Common use of Application of Payments and Collections Clause in Contracts

Application of Payments and Collections. All items of payment received by Lender by 1:00 p.m., Providence, Rhode Island time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m., Providence, Rhode Island 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 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 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. If as the result of collections of Accounts as authorized by Section 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by Lender Agent by 1:00 p.m.12:00 noon, Providence, Rhode Island Chicago time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m.12:00 noon, Providence, Rhode Island Chicago time, on any Business Day shall be deemed received on the following Business Day. For the purpose of computing interest hereunder, all items of payment received by Agent shall be deemed applied by Agent on account of the Obligations (subject to final payment of such items) on the first Business Day after receipt of such item in immediately good funds. If an Event of Default exists and is continuing, 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 Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Lender shall Agent shall, after the occurrence and during the continuation of an Event of Default, 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 Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Agent upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term LoanLoan A or Term Loan B, except that Lender Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by Lender by 1:00 p.m., ProvidenceCharlotte, Rhode Island North Carolina time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m., ProvidenceCharlotte, Rhode Island North Carolina 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 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 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 such application of payments and collections is made in a manner consistent with this Agreement and the other Loan Documents. If as the result of collections the clearance and collection of all Accounts of Borrower through ACH and the direct payment of all funds credited to Borrower's Clearing Bank Account to Lender for application to the Obligations, all as authorized by Section provided in subsections 6.2.5 and 6.2.6 hereof hereof, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All Subject to subsection 2.2 of this Agreement, all items of payment received by Lender by 1:00 p.m., Providence, Rhode Island 2:00 p.m. Eastern time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m., Providence, Rhode Island 2:00 p.m. Eastern time, on any Business Day shall be deemed received on the following Business Day. Until payment in full of all Obligations and termination of this Agreement, Borrower irrevocably waives (except as expressly provided for in this Agreement or otherwise by Lender) 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 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. If Notwithstanding the foregoing, prior to the occurrence of an Event of Default, Borrower shall be entitled to direct whether a payment of principal be applied to the Supplemental Loan or the Revolving Credit Loans provided such application does not contravene any other requirement for application expressly set forth in this Agreement. If, as the result of receipt of proceeds or collections of Accounts Collateral as authorized by Section subsection 6.2.6 hereof hereof, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not may be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lender may, at its option, and offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Defaultarising from time to time.

Application of Payments and Collections. All items of payment received by Lender by 1:00 p.m.12:00 noon, Providence, Rhode Island Chicago time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m.12:00 noon, Providence, Rhode Island Chicago time, on any Business Day shall be deemed received on the following Business Day. For the purpose of computing interest hereunder, all items of payment received by Lender shall be deemed applied by Lender on account of the Obligations (subject to final payment of such items) on the first Business Day after receipt of such item in immediately good funds. 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 after the occurrence and during the continuation of an Event of Default, 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 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. If as the result of collections of Accounts as authorized by Section subsection 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after during the occurrence continuation of an Event of Default.

Application of Payments and Collections. All items If there has not occurred an Event of Default which is continuing, all payments and collections shall be applied against the Liabilities, which are due and payable at the time of payment received and/or collections, (a) as provided herein or (b) if no specific provision therefor is contained herein, then as directed by Lender by 1:00 p.m.Borrower. After the occurrence and during the continuation of a Default, Providence, Rhode Island time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m., Providence, Rhode Island time, on any Business Day shall be deemed received on the following Business Day. (i) Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter thereafter received by Lender from or on behalf of Borrower, and (ii) Borrower does hereby irrevocably agree 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 thereafter by Lender or its agent against the ObligationsLiabilities, in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 hereof 5.3 a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance After the occurrence and during the continuation of any Default, all payments and collections shall not be applied or be deemed to have been applied against the Liabilities as a prepayment of the Term Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.follows:

Application of Payments and Collections. All Subject to subsection 2.2 of this Agreement, all items of payment received by Lender by 1:00 p.m., Providence, Rhode Island 2:00 p.m. Eastern time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m., Providence, Rhode Island 2:00 p.m. Eastern time, on any Business Day shall be deemed received on the following Business Day. Borrower Until payment in full of all Obligations and termination of this Agreement, Borrowers irrevocably waives waive (except as expressly provided for in this Agreement or otherwise by Lender) 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 BorrowerBorrowers, and Borrower does Borrowers 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 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, prior to the occurrence of an Event of Default, and after payment of all outstanding interest, Borrowers shall be entitled to direct whether a payment of principal be applied to a Floating Rate Loan or LIBOR Rate Loan, and, in the absence of directions, payment shall be applied first to Floating Rate Loans. If If, as the result of receipt of proceeds or collections of Accounts Collateral as authorized by Section 6.2.6 hereof subsection 6.2.5 hereof, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available to Borrower Borrowers at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not may be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lender may, at its option, and offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Defaultarising from time to time.

