Common use of Application and Allocation of Payments Clause in Contracts

Application and Allocation of Payments. Borrower irrevocably agrees that Lender shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations, as Lender may deem advisable. In the absence of a specific determination by Lender with respect thereto, the same shall be applied in the following order: (a) then due and payable Fees and expenses; (b) then due and payable interest payments; (c) then due and payable Obligations other than Fees, expenses and interest and principal payments; and (d) then due and payable principal payments on the Revolving Credit Loan. Lender is authorized to, and at its option may (without notice or precondition and at any time or times), but shall not be obligated to, make or cause to be made Revolving Credit Advances on behalf of Borrower for: (x) payment of all Fees, expenses, indemnities, charges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (y) the payment, performance or satisfaction of any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (z) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreement, even if the making of any such Revolving Credit Advance causes the outstanding balance of the Revolving Credit Loan to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Borrowing Availability.

Application and Allocation of Payments. Borrower hereby irrevocably waives the right to direct the application of any and all payments at any time or times hereafter received from or on behalf of Borrower, and Borrower hereby irrevocably agrees that Lender Agent shall have the continuing and exclusive right to apply any and all such payments against the then due and payable ObligationsObligations of Borrower, to cash collateralize the undrawn portion of any Letters of Credit, and in repayment of the Revolving Credit Loan and Term Loan as Lender Agent may deem advisableadvisable notwithstanding any previous entry by Agent upon the Loan Account or any other books and records. In the absence of a specific determination by Lender Agent with respect thereto, the same shall be applied in the following order: (ai) to then due and payable Fees expenses of the Agent and expensesto then due and payable Fees; (bii) to then due and payable interest paymentspayments on the Revolving Credit Loan and Term Loan; (ciii) then due and payable Obligations other than Fees, expenses and interest and principal payments; and (d) then due and payable to principal payments on the Revolving Credit Loan and, in inverse order of maturities, to installments of the Term Loan; (iv) to cash collateralize the undrawn portion of any Letters of Credit, and (v) to all other then due and payable Obligations. Lender Agent is authorized to, and at its option may (without notice or precondition and at any time or times), but shall not be obligated tomay, make or cause to be made Revolving Credit Advances on behalf of Borrower for: (x) for payment of all Fees, expenses, indemnities, chargesCharges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (y) Documents if and to the payment, performance or satisfaction of extent Borrower fails to promptly pay any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (z) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreementsuch amounts as and when due, even if the making of any such Revolving Credit Advance causes would cause total Revolving Credit Advances to exceed Borrowing Availability or the outstanding balance Maximum Revolving Credit Loan amount. At Agent's option and to the extent permitted by law, any advances so made shall be deemed Revolving Credit Advances constituting part of the Revolving Credit Loan hereunder. Any cash collateral required by this Section 1.11 shall be held by the Agent in a separate cash collateral account subject to exceed the Borrowing Availability, security interest and lien of the Security Agreement and the terms of Schedule B. The Borrower agrees shall have no access to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Borrowing Availabilitysuch account.

Application and Allocation of Payments. (a) So long as any Default or Event of Default shall have occurred and be continuing, each Borrower irrevocably waives the right to direct the application of any and all payments at any time or times hereafter received from or on behalf of such Borrower and each Borrower hereby irrevocably agrees that Lender Agent shall have the continuing and exclusive right to apply any and all such payments against the then due and payable Obligations, Obligations of Borrowers and in repayment of the Revolving Credit Loan as Lender Agent may deem advisableadvisable notwithstanding any previous entry by Agent upon the Loan Account or any other books and records. In the absence of a specific determination by Lender Agent with respect thereto, the same shall be applied in the following order: (ai) to then due and payable Fees and expenses; (bii) to then due and payable interest paymentspayments on the Revolving Credit Loan; (ciii) then due and payable to Obligations other than Fees, expenses and interest and principal payments; and (div) to then due and payable principal payments on the Revolving Credit Loan; and (v) to all other then due and payable Obligations. Lender Agent is authorized and directed to, and at its option may (without notice or precondition and at any time or times), but shall not be obligated tomay, make or cause to be made Revolving Credit Advances on behalf of Borrower for: (x) Borrowers for payment of all Fees, expenses, indemnities, chargesCharges, costs, principal, interest, or other Obligations owing by Borrower Borrowers under this Agreement or any of the other Loan Documents, (y) Documents if and to the payment, performance or satisfaction of extent any of Borrower's obligations with respect such Borrower fails to preservation of the Collateral or otherwise under this Agreement, or (z) promptly pay any premium in whole or in part required in respect of any of the policies of insurance required by this Agreementsuch amounts as and when due, even if the making of any such Revolving Credit Advance causes would cause total Revolving Credit Advances to exceed Borrowing Availability or the outstanding balance Maximum Revolving Credit Loan amount. At Agent's option and to the extent permitted by law, any advances so made shall be deemed Revolving Credit Advances constituting part of the Revolving Credit Loan to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Borrowing Availabilityhereunder.

