REPAYMENTS OF LOANS AFTER EVENT OF DEFAULT. Following the occurrence and during the continuance of an Event of Default of which the account officers of the Agent active on the Borrower's account have knowledge, all funds transferred to the Borrower's Account and for which the Borrower has received credits shall be applied to the Obligations in accordance with Section 12.5.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Silverleaf Resorts Inc), Inventory and Receivables Revolving Credit Agreement (Silverleaf Resorts Inc), Revolving Credit Agreement (Silverleaf Resorts Inc)
REPAYMENTS OF LOANS AFTER EVENT OF DEFAULT. Following the occurrence and during the continuance of an Event of Default of which the account officers of the Administrative Agent active on the Borrower's account have knowledge, all funds transferred to the Borrower's Concentration Account and for which the Borrower has received credits shall be be, subject to the Intercreditor Agreement, applied to the Obligations in accordance with Section 12.5ss.12.4.
Appears in 1 contract
Samples: Revolving Credit Agreement (Quaker Fabric Corp /De/)
