Application of Amounts in the Collection Account. So long as no Event of Default has occurred and is continuing (after giving effect to the application of funds in accordance herewith on the relevant date), on each Interest Payment Date, amounts specified in the Monthly Servicing Report on deposit in the Collection Account (net of amounts on deposit in the Collection Account collected with respect to a Lease pursuant to the payment of sales and use taxes, if any) shall be applied by the Paying Agent based on the Monthly Servicing Report as follows:
Appears in 6 contracts
Samples: Credit Agreement (FlexShopper, Inc.), Credit Agreement (FlexShopper, Inc.), Credit Agreement (FlexShopper, Inc.)
Application of Amounts in the Collection Account. So long as no Event of Default has occurred and is continuing (after giving effect to the application of funds in accordance herewith on the relevant date), on each Interest Payment Date, all amounts specified in the Monthly Servicing Report on deposit in Controlled Accounts (other than the Collection Account (net of amounts on deposit in the Collection Account collected with respect to a Lease pursuant to the payment of sales and use taxes, if anyReserve Account) shall be applied by the Paying Agent based on the Monthly Servicing Report as follows:
Appears in 6 contracts
Samples: Credit Agreement (On Deck Capital, Inc.), Credit Agreement (On Deck Capital, Inc.), Credit Agreement (On Deck Capital Inc)