Application and Allocation of Payments. Subject to the provisions of Section 4.2(g) and (h), upon the occurrence and continuance of an Event of Default, the Borrower irrevocably waives the right to direct the application of any and all payments at any time or times hereafter received from or on behalf of the Borrower, and the Borrower irrevocably agrees that the Lender shall have the continuing and exclusive right to apply any and all such payments against the then due and payable Obligations, Obligations of the Borrower and in repayment of the Loans as the Lender may deem advisable. In the absence of a specific determination by the Lender with respect thereto, and prior to the occurrence and continuance of an Event of Default, the same shall be applied in the following order: (ai) then due and payable Fees Fees, expenses and expensesother Obligations; (bii) then due and payable interest paymentspayments on the Term Loan; (ciii) then due and payable interest payments on the Revolving Loans; (iv) then due and payable principal payments on the Term Loan; (v) amounts then outstanding under the Revolving Loan; and (vi) Obligations to Lender other than Fees, expenses and interest and principal payments; . and (d) then due and payable principal payments on the Revolving Credit Loan. The Lender is authorized to, and at its option may (without notice or precondition and at any time or times), but shall not be obligated tomay, make or cause to be made Revolving Credit Advances expenditures by the Lender on behalf of the Borrower for: (x) for payment of all Fees, expenses, indemnities, charges, costs, principal, interest, interest or other Obligations owing then due and payable by the Borrower under this Agreement or any of the other Loan Credit Documents, (y) and the payment, performance or satisfaction of any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (z) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreement, even if the making of any such Revolving Credit Advance causes the outstanding balance of the Revolving Credit Loan to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which immediately reimburse the Revolving Credit Loan exceeds the Borrowing AvailabilityLender for such amounts.

Application and Allocation of Payments. Each Borrower irrevocably agrees that Lender shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations, Obligations in such order as Lender may deem advisable. In the absence of a specific determination by Lender with respect thereto, the same shall be applied in the following order: (a) then due and payable Fees and expenses; (b) then due and payable interest payments; (c) then due and payable Obligations other than Fees, expenses and interest and principal payments; and (d) then due and payable principal payments on the Revolving Credit Loan. Lender is authorized to, and at its option may (without prior notice or precondition and at any time or times), but shall not be obligated to, make or cause to be made Revolving Credit Advances on behalf of any Borrower for: (xa) payment of all Fees, expenses, indemnities, charges, costs, principal, interest, or other Obligations owing by such Borrower under this Agreement or any of the other Loan Documents, (yb) the payment, performance or satisfaction of any of such Borrower's obligations with respect to preservation of the Collateral or otherwise under this AgreementCollateral, or (zc) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreement, even if the making of any such Revolving Credit Advance causes the outstanding balance of the Domestic Revolving Credit Loan attributable to any Borrower to exceed such Borrower's Domestic Borrowing Availability or the Foreign Revolving Credit Loan to exceed the Leading Borrower's Foreign Borrowing Availability, and each Borrower agrees to repay immediately, in cash, any amount by which the such Borrower's Domestic Revolving Credit Loan exceeds the such Borrower's Domestic Borrowing Availability, and Leading Borrower agrees to repay immediately, in cash, any amount by which Foreign Revolving Credit Loan exceeds Leading Borrower's Foreign Borrowing Availability.

