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

Application of Payments and Collateral Proceeds. All Payment Items received by Administrative Agent by 2:00 p.m., on any Business Day shall be deemed received on that Business Day. All Payment Items received by Administrative Agent after 2:00 p.m., 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 Administrative Agent or any Lender from or on behalf of Borrowers, and each Borrower does hereby irrevocably agree that Administrative 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 Administrative Agent or its agent against the Obligations, in such manner as Administrative Agent may deem advisable, notwithstanding any entry by Administrative Agent upon any of its books and records; provided, however, that any payments or proceeds of Collateral received by Administrative 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 Administrative Agent’s collection of proceeds of Accounts and other Collateral as authorized by Section 8.2.6 a credit balance exists, such credit balance shall not accrue interest in favor of Borrowers, but shall be remitted to Borrowers unless (x) there exists an Event of Default and (y) there are LC Obligations outstanding that have not been Cash Collateralized. Administrative Agent may apply such credit balance against any of the Obligations upon and after the occurrence of an Event of Default, and to the extent so applied, such credit balance shall be applied in the manner specified in Section 5.6.1.

Application of Payments and Collateral Proceeds. All Payment Items received by Administrative Agent by 2:00 p.m., 1:00 p.m. on any Business Day shall be deemed received on that Business Day. All Payment Items received by Administrative Agent after 2:00 p.m., 1:00 p.m. 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 Administrative Agent or any Lender from or on behalf of Borrowers, and each Borrower does hereby irrevocably agree that Administrative 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 Administrative Agent or its agent against the Obligations, in such manner as Administrative Agent may deem advisable, notwithstanding any entry by Administrative Agent upon any of its books and recordsrecords (subject, as among Administrative Agent and Lenders, to application in accordance with Section 4.5); provided, however, that any payments or proceeds of Collateral received by Administrative 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 Administrative Agent’s collection of proceeds of Accounts and other Collateral as authorized by Section 8.2.6 7.2.6 a credit balance exists, such credit balance shall not accrue interest in favor of Borrowers, but shall be remitted available to Borrowers unless (x) there exists an at any time or times for so long as no Default or Event of Default and (y) there are LC Obligations outstanding that have not been Cash Collateralizedexists. Administrative Agent may Lenders may, at their option, apply such credit balance against any of the Obligations upon and after the occurrence of an Event of Default, and to the extent so applied, such credit balance shall be applied in the manner specified in Section 5.6.1.

Application of Payments and Collateral Proceeds. All Payment Items received by Administrative Agent by 2:00 p.m., on any Business Day shall be deemed received on that Business Day. All Payment Items received by Administrative Agent after 2:00 p.m., 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 Administrative Agent or any Lender from or on behalf of Borrowers, and each Borrower does hereby irrevocably agree that Administrative 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 Administrative Agent or its agent against the Obligations, in such manner as Administrative Agent may deem advisable, notwithstanding any entry by Administrative Agent upon any of its books and records; provided, however, that any payments or proceeds of Collateral received by Administrative 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 Administrative Agent’s 's collection of proceeds of Accounts and other Collateral as authorized by Section SECTION 8.2.6 a credit balance exists, such credit balance shall not accrue interest in favor of Borrowers, but shall be remitted to Borrowers unless (x) there exists an Event of Default and (y) there are LC Obligations outstanding that have not been Cash Collateralized. Administrative Agent may apply such credit balance against any of the Obligations upon and after the occurrence of an Event of Default, and to the extent so applied, such credit balance shall be applied in the manner specified in Section SECTION 5.6.1.

Application of Payments and Collateral Proceeds. All Payment Items received by Administrative Agent by 2:00 p.m., 12:00 noon on any Business Day shall be deemed received on that Business Day. All Payment Items received by Administrative Agent after 2:00 p.m.12:00 noon, local time in the city in which the Payment Account is located, on any Business Day shall be deemed received on the following Business Day. Each Except to the extent that the manner of application to the Obligations of payments or proceeds of Collateral is expressly governed by other provisions of this Agreement, 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 Administrative Agent or any Lender from or on behalf of BorrowersBorrower, and each Borrower does hereby irrevocably agree that Administrative 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 Administrative Agent or its agent against the Obligations, in such manner as Administrative Agent may deem advisable, notwithstanding any entry by Administrative Agent upon any of its books and records; provided, however, that any payments or proceeds of Collateral received by Administrative 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, If as the result of Administrative Agent’s 's collection of proceeds of Accounts and other Collateral as authorized by Section 8.2.6 7.2.6 a credit balance exists, such credit balance shall not accrue interest in favor of BorrowersBorrower, but shall be remitted available to Borrowers unless (x) there exists an Borrower at any time or times for so long as no Default or Event of Default and (y) there are LC Obligations outstanding that have not been Cash Collateralized. Administrative Agent may apply such credit balance against any of the Obligations upon and after the occurrence of an Event of Default, and to the extent so applied, such credit balance shall be applied in the manner specified in Section 5.6.1exists.