Allocation of Payments Received Sample Clauses
The Allocation of Payments Received clause defines how payments made by a party are distributed among various outstanding obligations under an agreement. Typically, this clause specifies the order in which payments are applied, such as first to accrued interest, then to principal, and finally to fees or other charges. By establishing a clear hierarchy for payment application, the clause ensures transparency and prevents disputes over how partial or late payments are credited, thereby reducing the risk of misunderstandings between the parties.
Allocation of Payments Received. (1) Prior to the occurrence of an Event of Default and acceleration of the Obligations, and unless otherwise expressly provided herein, all amounts received by the Administrative Agent on account of the Obligations shall be disbursed by the Administrative Agent to the Lenders pro rata in accordance with their respective Percentage Shares, by wire transfer of like funds received on the date of receipt if received by the Administrative Agent before 1:00 p.m. (New York time) or if received later, by 1:00 p.m. (New York time) on the next succeeding Business Day, without further interest payable by the Administrative Agent.
(2) Following the occurrence of an Event of Default and acceleration of the Obligations, all amounts received by the Administrative Agent on account of the Obligations, shall be promptly disbursed by the Administrative Agent as follows:
(A) First, to the payment of expenses incurred by the Administrative Agent in the performance of its duties and the enforcement of the rights of the Lenders under the Loan Documents, including, without limitation, all costs and expenses of collection, reasonable attorneys’ fees (including all allocated costs of internal counsel), court costs and other amounts payable as provided in Section 7.6 below;
(B) Then, to the Lenders, pro rata in accordance with their respective Percentage Shares, until interest accrued on the Term Loan has been paid in full;
(C) Then, to the Lenders, pro rata in accordance with their respective Percentage Shares, until principal under the Term Loan has been paid in full;
(D) Then, to the Lenders, pro rata in accordance with the amount, expressed as a percentage, which the amount of remaining Obligations owed to such Lenders bears to all other Obligations held by all Lenders, until all other Obligations have been paid in full.
(3) The order of priority set forth in Section 3.5(2) and the related provisions of this Agreement are set forth solely to determine the rights and priorities of the Administrative Agent and the other Lenders as among themselves. The order of priority set forth in clauses (B) through (D) of Section 3.5(2) may at any time and from time to time be changed by the Required Lenders without necessity of notice to or consent of or approval by the Borrower or any other Person. The order of priority set forth in clause (A) of Section 3.5(2) may be changed only with the prior written consent of the Administrative Agent.
Allocation of Payments Received. (1) Prior to the occurrence of an Event of Default and acceleration of all Loans outstanding hereunder or termination of the commitment of the Lender to advance Loans hereunder, all amounts received by the Lender shall be applied against the outstanding Obligations.
(2) Following the occurrence of an Event of Default and acceleration of all Loans outstanding hereunder or termination of the commitments of the Lender to advance Loans hereunder, all amounts received by the Lender on account of the Obligations shall be applied by the Lender as follows:
(i) First, to the payment of reasonable costs and expenses incurred by the Lender in the enforcement of its rights under the Credit Documents, including, without limitation, all costs and expenses of collection, attorneys' fees, court costs and foreclosure expenses;
(ii) Second, to the Lender to be applied against the Obligations until the Obligations shall have been paid in full; and
(iii) Third, to such Persons as may be legally entitled thereto.