Application of Payments and Collections. All items of payment received by Lender Agent, for the benefit of Lenders, by 1:00 p.m.12:00 noon, ProvidenceDallas, Rhode Island Texas time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m., Providence, Rhode Island 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 or any Lender from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Lender 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 Lender Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Agent upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lender Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by Lender by 1:00 2:00 p.m., ProvidenceHartford, Rhode Island Connecticut, time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 2:00 p.m., ProvidenceHartford, Rhode Island Connecticut, time, on any Business Day shall be deemed received on the following Business Day. Notwithstanding the foregoing, although all items of payment will be deemed received in accordance with the previous two sentences, for the purposes of computations of interest, items of payment shall not be deemed to be collected until one (1) day after they are deemed received by Lender. During any period in which an Event of Default exists, 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 that, subject to subsection 3.2.1(i), 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 agent against the Obligations, in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 subsection 3.4.3 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower and transferred from time to time and/or at Borrower's request to Borrower's operating account at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items Payment Items or other ---------------------------------------- forms of payment received by Lender by 1:00 2:00 p.m., ProvidenceMinneapolis, Rhode Island Minnesota time, on any Business Day shall be deemed received on that Business Day. All items Payment Items or other forms of payment received after 1:00 2:00 p.m., ProvidenceMinneapolis, Rhode Island Minnesota time, on any Business Day shall be deemed received on the following Business Day. Each 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 a Borrower, and each 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 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. If as the result of collections of Accounts as authorized by Section 6.2.6 hereof Pledged Loans and related Payment Rights a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by Lender Agent by 1:00 p.m.12:00 noon, Providence, Rhode Island (Eastern time), on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m.12:00 noon, Providence, Rhode Island (Eastern time), on any Business Day shall be deemed received on the following Business Day. Borrower For the purpose of computing interest hereunder, all items of payment received by Agent and/or any Lender shall be deemed applied by Agent for the benefit of Lenders on account of the Obligations (subject to final payment of such items) on the first Business Day after receipt (or deemed receipt) by Agent of good funds in Agent’s account located at Fleet National Bank (Account No. 900-000-0000, Account Name: Gulfside, Eagle Supply and JEH/Eagle Supply), or such other account as to which Agent may advise Borrowers in writing. Borrowers irrevocably waives waive the right to direct the application of any and all payments and collections at any time or times hereafter received by Lender Agent from or on behalf of BorrowerBorrowers, and Borrower does Borrowers do hereby irrevocably agree that Lender 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 Lender Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Borrowers upon any of its their books and records. If as the result of collections of Accounts as authorized by Section subsection 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available to Borrower Borrowers at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan or any Equipment Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment Payment Items received by Lender by 1:00 p.m.12:00 noon, ProvidenceMiami, Rhode Island Florida time, on any Business Day shall be deemed received on that Business Day. All items of payment Payment Items received by Lender after 1:00 p.m.12:00 noon, ProvidenceMiami, Rhode Island Florida time, on any Business Day shall be deemed received on the following Business Day. Except to the extent that the manner of application to the Obligations of payments or proceeds of Collateral is expressly governed by other provisions of this Agreement, Borrower irrevocably waives the right to direct the application of any and all payments and collections Collateral proceeds 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 Collateral proceeds received at any time or times hereafter by Lender or its agent against the Obligations, Obligations in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records. If as the result of collections Lender’s collection of proceeds of Accounts and other Collateral as authorized by Section 6.2.6 hereof 7.2.5 a credit balance exists in the Loan Accountexists, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by Lender by 1:00 2:30 p.m., ProvidenceHartford, Rhode Island Connecticut time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 2:30 p.m., ProvidenceHartford, Rhode Island Connecticut time, on any Business Day shall be deemed received on the following Business Day. Borrower Borrowers irrevocably waives waive 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 BorrowerBorrowers, and Borrower does Borrowers do 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 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. If as the result of collections of Accounts as authorized by Section subsection 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available to Borrower Borrowers at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan or any Equipment Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by Lender by 1:00 p.m.12:00 noon, Providence, Rhode Island New York City time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m.12:00 noon, Providence, Rhode Island New York City 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 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 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. If as the result of collections of Accounts as authorized by Section subsection 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Revolving Credit Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by Lender Agent by 1:00 p.m.12:00 noon, Providence, Rhode Island Chicago time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m.12:00 noon, Providence, Rhode Island Chicago time, on any Business Day shall be deemed received on the following Business Day. For the purpose of computing interest hereunder, all items of payment received by Agent shall be deemed applied by Agent on an account of the Obligations (subject to final payment of such items) on the first Business Day after receipt of such item in immediately good funds. 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 Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Lender shall Agent shall, after the occurrence and during the continuation of an Event of Default, 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 Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Agent upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term LoanLoan A or Term Loans B, except that Lender Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.