Application and Allocation of Payments. Borrower irrevocably agrees that Lender shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations, Obligations in such order as Lender may deem advisable. In the absence of a specific determination by Lender with respect thereto, the same shall be applied in the following order: (a) then due and payable Fees and expenses; (b) then due and payable interest payments; (c) then due and payable Obligations other than Fees, expenses and interest and principal payments; and (d) then due and payable principal payments on the Revolving Credit Loan. Lender is authorized to, and at its option may (without prior notice or precondition and at any time or times), but shall not be obligated to, make or cause to be made Revolving Credit Advances on behalf of Borrower for: of (xa) payment of all Fees, expenses, indemnities, charges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (yb) the payment, performance or satisfaction of any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (zc) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreement, even if the making of any such Revolving Credit Advance causes the outstanding balance of the Revolving Credit Loan to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Borrowing Availability.

Application and Allocation of Payments. Borrower irrevocably waives the right to direct the application of any and all payments at any time or times hereafter received from or on behalf of Borrower, and Borrower irrevocably agrees that Lender Agent shall have the continuing and exclusive right to apply any and all such payments against the then due and payable Obligations of Borrower and in repayment of the Revolving Credit Loan and Letter of Credit Obligations, as Lender Agent may deem advisable, notwithstanding any previous entry by Agent upon the Loan Account or any other books and records. In the absence of a specific determination by Lender Agent with respect thereto, the same shall be applied in the following order: (ai) to then due and payable Fees and expensesexpenses payable to Agent or any Lender; (bii) to then due and payable interest payments; (ciii) then due and payable to Obligations other than Fees, expenses and interest and principal payments; and (div) to then due and payable principal payments on the Revolving Credit Loan. Lender Agent is authorized to, and at its option may (without notice or precondition and at any time or times), but shall not be obligated tomay, make or cause to be made Revolving Credit Advances on behalf of Borrower for: (x) for payment of all Fees, expenses, indemnities, chargesCharges, costs, principal, interest, interest or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (y) Documents if and to the payment, performance or satisfaction of extent Borrower fails to promptly pay any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (z) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreementsuch amounts as and when due, even if the making of any such Revolving Credit Advance causes would cause total Revolving Credit Advances to exceed Borrowing Availability or the outstanding balance Maximum Revolving Credit Loan. At Agent's option and to the extent permitted by law, any advances so made shall be deemed Revolving Credit Advances constituting part of the Revolving Credit Loan to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Borrowing Availabilityhereunder.

Application and Allocation of Payments. Borrower irrevocably agrees that Lender L▇▇▇▇▇ shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations, Obligations in such order as Lender may deem advisable. In the absence of a specific determination by Lender with respect thereto, the same shall be applied in the following order: (a) then due and payable Fees and expenses; (b) then due and payable interest payments; (c) then due and payable Obligations other than Fees, expenses and interest and principal payments; and (d) then due and payable principal payments on the Revolving Credit Loanadvisable subject to Section 7.5. Lender is authorized to, and at its option may (without prior notice or precondition and at any time or times), but shall not be obligated to, make or cause to be made Revolving Credit Advances on behalf of Borrower Borrower, for: (xa) payment of all Fees, expenses, indemnities, charges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, ; (yb) the payment, performance or satisfaction of any of Borrower's ’s obligations with respect to preservation of the Collateral or otherwise under this Agreement, or Collateral; (zc) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreement, ; or (d) the full repayment of the Contract Revolver Loan on the Stated Expiry Date; even if the making of any such Revolving Credit Advance causes the outstanding balance of the Revolving Credit Loan to exceed the Operating Loan Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Operating Loan Borrowing Availability.

