Application of Collected Funds. (a) For purposes of determining the amount of Loans available for borrowing purposes, the balance in the Blocked Account as of the end of a Business Day, shall, without duplication, be applied against the Obligations at the beginning of the next Business Day in such order as Lender shall determine in its sole discretion.
Appears in 3 contracts
Samples: Credit and Security Agreement (Singing Machine Co Inc), Credit and Security Agreement (Mendocino Brewing Co Inc), Credit and Security Agreement (Clark Holdings Inc.)
Application of Collected Funds. (a) For purposes of determining the amount of Loans available for borrowing purposes, the balance in the Blocked Account as of the end of a Business Day, shall, without duplication, be applied against the Obligations at the beginning of the next Business Day in against the Revolving Loans or the other Obligations to the extent required to be applied to such order as Lender shall determine in its sole discretionObligations under this Agreement).
Appears in 2 contracts
Samples: Credit and Security Agreement (LIVE VENTURES Inc), Credit and Security Agreement (LIVE VENTURES Inc)
