Application of Payments and Proceeds. All payments received by Administrative Agent in immediately available funds at or before 12:00 noon (Local Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 on the same Business Day. Such payments received on a day that is not a Business Day or after 12:00 noon (Local Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 on the next Business Day. The amount so distributed to a Lender will be applied by such Lender to the relevant Loan Obligation on the Business Day when received.
Appears in 5 contracts
Samples: Loan Agreement (Layne Christensen Co), Loan Agreement (Angelica Corp /New/), Loan Agreement (Angelica Corp /New/)
Application of Payments and Proceeds. All payments received by Administrative Agent in immediately available funds at or before 12:00 noon (Local Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 17.10 on the same Business Day. Such payments received on a day that is not a Business Day or after 12:00 noon (Local Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 17.10 on the next Business Day. The amount so distributed to a Lender will be applied by such Lender to the relevant Loan Obligation on the Business Day when received.
Appears in 2 contracts
Samples: Credit Facilities Agreement (Young Innovations Inc), Credit Facilities Agreement (Young Innovations Inc)
Application of Payments and Proceeds. All payments received by Administrative Agent in immediately available funds at or before 12:00 noon 3:00 p.m. (Local Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 18.10 on the same Business Day. Such payments received on a day that is not a Business Day or after 12:00 noon 3:00 p.m. (Local Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 18.10 on the next Business Day. The amount so distributed to a Lender will be applied by such Lender to the relevant Loan Obligation on the Business Day when received.
Appears in 2 contracts
Samples: Loan Agreement (Talx Corp), Loan Agreement (Talx Corp)
Application of Payments and Proceeds. All payments received by Administrative Agent in immediately available funds at or before 12:00 noon 1:00 p.m. (Local Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 18.10 on the same Business Day. Such payments received on a day that is not a Business Day or after 12:00 noon 1:00 p.m. (Local Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 18.10 on the next Business Day. The amount so distributed to a Lender will be applied by such Lender to the relevant Loan Obligation on the Business Day when received.
Appears in 1 contract
Samples: Loan Agreement (Talx Corp)
Application of Payments and Proceeds. All payments received by Administrative Agent in immediately available funds at or before 12:00 noon 11:00 a.m. (Local Central Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 19.10 on the same Business Day. Such payments received on a day that is not a Business Day or after 12:00 noon 11:00 a.m.. (Local Central Time) on a Business Day will be distributed by Administrative Agent to Lenders as provided in Section 16.10 19.10 on the next Business Day. The amount so distributed to a Lender will be applied by such Lender to the relevant Loan Obligation on the Business Day when received.
Appears in 1 contract