Application and Allocation of Payments. Borrower hereby irrevocably waives the right to direct the application of any and all payments at any time or times hereafter received from or on behalf of Borrower, and Borrower hereby irrevocably agrees that Lender Agent shall have the continuing and exclusive right to apply any and all such payments against the then due and payable Obligations, Obligations of Borrower and in repayment of the Revolving Credit Loan as Lender Agent may deem advisableadvisable notwithstanding any previous entry by Agent upon the Loan Account or any other books and records. In the absence of a specific determination by Lender Agent with respect thereto, the same shall be applied in the following order: (ai) to then due and payable Fees and expenses; (bii) to then due and payable interest paymentspayments on the Revolving Credit Loan; (ciii) to then due and payable Obligations other than Fees, expenses and interest and principal payments; and (div) then due and payable to principal payments on the Revolving Credit Loan; and (v) to all other then due and payable Obligations. Lender Agent is authorized to, and at its option may (without notice or precondition and at any time or times), but shall not be obligated tomay, make or cause to be made Revolving Credit Advances on behalf of Borrower for: (x) for payment of all Fees, expenses, indemnities, chargesCharges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (y) Documents if and to the payment, performance or satisfaction of extent Borrower fails to promptly pay any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (z) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreementsuch amounts as and when due, even if the making of any such Revolving Credit Advance causes would cause total Revolving Credit Advances to exceed Borrowing Availability or the outstanding balance Maximum Revolving Credit Loan amount; provided, however, that so long as no Default or Event of Default shall have occurred and be continuing, Agent shall notify Borrower at least two (2) days in advance of making any Revolving Credit Advance on behalf of Borrower for payment of any such items other than principal or interest. At Agent's option and to the extent permitted by law, any advances so made shall be deemed Revolving Credit Advances constituting part of the Revolving Credit Loan to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Borrowing Availabilityhereunder.

Application and Allocation of Payments. Borrower irrevocably agrees that -------------------------------------- Lender shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations, as Lender may deem advisable. In the absence of a specific determination by Lender with respect thereto, the same shall be applied in the following order: (a) then due and payable Fees and expenses; (b) then due and payable interest payments; (c) then due and payable Obligations other than Fees, expenses and interest and principal payments; and (d) then due and payable principal payments on the Revolving Credit Loan. Lender is authorized to, and at its option may (without notice or precondition and at any time or times), but shall not be obligated to, make or cause to be made Revolving Credit Advances on behalf of Borrower for: (x) payment of all Fees, expenses, indemnities, charges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (y) the payment, performance or satisfaction of any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (z) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreement, even if the making of any such Revolving Credit Advance causes the outstanding balance of the Revolving Credit Loan to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Borrowing Availability.

Application and Allocation of Payments. Borrower irrevocably -------------------------------------- agrees that Lender shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations, as Lender may deem advisable. In the absence of a specific determination by Lender with respect thereto, the same shall be applied in the following order: (a) then due and payable Fees and expenses; (b) then due and payable interest payments; (c) then due and payable Obligations other than Fees, expenses and interest and principal payments; and (d) then due and payable principal payments on the Revolving Credit Loan. Lender is authorized to, and at its option may (without notice or precondition and at any time or times), but shall not be obligated to, make or cause to be made Revolving Credit Advances on behalf of Borrower for: (x) payment of all Fees, expenses, indemnities, charges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (y) the payment, performance or satisfaction of any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (z) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreement, even if the making of any such Revolving Credit Advance causes the outstanding balance of the Revolving Credit Loan to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Borrowing Availability.

Application and Allocation of Payments. (a) All payments shall be applied ratably to the portion thereof held by each Lender as determined by its Pro Rata Share. Borrower hereby irrevocably waives the right to direct the application of any and all payments received from or on behalf of Borrower, and Borrower hereby irrevocably agrees that Lender Agent shall have the continuing and exclusive right to apply any and all such payments against the then due and payable Obligations, Obligations of Borrower as Lender Agent may deem advisable. In the absence of a specific determination by Lender Agent with respect thereto, the same payments shall be applied to amounts then due and payable in the following order: (a1) then due to fees and payable Fees and expensesAgent’s expenses reimbursable hereunder; (b2) then due and payable to interest paymentson the Revolving Loan, ratably in proportion to the interest accrued as to each Revolving Loan; (c3) then due and payable Obligations to all other than FeesObligations, including expenses and interest and principal paymentsof Lenders to the extent reimbursable under Section 12.16; and (d4) then due and payable to principal payments on the Revolving Credit Loan. Lender . (b) Agent is authorized to, and at its option may (without notice or precondition and at any time or times)sole election may, but shall not be obligated to, make or cause charge to be made the Revolving Credit Advances Loan balance on behalf of Borrower for: (x) payment of and cause to be paid all Feesfees, expenses, indemnities, charges, costs, principal, costs (including insurance premiums in accordance with Section 6.6) and interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (y) Documents if and to the payment, performance or satisfaction of extent Borrower fails to pay promptly any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (z) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreementsuch amounts as and when due, even if the making amount of any such Revolving Credit Advance causes charges would exceed Borrowing Availability at such time or would cause the outstanding aggregate balance of the Revolving Credit Loan to exceed the Borrowing Availability, Base after giving effect to such charges. At Agent’s option and Borrower agrees to repay immediately, in cashthe extent permitted by law, any amount by which charges so made shall constitute part of the Revolving Credit Loan exceeds the Borrowing Availabilityhereunder.

