating, Revolving, Short-term Acquisition and Long-term Acquisition Loans;
(E) Fifth, to pay all amounts due in respect of any Draft;
(F) Sixth, to pay all amounts due in respect of any Letter of Credit;
(G) Seventh, to prepay principal of such of the Revolving, Operating, Short-term Acquisition and Long-term Acquisition Loans and to fund a cash collateral account to be held by Agent to secure Borrower's payment obligations not yet due in respect of Letters of Credit, all as may be designated by Borrower, provided, however, that any designation by Borrower under this Section 2.9(a)(ii)(G) shall be communicated in ...
Before Default. Until an Event of Default occurs, the Chargor may: --------------
(a) Dividends: retain and apply for its own use all dividends, interest --------- and other income paid in respect of any Shares; and
Before Default. The Company may, until an Event of Default occurs or -------------- the relevant Securities become registered in the name of the Security Agent or its nominee (whichever is earlier):
(i) exercise or cause to be exercised in such manner as the Company may direct any voting or other rights attached to any of the Securities, provided that such voting rights shall not be exercised in any manner which is, in the opinion of the Security Agent, prejudicial to the security intended to be conferred on the Security Agent and the other Finance Parties by this Deed or is in breach of the provisions of this Deed or any other Financing Document to which it is a party or so as to permit any variation of the rights attaching to or conferred by any Securities; and
(ii) retain and apply for its own use all dividends, interest and other monies paid in respect of any Securities; and
Before Default. 18 (b) Payments after Default............................................... 20 (c) Setoffs.............................................................. 21 (d)
Before Default. The Mortgagee may at any time before Default, with respect to any or all Assigned Rights give to the Other Party express notice in writing of this Assignment, but such notice shall direct and permit the Other Party to continue to pay Rents and other amounts payable under the Assigned Rights to the Mortgagor and generally to continue to deal with the Mortgagor with respect to the Assigned Rights, as permitted by Section 4.2 until a further notice of Default is given to the Other Party. Subject only to delivery of such further notice the provisions of Section 5.1 shall apply, mutatis mutandis.