Allocation of Collections. (a) Except as required by Law or the underlying Contract, if any Obligor is obligated under one or more Purchased Receivables and also under one or more Contracts not constituting Purchased Receivables, then any payment received from or on behalf of such Obligor shall be applied (i) to a specific Contract if the Obligor designates such payment to be so applied, or (ii) to the Purchased Receivables in the order in which payments are due thereunder if the application of such payment is not so designated.
Appears in 6 contracts
Samples: Receivables Purchase Agreement (Exide Corp), Receivables Purchase Agreement (Volt Information Sciences Inc), Receivables Purchase Agreement (Commercial Metals Co)
Allocation of Collections. (a) Except as required by Law or the underlying Contract, if any Obligor is obligated under one or more Purchased Receivables and also under one or more Contracts not 47 constituting Purchased Receivables, then any payment received from or on behalf of such Obligor shall be applied (i) to a specific Contract if the Obligor designates such payment to be so applied, or (ii) to the Purchased Receivables in the order in which payments are due thereunder if the application of such payment is not so designated.
Appears in 1 contract
Samples: Receivables Purchase Agreement (Commercial Metals Co)
Allocation of Collections. (a) Except as required by Law applicable law or the underlying Contract, if any Obligor is obligated under one or more Purchased Receivables and also under one or more Contracts not constituting Purchased Receivables, then any payment received from or on behalf of such Obligor shall be applied (i) to a specific Contract if the Obligor designates such payment to be so applied, or (ii) to the Purchased Receivables in the order in which payments are due thereunder if the application of such payment is not so designated.
Appears in 1 contract
Samples: Sales and Servicing Agreement (Essex International Inc /)