Application and Allocation of Payments. Borrower irrevocably agrees that Lender shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations, Obligations in such order as Lender may deem advisable. In the absence of a specific determination by Lender with respect thereto, the same shall be applied in the following order: (a) then due and payable Fees and expenses; (b) then due and payable interest payments; (c) then due and payable Obligations other than Fees, expenses and interest and principal payments; and (d) then due and payable principal payments on the Revolving Credit Loan. Lender is authorized to, and at its option may (without prior notice or precondition and at any time or times), but shall not be obligated to, make or cause to be made Revolving Credit Advances on behalf of Borrower Borrower, for: (xa) payment of all Fees, expenses, indemnities, charges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, ; (yb) the payment, performance or satisfaction of any of Borrower's ’s obligations with respect to preservation of the Collateral or otherwise under this Agreement, or Collateral; (zc) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreement; or (d) the partial repayment of the EDC Loan, on the date that certain manufactured goods in respect of which Borrower had paid a Foreign Production Deposit are listed on a b▇▇▇ of lading and therefore become (with the agreement of Lender) Eligible Inventory, at which time Lender will repay a portion of the EDC Loan in an amount equal to the Foreign Production Deposit paid by Borrower for those manufactured goods now determined to be Eligible Inventory, even if the making of any such Revolving Credit Advance causes the outstanding balance of the Revolving Credit Loan Loans to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan Loans exceeds the Borrowing Availability.

Application and Allocation of Payments. (a) Borrower hereby irrevocably waives the right to direct the application of any and all payments at any time or times hereafter received from or on behalf of Borrower and Borrower hereby irrevocably agrees that Lender Agent shall have the continuing and exclusive right to apply any and all such payments against the then due and payable Obligations of Borrower and in repayment of the Revolving Credit Loan, Letter of Credit Obligations, the Term Loan and the Capital Expenditure Loan, as Lender Agent may deem advisableadvisable notwithstanding any previous entry by Agent upon the Loan Account or any other books and records. In the absence of a specific determination by Lender Agent with respect thereto, the same shall be applied in the following order: (ai) to then due and payable Fees and expenses; (bii) to then due and payable interest paymentspayments on the Term Loan, the Capital Expenditure Loan and on the Revolving Credit Loan; (ciii) then due and payable to Obligations other than Fees, expenses and interest and principal payments; and (div) to then due and payable principal payments on the Term Loan, the Capital Expenditure Loan and the Revolving Credit LoanLoans, and (v) to all other then due and payable Obligations. Lender Agent is authorized to, and and, upon the expiration of the applicable time period, if any, set forth in Section 8.1, at its option may (without notice or precondition and at any time or times), but shall not be obligated tomay, make or cause to be made Revolving Credit Advances on behalf of Borrower for: (x) for payment of all Fees, expenses, indemnities, chargesCharges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (y) Documents if and to the payment, performance or satisfaction of extent Borrower fails to promptly pay any of Borrower's obligations with respect to preservation of the Collateral or otherwise under this Agreement, or (z) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreementsuch amounts as and when due, even if the making of any such Revolving Credit Advance causes would cause total Revolving Credit Advances to exceed Borrowing Availability or the outstanding balance Maximum Revolving Credit Loan amount. At Agent's option and to the extent permitted by law, any advances so made shall be deemed Revolving Credit Advances constituting part of the Revolving Credit Loan to exceed the Borrowing Availability, and Borrower agrees to repay immediately, in cash, any amount by which the Revolving Credit Loan exceeds the Borrowing Availabilityhereunder.