Application of Funds in the Concentration Account Sample Clauses
Application of Funds in the Concentration Account. All funds received in the Concentration Account in immediately available funds shall, subject to Section 9.03, be applied on a daily basis first, to the Letter of Credit Borrowings and the Swing Line Loans, second, to the outstanding Revolving Credit Loans and third, to any fees, expenses, costs or reimbursement obligations due and owing to the Administrative Agent or the Lenders. All funds received in the Concentration Account that are not immediately available funds (checks, drafts and similar forms of payment) shall be deemed applied by Administrative Agent on account of the Obligations (subject to final payment of such items) in accordance with the foregoing sentence on the first Business Day after receipt by Administrative Agent of such items in Administrative Agent’s account located in Chicago, Illinois. If as the result of such application of funds a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrowers but shall, so long as no Default or Event of Default then exists, be disbursed to Borrowers or otherwise at Borrower Agent’s direction, upon Borrower Agent’s request. Upon and during the continuance of any Event of Default, the Administrative Agent may, at its option, offset such credit balance against any of the Obligations or hold such credit balance as Collateral for the Obligations.
Application of Funds in the Concentration Account. All funds received in the Concentration Account in immediately available funds shall, subject to Section 9.03, be applied on a daily basis to the following Obligations (with the funds received in a particular currency being applied to those Obligations at each level that are outstanding and denominated in the same currency before being applied the Obligations at such level that are outstanding and denominated in a different currency): first, to the Letter of Credit Borrowings and the Swing Line Loans, second, to the outstanding Revolving Credit Loans and third, to any fees, expenses, costs or reimbursement obligations due and owing to the Administrative Agent or the Lenders. All funds received in the Concentration Account that are not immediately available funds (checks, drafts and similar forms of payment) shall be deemed applied by Administrative Agent on account of the Obligations (subject to final payment of such items) in accordance with the foregoing sentence on the first Business Day after receipt by Administrative Agent of such items in Administrative Agent’s account located in Chicago, Illinois. If as the result of such application of funds a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrowers but shall, so long as no Default or Event of Default then exists, be disbursed to Borrowers or otherwise at Borrower Agent’s direction, upon Borrower Agent’s request. Upon and during the continuance of any Event of Default, the Administrative Agent may, at its option, offset such credit balance against any of the Obligations or hold such credit balance as Collateral for the Obligations. Borrowers shall give the Administrative Agent prompt written notice of the deposit of any non-Collateral proceeds (or other proceeds in which a third-party has a superior interest to the Administrative Agent’s Lien) into the Concentration Account and may elect to establish an additional Availability Reserve equal to the amount of any such proceeds.
Application of Funds in the Concentration Account. All funds received in the Concentration Account in immediately available funds shall be applied on a daily basis first, to the Letter of Credit Borrowings and the Swing Line Loans and second, to the outstanding Revolving Loans. All funds received in the Concentration Account that are not immediately available funds (checks, drafts and similar forms of payment) shall be deemed applied by Administrative Agent on account of the Obligations (subject to final payment of such items) in accordance with the foregoing sentence on the first Business Day after receipt by Administrative Agent of such items in Administrative Agent’s account located in Chicago, Illinois. If as the result of such application of funds a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrowers but shall, so long as no Default or Event of Default then exists, be disbursed to Borrowers or otherwise at Borrower Agent’s direction, upon Borrower Agent’s request. Upon and during the continuance of any Event of Default, the Administrative Agent may, at its option, offset such credit balance against any of the Obligations or hold such credit balance as Collateral for the Obligations.
Application of Funds in the Concentration Account. All funds received in the Concentration Account in immediately available funds shall, subject to Section 9.03, be applied on a daily basis first, to the Letter of Credit Borrowings and the Swing Line Loans, second, to the outstanding Revolving Credit Loans, and third, to any fees, expenses, costs or reimbursement obligations due and owing to the Administrative Agent or the Lenders. All funds received in the Concentration Account that are not immediately available funds (checks, drafts and similar forms of payment) shall be deemed applied by Administrative Agent on account of the Obligations (subject to final payment of such items) in accordance with the foregoing sentence on the first Business Day after receipt by Administrative Agent of such items in Administrative Agent’s account located in Chicago, Illinois. If as the result of such application of funds a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrowers and Administrative Agent may, at its option, offset such credit balance against any of the Obligations, Cash Collateralize the remaining Letter of Credit Obligations in the Minimum Collateral Amount, and/or hold such credit balance as Collateral for the Obligations.
Application of Funds in the Concentration Account. All funds received in the Concentration Account in immediately available funds shall be applied on a daily basis first, to the L/C Borrowings and Swing Line Loans and second, to the outstanding Revolving Loans. All funds received in the Concentration Account shall be immediately available funds and shall be deemed applied by Agent on account of the Obligations for borrowing availability purposes in accordance with the foregoing sentence on the same Business Day that such items are received by Agent in Agent's account located in Chicago, Illinois; provided, that, for purposes of computing interest on the Obligations, such items shall be deemed applied by Agent two (2) Business Days after receipt thereof. If as the result of such application of funds a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrowers but shall, so long as no Default then exists, be disbursed to Borrowers or otherwise at Borrower Agent's direction, upon Borrower Agent's request. Upon and during the continuance of any Event of Default, Agent may, at its option, offset such credit balance against any of the Obligations or hold such credit balance as Collateral for the Obligations.
Application of Funds in the Concentration Account. The Loan Parties hereby authorize the Administrative Agent, without prior notice to the Loan Parties, to charge the Term Loan Collection Accounts for all payment obligations payable under any Loan Document as and when the same become due and payable. At the Borrower’s option, not more than once per week and upon not less than one (1) Business Day’s prior written notice to the Administrative Agent, the Borrower Agent may request from the Term Loan Collection Accounts a distribution of cash from the Term Loan Collection Accounts. The Administrative Agent shall transfer such cash to a Deposit Account specified by the Borrower Agent so long as, (x) after giving effect to such distribution, the Term Loan Exposure does not exceed the Borrowing Base and (y) no Default or Event of Default has occurred and is continuing or would result therefrom.
Application of Funds in the Concentration Account. The Loan Parties hereby authorize the Administrative Agent, without prior notice to the Loan Parties, to charge the Term Loan Collection Accounts for all payment obligations payable under any Loan Document as and when the same become due and payable. At the Borrower’s option, not more than once per week and upon not less than one (1) Business Day’s prior written notice to the Administrative Agent, the Borrower Agent may request from the Term Loan Collection Accounts a distribution of cash from the Term Loan Collection Accounts. The Administrative Agent shall transfer such cash to a Deposit Account specified by the Borrower Agent so long as, (x) after giving effect to such distribution, the Term Loan Exposure does not exceed the Borrowing Base and (y) no Default or Event of Default has occurred and is continuing or would result therefrom.
Application of Funds in the Concentration Account. All funds received in the Concentration Account in immediately available funds shall be applied on a daily basis first, to the L/C Borrowings and second, to the outstanding Revolving Loans. All funds received in the Concentration Account that are not immediately available funds (checks, drafts and similar forms of payment) shall be deemed applied by the Lender on account of the Obligations (subject to final payment of such items) in accordance with the foregoing sentence on the first Business Day after receipt by the Lender of such items in the Lender’s account located in Chicago, Illinois. If as the result of such application of funds a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrowers but shall, so long as no Default then exists, be disbursed to Borrowers or otherwise at Borrower Agent’s direction, upon Borrower Agent’s request. Upon and during the continuance of any Event of Default, the Lender may, at its option, offset such credit balance against any of the Obligations or hold such credit balance as Collateral for the Obligations.