Common use of Application of Payments and Collections Clause in Contracts

Application of Payments and Collections. All items of payment received by Agent, for the benefit of Lenders, by 12:00 noon, Dallas, Texas time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m., Providence, Rhode Island time, on any Business Day shall be deemed received on the following Business Day. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by AgentAgent by 3 p.m., for the benefit of Lenders, by 12:00 noon, Dallas, Texas New York time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 3 p.m., Providence, Rhode Island New York time, on any Business Day shall be deemed received on the following Business Day. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender from or on behalf of Borrower, any UK Borrower or any Guarantor, and Borrower does hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 Subsection 5.2.5 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available disbursed to Borrower or otherwise at Borrower's direction in the manner set forth in Subsection 3.1.2, upon Borrower's request at any time or times for time, so long as no Default or Event of Default then exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, may at its option, offset such credit balance against any of the Obligations upon and after during the occurrence continuance of an Event of Default.

Application of Payments and Collections. All items of payment received by AgentAgent by 2:00 p.m., for the benefit of Lenders, by 12:00 noon, Dallas, Texas timePacific Time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 2:00 p.m., Providence, Rhode Island timePacific Time, on any Business Day shall be deemed received on the following Business Day. Borrower Borrowers irrevocably waives waive the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender from or on behalf of BorrowerBorrowers, and Borrower does Borrowers do hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 subsection 6.2.3 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available disbursed to Borrower Borrowers or otherwise at Borrowers’ direction in the manner set forth in subsection 3.1.2, upon Borrowers’ request at any time or times for time, so long as no Default or Event of Default then exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, may at its option, offset such credit balance against any of the Obligations upon and after during the occurrence continuance of an Event of Default.

Application of Payments and Collections. All items of payment received by Agent, for the benefit of Lenders, Lender by 12:00 noon, Dallas, Texas central time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m.12:00 noon, Providence, Rhode Island central time, on any Business Day shall be deemed received on the following Business Day. Borrower Borrowers irrevocably waives waive the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender from or on behalf of BorrowerBorrowers, and Borrower does Borrowers do hereby irrevocably agree that Agent Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent Lender or its agent against the Obligations, in such manner as Agent Lender may deem advisable, notwithstanding any entry by Agent Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 hereof this Agreement a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available to Borrower Borrowers at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by AgentAgent by 2:00 p.m., for the benefit of Lenders, by 12:00 noon, Dallas, Texas Los Angeles time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 2:00 p.m., Providence, Rhode Island Los Angeles time, on any Business Day shall be deemed received on the following Business Day. Borrower Borrowers irrevocably waives waive the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender from or on behalf of BorrowerBorrowers, and Borrower does Borrowers do hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 subsection 6.2.4 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available disbursed to Borrower Borrowers or otherwise at Borrowers' direction in the manner set forth in subsection 3.1.2, upon Borrowers' request at any time or times for time, so long as no Default or Event of Default then exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, may at its option, offset such credit balance against any of the Obligations upon and after during the occurrence continuance of an Event of Default.

Application of Payments and Collections. All items of payment Payment Items received by Agent, for the benefit of Lenders, Agent by 12:00 noon, Dallas, Texas time, noon on any Business Day shall be deemed received on that Business Day. All items of payment Payment Items received by Agent after 1:00 p.m., Providence, Rhode Island time, 12:00 noon on any Business Day shall be deemed received on the following Business Day. 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 collections Collateral proceeds at any time or times hereafter received by Agent or any Lender from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections Collateral proceeds received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent upon any of its books and records. If as the result of collections Agent's collection of proceeds of Accounts and other Collateral as authorized by Section 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of DefaultSECTION 7.

