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

Application of Payments and Collateral Proceeds. All Payment Items received by Lender by 12:00 noon, Hartford, Connecticut time, on any Business Day shall be deemed received on that Business Day. All Payment Items received by Lender after 12:00 noon, Hartford, Connecticut time, 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 Lender from or on behalf of such Borrower, and each Borrower does hereby irrevocably agree that Lender 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 Lender or its agent against the Obligations, in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records. If as the result of Lender's collection of proceeds of Accounts and other Collateral as authorized by SECTION 7.2.6 a credit balance exists, 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.

Application of Payments and Collateral Proceeds. All Payment Payments Items received by Lender Agent by 12:00 noon, Hartford, Connecticut time, on any Business Day shall be deemed received on that Business Day. All Payment Items received by Lender Agent after 12:00 noon, Hartford, Connecticut time, noon on any Business Day shall be deemed received on the following Business Day. Each At any time that a Default or an Event of Default exists, (i) 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 such Borrower, and each (ii) Borrower does hereby irrevocably agree that Lender 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 Lender Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Agent upon any of its books and records. If as the result of LenderAgent's collection of proceeds of Accounts and other Collateral as authorized by SECTION 7.2.6 a credit balance exists, such credit balance shall not accrue interest in favor of BorrowersBorrower, but and promptly shall be available remitted by Agent to Borrowers Borrower at any time or times for so long as that no Default or Event of Default exists. Unless otherwise directed by Borrower, such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Lenders may, at their option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collateral Proceeds. All Payment Items received by Lender by 12:00 noon, Hartford, Connecticut time, on any Business Day shall be deemed received on that Business Day. All Payment Items received by Lender after 12:00 noon, Hartford, Connecticut time, 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 Lender from or on behalf of such Borrower, and each Borrower does hereby irrevocably agree that Lender 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 Lender or its agent against the Obligations, in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records. If as the result of Lender's ’s collection of proceeds of Accounts and other Collateral as authorized by SECTION Section 7.2.6 a credit balance exists, 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.

Application of Payments and Collateral Proceeds. All Payment Items received by Lender Agent by 12:00 noon, Hartford, Connecticut time, on any Business Day shall be deemed received on that Business Day. All Payment Items received by Lender Agent after 12:00 noon, Hartford, Connecticut time, 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 such BorrowerBorrowers, and each Borrower does hereby irrevocably agree that Lender 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 Lender Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Agent upon any of its books and records; provided, however, that any payments or proceeds of Collateral received by Agent on the 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 If, as the result of LenderAgent's collection of proceeds of Accounts and other Collateral as authorized by SECTION 7.2.6 a credit balance exists, 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. Lenders may, at their option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collateral Proceeds. All Payment Items received by Lender Agent by 12:00 noon, Hartford, Connecticut time, on any Business Day shall be deemed received on that Business Day. All Payment Items received by Lender Agent after 12:00 noon, Hartford, Connecticut time, 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 such Borrower, and each Borrower does hereby irrevocably agree that Lender 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 Lender Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Agent upon any of its books and records. If as the result of LenderAgent's collection of proceeds of Accounts and other Collateral as authorized by SECTION 7.2.6 a credit balance exists, such credit balance shall not accrue interest in favor of BorrowersBorrower, but shall be available to Borrowers Borrower at any time or times for so long as no Default or Event of Default exists. Lenders may, at their option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.