Allocation of Payments Received. All money received from the Resident is first applied to any past due balance on the Resident's account, including unpaid rent, late fee, deposit shortage, unpaid damages, charges or fines, or utility charges past due that the
Allocation of Payments Received. Promptly after becoming available and in any event within five Business Days after the end of each month, or more frequently as may be reasonably requested by Lender (and, if an Event of Default has occurred and is continuing, such request may be made as often as daily), Borrower shall, or shall cause Servicer to, deliver to Lender information detailing, with respect to each deposit made into the Servicer Account, the specific Note Receivable to which such deposit relates and (i) the amount, if any, of such deposit that relates to a Sold Note Receivable and that Borrower has determined is payable to FTA for the benefit of the purchaser of such Sold Note Receivable, (ii) the amount, if any, of such deposit that relates to a Securitization Note Receivable and that Borrower has determined must be transferred to the trustee or holders of the certificates issued pursuant to a Securitization Transaction, (iii) the amount, if any, of such deposit that relates to a Participated Note Receivable and that Borrower has determined is payable to the purchaser of such Participated Note Receivable, (iv) the amount, if any, of such deposit that relates to a SBA Owned Note Receivable and that Borrower has determined is payable to SBA (any such amount described in clauses (i), (ii), (iii), or (iv) above being the “Allocated Payment Portion”), and (v) the amount of such deposit that relates to Borrower’s retained interest in a Note Receivable and that Borrower has determined is payable to Borrower. The portion payable to Borrower of each amount originally deposited in the Servicer Account and constituting a Borrower Allocated Payment shall be held by Borrower for the benefit of Lender, and Borrower shall, or shall cause Servicer to, cause any such portion to be transferred to the Collection Account within one Business Day after receipt of cleared funds.
Allocation of Payments Received. 8.1 The Credit Provider will credit each payment (whether such payment is a fullinstalment, partial instalment or payment of a settlement amount) made by You underthe Agreement as of the date of receipt of payment, as follows:
8.1.1. firstly, to satisfy any due and/or unpaid interest charges; 8.
Allocation of Payments Received. Release of Property Upon Loan Repayment in Full 3.6 Release of Individual Properties
Allocation of Payments Received. 4.1 Credit Support
Allocation of Payments Received. (1) Prior to the occurrence of an Event of Default and acceleration of the Obligations, and unless otherwise expressly provided herein, all amounts received by Lender on account of the Obligations shall be applied as follows:
(A) First, to the payment of expenses incurred by Lender under the Loan Documents, including all costs and expenses of collection, reasonable attorneys' fees (including all allocated costs of internal counsel), court costs and other amounts payable as provided in Section 7.7 below;
(B) Then, to accrued interest until all accrued and unpaid interest on the Interim Loan has been paid in full;
(C) Then, to principal under the Interim Loan until the outstanding principal balance of the Interim Loan has been paid in full;
(D) Then, to all other Obligations held by Lender, until all other Obligations have been paid in full.
(2) Following the occurrence of an Event of Default and acceleration of the Obligations, all amounts received by Lender shall be applied in such order and priority as Lender may determine in its sole and absolute discretion.
Allocation of Payments Received. All amounts received by the Lender ------------------------------- on account of the Obligations hereunder shall be applied by the Lender as follows:
(a) first, to the payment of expenses incurred by the Lender in the enforcement of its rights under the Loan Documents, including, without limitation, all costs and expenses of collection, attorneys' fees, court costs and foreclosure expenses;
(b) then, to the Lender in payment of all other outstanding Obligations and interest accrued thereon until such amounts have been paid in full for application in such order as the Lender may elect; and
(c) then, to such Persons as may be legally entitled thereto.
Allocation of Payments Received. (1) Prior to the occurrence of an Event of Default and acceleration of all Loans outstanding hereunder or termination of the commitment of the Lenders to advance Loans hereunder, principal amounts received by the Administrative Agent shall be allocated (i) first, to First Union in payment of any Swing Line Loans outstanding which have not been refunded with Regular Loans, then (ii) next, among the Lenders on account of the Obligations pro rata in accordance with their respective Regular Repayment Shares.
(2) Following the occurrence of an Event of Default and acceleration of all Loans outstanding hereunder or termination of the commitments of the Lenders to advance Loans hereunder, all amounts received by the Administrative Agent on account of the Obligations shall be disbursed by the Administrative Agent as follows:
(i) First, to the payment of reasonable costs and expenses incurred by the Administrative Agent in the performance of its duties