Common use of Application of Payments and Collateral Proceeds Clause in Contracts

Application of Payments and Collateral Proceeds. All payment items received by Agent by 12:00 noon, on any Business Day shall be deemed received on that Business Day. All payment items received by Agent after 12:00 noon, on any Business Day shall be deemed received on the following Business Day. Each Borrower irrevocably waives the right to direct the application of any and all payments and Collateral proceeds at any time or times hereafter received by Agent or any Lender from or on behalf of Borrowers, and each Borrower does hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and Collateral proceeds received at any time or times hereafter by Agent or its agent against the Obligations (including by application of collections received to the Collections Account to pay down the Obligations), in such manner as Agent may deem advisable, notwithstanding any entry by Agent upon any of its books and records; provided, however, that any payments or proceeds of Collateral received by Agent on any date that an Event of Default does not exist shall be applied in accordance with any provisions of this Agreement that govern the application of such payment or proceeds. If, as the result of Agent’s collection of proceeds of Accounts and other Collateral as authorized by Section 2.22, a credit balance exists and no Loans or other Obligations are outstanding, such credit balance shall not accrue interest in favor of Borrowers, but shall be available to Borrowers at any time or times for so long as no Default or Event of Default exists. Agent may apply such credit balance against any of the Obligations upon and after the occurrence of an Event of Default in the manner specified in Section 2.22.

Application of Payments and Collateral Proceeds. All payment items Payment Items received by the applicable Agent by 12:00 noon, 11:00 a.m. on any Business Day shall be deemed received on that Business Day. All payment items Payment Items received by the applicable Agent after 12:00 noon, on any Business Day shall be deemed received on the following Business Day. Each Borrower irrevocably waives the right to direct the application of any and all payments and Collateral proceeds at any time or times hereafter received by any Agent or any Lender from or on behalf of Borrowers, and each Borrower does hereby irrevocably agree that any Agent shall have the continuing exclusive right to apply and reapply any and all such payments and Collateral proceeds received at any time or times hereafter by any Agent or its agent against the Obligations (including by application of collections received to the Collections Account to pay down the Obligations), in such manner as Administrative Agent may deem advisableadvisable in accordance with this Agreement, notwithstanding any entry by Administrative Agent upon any of its books and records; provided, however, that Administrative Agent will apply (i) any payments or proceeds of Collateral received by Agent on of Canadian Borrower to the Canadian Obligations and (ii) any date that an Event proceeds of Default does not exist shall be applied in accordance with any provisions Collateral of this Agreement that govern U.S. Borrowers to the application of such payment or proceedsObligations (other than the Canadian Obligations). If, as the result of Administrative Agent’s collection of proceeds of Accounts and other Collateral as authorized by Section 2.22, 8.2.6 a credit balance exists and no Loans or other Obligations are outstandingexists, such credit balance shall not accrue interest in favor of Borrowers, but shall be available to Borrowers at any time or times for so long as no Default or Event of Default exists. Agent may U.S. Revolver Lenders may, at their option, apply such credit balance against any of the Obligations upon and after the occurrence of an Event of Default in the manner specified in Section 2.22Default.

Application of Payments and Collateral Proceeds. All payment items Payment Items received by the applicable Agent by 12:00 noon, by. 11:00 a.m. on any Business Day shall be deemed received on that Business Day. All payment items Payment Items received by the applicable Agent after 12:00 noon, on any Business Day shall be deemed received on the following Business Day. Each Borrower irrevocably waives the right to direct the application of any and all payments and Collateral proceeds at any time or times hereafter received by any Agent or any Lender from or on behalf of Borrowers, and each Borrower does hereby irrevocably agree that any Agent shall have the continuing exclusive right to apply and reapply any and all such payments and Collateral proceeds received at any time or times hereafter by any Agent or its agent against the Obligations (including by application of collections received to the Collections Account to pay down the Obligations), in such manner as Administrative Agent may deem advisableadvisable in accordance with this Agreement, notwithstanding any entry by Administrative Agent upon any of its books and records; provided, however, that Administrative Agent will apply (i) any payments or proceeds of Collateral received by Agent on of Canadian Borrower to the Canadian Obligations and (ii) any date that an Event proceeds of Default does not exist shall be applied in accordance with any provisions Collateral of this Agreement that govern U.S. Borrowers to the application of such payment or proceedsObligations (other than the Canadian Obligations). If, as the result of Administrative Agent’s collection of proceeds of Accounts and other Collateral as authorized by Section 2.22, 8.2.6 a credit balance exists and no Loans or other Obligations are outstandingexists, such credit balance shall not accrue interest in favor of Borrowers, but shall be available to Borrowers at any time or times for so long as no Default or Event of Default exists. Agent may U.S. Revolver Lenders may, at their option, apply such credit balance against any of the Obligations upon and after the occurrence of an Event of Default in the manner specified in Section 2.22Default.