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, Connecticut time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut 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 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.

Application of Payments and Collections. All items of payment ----------------------------------------- received by Lender by 12:00 noon, Connecticut 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, Connecticut 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 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.

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon, Connecticut Boston time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut Boston 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 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.

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon, Connecticut New York time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut New York 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 any Borrower, 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 agents 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 subsection Section 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 may, at Lender's option, be offset 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, Connecticut 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, Connecticut 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 in accordance with subsection 6.2.6 6.2.5 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.

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon, Connecticut 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, Connecticut 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 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 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 by 12:00 noon, Connecticut Boston Massachusetts time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut Boston, Massachusetts 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 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. 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, Connecticut Chicago time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut Chicago time, on any Business Day shall be deemed received on the following Business Day. For the purpose of determining Availability 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. 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 subsection 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.

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon, Connecticut central time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut central 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 subsection 6.2.6 hereof this Agreement 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.

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon, Connecticut time, 3:00 p.m. on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut time, 3:00 p.m. 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 subsection 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.

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon, Connecticut Dallas, Texas time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut 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 subsection 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. 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, Connecticut central time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut central 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 subsection 6.2.6 hereof this Agreement 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.

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon, Connecticut St. Louis time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Connecticut St. Louis 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 subsection 6.2.6 Section 6.2.5 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.