Common use of Application of Payments and Collections Clause in Contracts

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon, Dallas, Texas time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Dallas, Texas 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 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 12:00 noon1:00 p.m., DallasProvidence, Texas Rhode Island time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon1:00 p.m., DallasProvidence, Texas 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 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 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 Agent by 12:00 noon, Dallas, Texas time, noon on any Business Day shall be deemed received on that Business Day. All items of payment Payment Items received by Agent after 12:00 noon, Dallas, Texas time, noon 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, each 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 Agent or any Lender from or on behalf of such Borrower, and each 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 Collateral proceeds 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 Agent’s collection of proceeds of Accounts and other Collateral as authorized by SECTION 6.2.6 hereof Section 7.2.6 a credit balance exists in the Loan Accountexists, 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 Lenders may, at its their 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 CIT in the Dominion Account by 12:00 noon, DallasNew York, Texas New York time, on any Business Day shall be deemed received and applied to the Loan Account on that Business Day. All items of payment Payment Items received after 12:00 noon, DallasNew York, Texas New York 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 CIT from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Lender CIT 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 CIT or its agent against the Obligations, in such manner as Lender CIT may deem advisable, notwithstanding any entry by Lender CIT upon any of its books and records. If as the result of collections of Accounts as authorized by SECTION 6.2.6 Section 8.2.6 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 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 Agent by 12:00 noon1:00 p.m., DallasChicago, Texas Illinois, time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon1:00 p.m., DallasChicago, Texas 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 Lender Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Lender that, subject to subsection 3.2.1(i), 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 Agent or any 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 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 Agent by 12:00 noon, Dallas, Texas time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Dallas, Texas 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 Agent 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 SUBSECTION 7.2.6 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 existsis then continuing. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan or any Equipment Loanthe Capital Expenditure Line of Credit, except that Lender Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of so long as an Event of DefaultDefault is then continuing.

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon, Dallas, Texas time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Dallas, Texas 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 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 good funds. 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 6.2.6 subsection 6.2(f) 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 Payment Items or other ---------------------------------------- forms of payment received by Lender by 12:00 noon2:00 p.m., DallasMinneapolis, Texas 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 12:00 noon2:00 p.m., DallasMinneapolis, Texas 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 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 Agent, for the benefit of Lenders, by 12:00 noon, Dallas, Texas time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon1:00 p.m., DallasProvidence, Texas 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 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 or any Equipment 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 Payment Items received by Lender Agent in the Payment Account by 12:00 noon2:00 p.m., DallasNew York, Texas New York time, on any Business Day shall be deemed received and applied to the Loan Account on that Business Day. All items of payment Payment Items received after 12:00 noon2:00 p.m., DallasNew York, Texas New York 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 Agent 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 8.2.6 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 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 12:00 noon, DallasChicago, Texas Illinois, time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, DallasChicago, Texas Illinois, 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 each 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 Xxxxxx 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 12:00 noon2:30 p.m., DallasHartford, Texas Connecticut time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon2:30 p.m., DallasHartford, Texas 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 12:00 noon, Dallas, Texas New York time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Dallas, Texas New York 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 irrevocablx xxxxx 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 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.