Application of Payments and Collections Sample Clauses

Application of Payments and Collections. All items of payment received by Agent by 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on the following Business Day. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent 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 Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. Amounts received by the Agent shall be for further credit to the accounts of Lenders pursuant to the settlement procedures contained in subsection 3.1.3 of this Agreement. Notwithstanding the foregoing, payments and collections shall not be applied to Obligations consisting of Derivative Obligations or Product Obligations at any time that any other Obligations are then due and payable. If as the result of collections of Accounts as authorized by subsection 6.2.4 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be disbursed to Borrower or otherwise at Borrower's direction in the manner set forth in subsection 3.1.2, upon Borrower's request at any time, so long as no Default or Event of Default then exists. Agent may at its option, offset such credit balance against any of the Obligations upon and during the continuance of an Event of Default.
Application of Payments and Collections. Except to the extent otherwise provided in Section 2.13(c), 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. Borrower irrevocably agrees 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 its agents against the Liabilities in such manner as Lender may in its reasonable discretion deem advisable, notwithstanding any entry by Lender on its books and records.
Application of Payments and Collections. The Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times after the Closing Date received by the Agent from or on behalf of the Borrower, and the Borrower agrees that the Agent and each affected Bank has the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times after the Closing Date by the Agent or its agent against the Borrower’s obligations under the Credit Documents, in such manner as the Agent and each affected Bank may deem advisable, notwithstanding any entry by the Agent or any Bank upon any of its books and records.
Application of Payments and Collections. Subject to the rights of the Borrowers to direct funds under Section 3.3(A), Borrowers irrevocably waive the right to direct the application of payments and collections received by Agent and/or any Lender from or on behalf of Borrowers, and Borrowers agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections against the Liabilities in such manner as Agent may deem appropriate, notwithstanding any entry by Agent upon any of its books and records. To the extent that Borrowers make a payment or payments to Agent or Agent receives any payment or proceeds of the Collateral for Borrowers’ benefit, which payment(s) or proceeds are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or proceeds received, the Liabilities intended to be satisfied shall be revived and shall continue in full force and effect, as if such payments or proceeds had not been received by Agent. Interest shall be payable out of the first collections received with respect to any proceeds of Collateral.
Application of Payments and Collections. After the occurrence and during the continuation of an Event of Default, each Obligated 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 Obligated Borrowers or from any of the Collateral. Lender is to 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 its agent against the obligations, in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records; provided that payments by the European Borrowers may only be applied against Obligations of the European Borrowers. If as the result of collections of Accounts authorized hereunder a credit balance exists in the Loan Account, such credit balance is not to accrue interest in favor of Obligated Borrowers, but is to be available to Obligated Borrowers at any time or times 37 41 for so long as no Default or Event of Default exists. Lender may, in its sole discretion, offset such credit balance against the Obligations upon or after the occurrence of an Event of Default.
Application of Payments and Collections. Summit may apply payments and recoveries first to Fees and Charges, second to outstanding and accrued interest, and third to Outstanding Advances.
Application of Payments and Collections. All items of payment received by Agent by 12:00 noon, New York City time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, New York City time, on any Business Day shall be deemed received on the following Business Day. Subject to the terms of SUBSECTIONS 3.2.5 AND 3.3, Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent 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 Agent or its agent against the Obligations, in such manner as Agent may deem advisable.
Application of Payments and Collections. Borrowers hereby waive the right, if any, to direct the manner in which Lender applies any payments or collections to the Indebtedness and agrees that Lender may apply and reapply all such payments to the Indebtedness as Lender in its sole and absolute discretion elects from time to time.
Application of Payments and Collections. All monies to be applied to the Obligations, whether such monies represent voluntary payments by Borrower or are received pursuant to demand for payment or realized from any disposition of Collateral, shall be applied as follows: (i) first, to pay the amount of ExtraordinaryExpenses and amounts owing to Lender pursuant to Section 13.11 hereof that have not been reimbursed to Lender by Borrower, together with interest accrued thereon at the rate then applicable; (ii) second, to pay any fees due and payable to Lender; (iv) third, in payment of accrued interest in respect of the Post-Petition Loans; (v) fourth, in payment of the unpaid principal the Post-Petition Loans; and (vi) fifth, in payment of any other Obligations then outstanding.
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 3.8, 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 3.4(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 of the Loan and (c) next, to the payment of the outstanding principal amount of the Loan.