Common use of Collections and Disbursements Clause in Contracts

Collections and Disbursements. (a) The Administrative Agent will have the right to collect and receive all payments of the Obligations, and to collect and receive all reimbursements for draws made under the Letters of Credit, together with all fees, charges or other amounts due under this Agreement and the Loan Documents, and the Administrative Agent will remit to each Lender, according to its Pro Rata Percentage, all such payments actually received by the Administrative Agent (subject to any required clearance procedures) on the same Business Day of receipt thereof (provided such payments shall have been received by the Administrative Agent prior to 1:00 p.m., Philadelphia time, on such Business Day) otherwise on the next Business Day.