Application of Payments and Collections. All items of payment received by Agent, for the benefit of Lenders, Agent by 12:00 noon, Dallas, Texas Chicago time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m.12:00 noon, Providence, Rhode Island Chicago time, on any Business Day shall be deemed received on the following Business Day. For the purpose of computing interest hereunder, all items of payment received by Agent shall be deemed applied by Agent on an account of the Obligations (subject to final payment of such items) on the first Business Day after receipt of such item in immediately good funds. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent shall shall, after the occurrence and during the continuation of an Event of Default, have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment received by Agent, for the benefit of Lenders, by 12:00 noon, Dallas, Texas time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m., Providence, Rhode Island 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 collections at any time or times hereafter received by Agent or any Lender from or on behalf of any Borrower, 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 collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 subsection 6.2.4 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available disbursed to Borrower Borrowers or otherwise at Borrowers' direction in the manner set forth in subsection 3.1.2, upon Borrowers' request at any time or times for time, so long as no Default or Event of Default then exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, may at its option, offset such credit balance against any of the Obligations upon and after during the occurrence continuance of an Event of Default.

Application of Payments and Collections. All items of payment Payment Items received by Agent, for the benefit of Lenders, Agent by 12:00 noon, Dallas, Texas time, noon on any Business Day shall be deemed received on that Business Day. All items of payment Payment Items received by Agent after 1:00 p.m., Providence, Rhode Island time, 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 collections 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 Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections Collateral proceeds received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as provided in the Agreement or, if not expressly provided, as Agent may deem advisable, notwithstanding any entry by Agent upon any of its books and records. If as the result of collections Agent’s collection of proceeds of Accounts and other Collateral as authorized by Section 6.2.6 hereof 7.2.6 a credit balance exists in the Loan Accountexists, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available to Borrower Borrowers at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent Lenders may, at its 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 Collections. All items of payment received by Agent, Agent for the benefit account of Lenderseach Lender by 1:00 p.m., by 12:00 noon, Dallas, Texas timeEastern Time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m., Providence, Rhode Island timeEastern Time, on any Business Day shall be deemed received on the following Business Day. Borrower Borrowers irrevocably waives waive the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender Lenders from or on behalf of BorrowerBorrowers, and Borrower does Borrowers do hereby irrevocably agree that Agent and Lenders shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lenders or Agent or its agent against the Obligations, in such manner as Agent or Lenders may deem advisable, notwithstanding any entry by Agent or Lenders upon any of its their respective books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 subsection 7.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be made promptly available to Borrower at any time Borrowers by transfer to such account or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment accounts of the Term Loan, except that Borrowers as the Borrowers may designate to Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Defaultfrom time to time.

Application of Payments and Collections. All items of payment received by Agent, for the benefit of Lenders, Agent by 12:00 noon, DallasChicago, Texas Illinois time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m.12:00 noon, Providence, Rhode Island Chicago time, on any Business Day shall be deemed received on the following Business Day. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent and Lenders shall have have, subject to the requirements of this Agreement, including, without limitation, subsections 3.2.1, 3.3.1 and 3.3.2 hereof, the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent and/or Required Lenders may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section Subsection 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment Payment Items received by Agent, for the benefit of Lenders, Agent by 12:00 noon, Dallas, Texas time, noon on any Business Day shall be deemed received on that Business Day. All items of payment Payment Items received by Agent after 1:00 p.m., Providence, Rhode Island time, 12:00 noon on any Business Day shall be deemed received on the following Business Day. 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, each Borrower irrevocably waives the right to direct the application of any and all payments and collections 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 Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections Collateral proceeds received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent upon any of its books and records. If as the result of collections Agent's collection of proceeds of Accounts and other Collateral as authorized by Section 6.2.6 hereof 7.2.6 a credit balance exists in the Loan Accountexists, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available to Borrower Borrowers at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent Lenders may, at its 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 Collections. All items of payment received by Agent, for the benefit of Lenders, Agent by 12:00 noon, Dallas, Texas noon Eastern time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 1:00 p.m.12:00 noon, Providence, Rhode Island Eastern time, on any Business Day shall be deemed received on the following Business Day. Borrower All amounts paid in accordance with subsections 3.1.1(a)(ii) and 3.1.2(ii) shall be deemed received prior to 12:00 noon, Eastern Time, on the Business Day upon which such funds are disbursed by the Agent under subsection 3.1.2(ii). Borrowers irrevocably waives waive the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender from or on behalf of BorrowerBorrowers, and Borrower does Borrowers do hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent upon any of its books and records. If as the result of collections of Accounts as authorized by Section subsection 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of BorrowerBorrowers, but shall be available to Borrower Borrowers at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan, except that Agent may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.