Application of Cash Sums. All cash sums paid to and received by Secured Party on account of the Collateral will be (a) released to Debtor for use in Debtor’s business or, at the option of Secured Party pursuant to the terms and conditions of the Credit Agreement, (b) applied by Secured Party on the Secured Obligations whether or not such Secured Obligations shall have by its terms matured, in accordance with the Credit Agreement; provided, however, Secured Party need not apply or give credit for any item included in such sums until Secured Party has received final payment thereof at its banking quarters or solvent credits accepted as such by Secured Party; and provided further that Secured Party’s failure to so apply any such sums shall not be a waiver of Secured Party’s right to so apply such sums or any other sums at any time.
Application of Cash Sums. During an Event of Default, all cash sums paid to and received by Secured Party on account of the Collateral (7) shall be promptly applied by Secured Party on the Secured Obligations whether or not such Secured Obligations shall have by its terms matured, such application to be made to principal or interest or expenses as Secured Party may elect; provided, further, however, Secured Party' failure to so apply any such sums shall not be a waiver of Secured Party' right to so apply such sums or any other sums at any time, or (8) at the option of Secured Party, shall be released to Company for use in Company's business.
Application of Cash Sums. All net cash sums paid to and received by any Borrower on account of any Inventory, Equipment, real property or other fixed non-working capital assets shall immediately be paid to Lender for application to the Term Loans, in such manner as Lender may determine in its discretion. All cash sums paid to and received by Lender on account of any other Property upon which Lender has a Lien (i) shall be immediately applied by any Borrower on the Indebtedness whether or not such Indebtedness shall have, by its terms, matured, such application to be made to principal or interest or expenses as Lender may elect; provided, however, Lender need not apply or give credit for any item included in such sums until Lender has received final credit therefor from its bank in accordance with normal banking practices (provided that, in any event, at least two (2) Business Days shall be allowed for collection of all items through normal banking channels) or has received solvent credits accepted as such by Lender; provided, further, however, Lender's failure to so apply any such sums shall not be a waiver of Lender's right to so apply such sums or any other sums at any time, or (ii) prior to the happening of any Default or Event of Default, at the option of Lender, may be released to the Borrowers for use in the Borrowers' business.
Application of Cash Sums. All cash sums paid to or received by Lender on account of any Collateral (a) shall be promptly applied by Lender on the Obligations whether or not such Obligations shall have, by their terms, matured, such application to be made to principal or interest or expenses as Lender may elect; provided, however, Lender need not give credit for any item included in such sums until three (3) Business Days after the final collection thereof; provided, further, however, Lender’s failure to so apply any such sums shall not be a waiver of Lender’s right to so apply such sums or any other sums at any time, or (b) prior to the happening of any Default or Event of Default, at the option of Lender, shall be released to Borrowers for use in Borrowers’ business.
Application of Cash Sums. Prior to the happening of any Event of Default specified in Section 4.03 hereof, all cash sums paid to and received by Secured Party on account of the Collateral (i) shall be applied within five (5) business days by Secured Party on the Obligations whether or not such Obligations shall have by their terms become due, payable or performable; provided, however, Secured Party need not apply or give credit for any item (other than cash) included in such sums until Secured Party has received final payment thereof and provided, further, however, Secured Party's failure to so apply any such sums shall not be a waiver of Secured Party's right to so apply such sums or any other sums at any time, or (ii) at the option of Secured Party, shall be released to Pledgor for use in Pledgor's business.
Application of Cash Sums. All cash sums paid to and received by the Lender on account of any Property upon which the Lender has a Lien (i) shall be promptly applied by the Lender on the Indebtedness whether or not such Indebtedness shall have, by its terms, matured, such application to be made to principal or interest or expenses as the Lender may elect; provided, however, the Lender need not apply or give credit for any item included in such sums until the Lender has received final credit therefor from its bank in accordance with normal banking practices (at least two (2) business days shall be allowed for collection of all items through normal banking channels) or has received solvent credits accepted as such by the Lender; provided, further, however, the Lender's failure to so apply any such sums shall not be a waiver of the Lender's right to so apply such sums or any other sums at any time, or (ii) prior to the happening of any Default or Event of Default, at the option of the Lender, shall be released to the Borrower for use in the Borrower's business.
Application of Cash Sums. Prior to the happening of any --------------------------- event of default under the Note (herein called a "Default"), all cash sums paid to and received by Secured Party on account of the Collateral (i) shall be promptly applied by Secured Party on the Indebtedness which shall have by its terms matured and (ii) the balance shall be released to Debtor for use in Debtor's business.
Application of Cash Sums. 10 Section 2.06 Computation ...............................................................................10 Section 2.07
Application of Cash Sums. Prior to the happening of any of the events of default specified in Section 5.03 hereof, all cash sums paid to and received by Secured Party on account of the Collateral (i) shall be promptly applied by Secured Party on the Indebtedness whether or not such Indebtedness shall have by its terms matured, such application to be made to principal or interest or expenses as Secured Party may elect; provided, further, however, Secured Party's failure to so apply any such sums shall not be a waiver of Secured Party's right to so apply such sums or any other sums at any time, (ii) released to Borrower, within one Business Day of Borrower's request therefor, to the extent such collected sums exceed the amount of the Indebtedness then owing, or then expected to become owing to Secured Party, or (iii) otherwise, at the option of Secured Party, shall be released to Debtor for use in Debtor's business.
Application of Cash Sums. After the occurrence and during the continuance of an Event of Default, all cash sums paid to and received by Secured Party on account of the Collateral (i) shall be applied by Secured Party on the Obligations whether or not such Obligations shall have by their terms matured, such application to be made to principal or to interest as Secured Party may elect; as if such sum was a voluntary prepayment on the Obligations under the Credit Agreement; provided, however, Secured Party need not apply or give credit for any item included in such sums until Secured Party has received final payment thereof at its banking quarters or solvent credits accepted as such by Secured Party; provided, further, however, Secured Party's failure to so apply any such sums shall not be a waiver of Secured Party's right to so apply such sums or any other sums at any time, or, (ii) at the option of Secured Party shall be released to Debtor for use in Debtor's business.