Distribution of Payments to be Shared Sample Clauses

Distribution of Payments to be Shared. On and after the occurrence of a Sharing Event, and any other payments received, directly or indirectly, by any Lender on or with respect to any Indebtedness (including, without limitation, any payment under any guaranty agreement, any payment in any Insolvency Proceeding and the proceeds from any sale of any Indebtedness or any interest therein to Borrower) shall be shared by the Lenders on a pro rata basis.
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Distribution of Payments to be Shared. If any Senior Creditor shall receive any Shared Proceeds (any such Shared Proceeds, less any costs and expenses, including, without limitation, attorneys' fees and expenses, incurred by any Senior Creditor in recovering such Shared Proceeds, is herein referred to as a "Payment to be Shared"), such Senior Creditor shall distribute the Payment to be Shared to the other Senior Creditors in the priority set forth in SECTION 3(C) hereof. If any Payment to be Shared received by any Senior Creditor is required to be repaid or returned, in whole or in part, by such Senior Creditor to the payor thereof or such Payment to be Shared is otherwise rescinded, in whole or in part, pursuant to applicable law, each other Senior Creditor that shall have received all or part of such Payment to be Shared pursuant to this SECTION 3(B) shall promptly, upon written demand, return all or the ratable part, as the case may be, of the portion of the Payment to be Shared so received by such other Senior Creditor (and any interest thereof to the extent the same is required to be paid by the Senior Creditor originally receiving such Payment to be Shared in respect of the return of such Payment to be Shared) in order to equitably adjust for the return of all or part of such Payment to be Shared.
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Related to Distribution of Payments to be Shared

  • Distribution of Payments On and after the Effective Date, the Agent shall make all payments under the Loan Documents in respect of each Assigned Interest (a) in the case of amounts accrued to but excluding the Effective Date, to Assignor and (b) otherwise, to Assignee.

  • Allocation of Payments The Assignor and the Assignee agree that (i) the Assignor shall be entitled to any payments of principal with respect to the Assigned Interest made prior to the Assignment Date, together with any interest and fees with respect to the Assigned Interest accrued prior to the Assignment Date, (ii) the Assignee shall be entitled to any payments of principal with respect to the Assigned Interest made from and after the Assignment Date, together with any and all interest and fees with respect to the Assigned Interest accruing from and after the Assignment Date, and (iii) the Agent is authorized and instructed to allocate payments received by it for account of the Assignor and the Assignee as provided in the foregoing clauses. Each party hereto agrees that it will hold any interest, fees or other amounts that it may receive to which the other party hereto shall be entitled pursuant to the preceding sentence for account of such other party and pay, in like money and funds, any such amounts that it may receive to such other party promptly upon receipt.

  • Collection of Payments Borrower authorizes Bank to collect all principal, interest and fees due under each credit subject hereto by charging any deposit account maintained by Borrower with Bank, for the full amount thereof. Should there be insufficient funds in any such deposit account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower.

  • Application of Payments to Principal and Interest All payments in respect of the principal amount of any Loan shall include payment of accrued interest on the principal amount being repaid or prepaid, and all such payments shall be applied to the payment of interest before application to principal.

  • Reduction of Payments Any reduction under Subsection (b) above shall be applied first to Payments that constitute “deferred compensation” (within the meaning of Section 409A of the Code and the regulations thereunder). If there is more than one such Payment, then such reduction shall be applied on a pro rata basis to all such Payments. Subject to the foregoing rules, the Employee may elect, in the Employee’s sole discretion, which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall advise the Company in writing of the Employee’s election within 10 business days of receipt of notice. If no such election is made by the Employee within such 10-day period, then the Company may elect which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall notify the Employee promptly of such election. For purposes of this Section 3, a present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Accounting Firm under this Section 3 shall be binding upon the Company and the Employee and shall be made within 10 business days of the date when a Payment becomes payable or transferable. As promptly as practicable following such determination and the elections hereunder, the Company shall pay or transfer to or for the benefit of the Employee such amounts as are then due to the Employee and shall promptly pay or transfer to or for the benefit of the Employee in the future such amounts as become due to the Employee.