Allocation of Collections. (a) Except as required by Law or the underlying Contract, if any Obligor is obligated under one or more Purchased Receivables and also under one or more Contracts not constituting Purchased Receivables, then any payment received from or on behalf of such Obligor shall be applied (i) to a specific Contract if the Obligor designates such payment to be so applied, or (ii) to the Purchased Receivables in the order in which payments are due thereunder if the application of such payment is not so designated. (b) Notwithstanding any other provision of this Agreement, the Buyer is not entitled to receive any portion of Collections once the Net Investment is reduced to zero and the Seller has no remaining payment obligations to the Buyer under this Agreement.
Appears in 4 contracts
Samples: Receivables Purchase Agreement (Exide Corp), Receivables Purchase Agreement (Commercial Metals Co), Receivables Purchase Agreement (Exide Corp)
Allocation of Collections. (a) Except as required by Law or the underlying Contract, if any Obligor is obligated under one or more Purchased Receivables and also under one or more Contracts not constituting Purchased Receivables, then any payment received from or on behalf of such Obligor shall be applied (i) to a specific Contract if the Obligor designates such payment to be so applied, or (ii) to the Purchased Receivables in the order in which payments are due thereunder if the application of such payment is not so designated.
(b) Notwithstanding any other provision of this Agreement, the no Buyer is not entitled to receive any portion of Collections once the Net Investment of such Buyer is reduced to zero and the Seller has no remaining payment obligations to the such Buyer or its related Buyer Agent under this Agreement.
Appears in 1 contract
Samples: Receivables Purchase Agreement (Volt Information Sciences, Inc.)