Common use of Application of Payments and Collections Clause in Contracts

Application of Payments and Collections. Borrower irrevocably waives --------------------------------------- the right to direct the application of any and all payments and collections at any time or times hereafter received by Lender from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lender or any Person designated by Lender against the Obligations, in such manner as Lender may deem advisable consistent with the terms of this Agreement, notwithstanding any entry by Lender upon any of its books and records. Notwithstanding the foregoing provisions of this Section 3.6, unless otherwise specified by Lender, any payment or collection in respect of any of the Obligations (other than quarterly payments of Interest pursuant to Section 3.1 hereof) shall be applied by Lender (a) first, to the payment of all Obligations (if any) other than the principal and Interest due and payable at such time, (b) next, to the payment of all Interest which shall then be due and payable on the Principal Amount and (c) next, to the payment of the outstanding Principal Amount.

Application of Payments and Collections. Borrower irrevocably waives --------------------------------------- the right to direct the application of any and all payments and collections at any time or times hereafter received by Lender from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lender or any Person person designated by Lender against the Obligations, in such manner as Lender may deem advisable consistent with the terms of this Agreement, notwithstanding any entry by Lender upon any of its books and records. Notwithstanding the foregoing provisions of this Section 3.63.8, unless otherwise specified by Lender, any payment or collection in respect of any of the Obligations (other than quarterly payments of Interest pursuant to Section 3.1 3.4(B) hereof) shall be applied by Lender (a) first, to the payment of all Obligations (if any) other than the principal and Interest due and payable at such time, (b) next, to the payment of all Interest which shall then be due and payable on the Principal Amount principal amount of the Loan and (c) next, to the payment of the outstanding Principal Amountprincipal amount of the Loan.

Application of Payments and Collections. Borrower irrevocably --------------------------------------- waives --------------------------------------- the right to direct the application of any and all payments and collections at any time or times hereafter received by Lender from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lender or any Person designated by Lender against the Obligations, in such manner as Lender may deem advisable consistent with the terms of this Agreement, notwithstanding any entry by Lender upon any of its books and records. Notwithstanding the foregoing provisions of this Section 3.6, unless otherwise specified by Lender, any payment or collection in respect of any of the Obligations (other than quarterly payments of Interest pursuant to Section 3.1 hereof) shall be applied by Lender (a) first, to the payment of all Obligations (if any) other than the principal and Interest due and payable at such time, (b) next, to the payment of all Interest which shall then be due and payable on the Principal Amount and (c) next, to the payment of the outstanding Principal Amount.

Application of Payments and Collections. (A) Subject to the provisions of SECTION 2.08 (B) below, Borrower irrevocably waives --------------------------------------- the right to direct the application of any and all payments and collections at any time or times hereafter received by Lender from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lender or any Person designated by Lender against the Obligations, in such manner as Lender may deem advisable consistent with the terms of this Agreementadvisable, notwithstanding any entry by Lender upon any of its books and records. Notwithstanding . (B) Upon or after the foregoing provisions occurrence of an Event of Default and Lender's acceleration of the maturity of the Loan as a consequence thereof, all payments and collections received by Lender from or on behalf of Borrower for application to the Loan shall be applied in the following order: (a) to the unpaid balance of all Collection Expenses; (b) to the amount of any loss, costs, expenses or damages suffered or incurred by Lender for which Borrower has agreed to indemnify Lender pursuant to the terms of this Section 3.6, unless otherwise specified by Lender, any payment Agreement or collection in respect of any of the Obligations other Loan Documents; (other than quarterly payments of Interest pursuant c) to Section 3.1 hereofany past due interest on the Loan; (d) shall be applied by Lender to accrued but not past due interest on the Loan, and (ae) first, to the payment principal amount outstanding of all the Loan (f) to the amount of any other Obligations (if any) other than the principal and Interest as are due and payable at such time, (b) next, then outstanding to the payment of all Interest which shall then be due Lender. Any excess payments and payable on the Principal Amount and (c) next, to the payment collections received by Lender after satisfaction of the outstanding Principal Amountabove shall be returned to Borrower.