California time. If any Collection item is received into the Foothill Account on a non-Business Day or after 11:00 a.m. California time on a Business Day, it shall be deemed to have been received by Foothill as of the opening of business on the immediately following Business Day.
California time. If any Collection item is received into the Agent's Account on a non-Business Day or after 11:00 a.m. California time on a Business Day, it shall be deemed to have been received by Agent as of the opening of business on the immediately following Business Day.
California time. If any payment is received into the Administrative Agent's Account on a non-Business Day or after 11:00 a.m. California time on a Business Day, it shall be deemed to have been received by Administrative Agent as of the opening of business on the immediately following Business Day.
California time. For purposes of calculating the amount of the Revolving Loans available to Borrower such payments will be applied (conditional upon final collection) to the Obligations on the Business Day of receipt by Lender in the Payment Account, if such payments are received by 10:00 a.m.
California time. (c) Borrower and all of its affiliates, subsidiaries, shareholders, directors, employees or agents shall, acting as trustee for Lender, receive, as the property of Lender, any monies, cash, checks, credit card sales drafts, credit card sales or charge slips or receipts, notes, drafts and all forms of daily store receipts or any other payment relating to and/or proceeds from sales of Inventory or other Collateral which come into their possession or under their control and
California time. If any Collection item is received into the Agent Account on a non-Business Day or after 11:00 a.m. California time on a Business Day, it shall be deemed to have been received by Agent as of the opening of business on the immediately following Business Day. The economic benefits of the 3 Business Day clearance or float charge provided for in this SECTION 2.8 shall be for the ratable benefit of the Lender Group (in accordance with the Lenders' respective Pro Rata Portions (Total)). Until such time as the Concentration Account Agreement has been established, Borrower shall provide to Agent on a daily basis written reports, in form and substance satisfactory to Agent, of the amount of Collections and any Virtual Collections for purposes of calculating the clearance or float charge provided for in this SECTION 2.8.
California time. The Adjustment Shares (as defined below) shall be deemed to have been issued, and Xxxxxxxx shall be deemed to have become the holder of record of such Adjustment Shares, for all purposes as of the date of delivery of the Adjustment Notice. As used herein the term "Business Day" means any day on which banks in the City of New York and the State of California are open for business.
California time. If any Collection item is received into the Foothill Account on a non-Business Day or after 11:00 a.m. California time on a Business Day, it shall be deemed to have been received by Foothill as of the opening of business on the immediately following Business Day; and (b) so long as no Event of Default has occurred and is continuing, Collections will only be applied to Obligations that are not Eurodollar Rate Loans, and to the extent that all such Obligations other than Eurodollar Rate Loans have been repaid, additional Collections will be, at Borrower's direction, returned to Borrower or applied to such Eurodollar Rate Loans subject to any required payments under Section 2.16(d).
California time. In addition, with respect to all proceeds of Accounts, Credit Card Receivables and Inventory deposited in the Blocked Accounts or otherwise received by Borrower, which are not remitted to the Payment Account (which shall only be in accordance with Section 6.3 hereof or as hereafter specifically permitted in writing by Lender), Borrowers shall pay to Lender a collection fee on the first day of each month, for the preceding month, in arrears, equal to the amount of the Interest Rate on Prime Rate Loans with respect to such proceeds (a) from the earlier of the date of receipt of such proceeds by Borrowers or the date of deposit of such proceeds in the Blocked Accounts and (b) until the next Business Day. For purposes of calculating the amount of the Revolving Loans available to Borrower such payments will be applied (conditional upon final collection) to the Obligations on the Business Day of receipt by Lender in the Payment Account, if such payments are received within sufficient time (in accordance with Lender's usual and customary practices as in effect from time to time) to credit Borrower's loan account on such day, and if not, then on the next Business Day.
California time. If any Collection item is received into the Foothill Account on a non-Business Day or after 11:00 a.m. California time on a Business Day, it shall be deemed to have been received by Foothill as of the opening of business on the immediately following Business Day. If Foothill shall not have made any Advance to Borrower hereunder and so long as no Default or Event of Default shall have occurred and be continuing and no Obligations shall be then due and payable, Foothill shall direct the Lockbox Bank pursuant to standing instructions to credit the proceeds to the Designated Account. In addition, at any time after Foothill has made the initial Advance to the Borrower and the Collections are applied to reduce the outstanding Advances and all other Obligations that are then due and payable, Foothill shall on the day of receipt of such Collections initiate a wire transfer of the Collections remaining after such application to Borrower to the Designated Account.
