Common use of Application of Payments to Principal and Interest Clause in Contracts

Application of Payments to Principal and Interest. All payments in respect of the principal amount of the Notes shall include payment of accrued interest on the principal amount being paid, and all such payments shall be applied to the payment of interest before application to principal; provided, however, that from and after the occurrence of an Event of Default, in addition to such payments of principal and interest, all payments hereunder shall include fees, costs and expenses due to the Purchaser hereunder, and the Purchaser may apply all payments made hereunder to such Obligations, including all fees, costs and expenses, and in such order, as it may elect in its sole discretion. The Companies shall repay the outstanding principal amount of each Note with interest thereon in the manner and in accordance with the terms and conditions of such Note and the other Transaction Documents.

Application of Payments to Principal and Interest. All payments in respect of the principal amount of the Notes Note shall include payment of accrued interest on the principal amount being paid, and all such payments shall be applied to the payment of interest before application to principal; provided, however, that from and after the occurrence of an Event of Default, in addition to such payments of principal and interest, all payments hereunder shall include fees, costs and expenses due to the Purchaser hereunder, and the Purchaser may apply all payments made hereunder to such Obligations, including all fees, costs and expenses, and in such order, as it may elect in its sole discretion. The Companies shall repay the outstanding principal amount of each Note with interest thereon in the manner and in accordance with the terms and conditions of such Note and the other Transaction Documents.