Common use of Application of Specific Payments Clause in Contracts

Application of Specific Payments. Except for the crediting to the Advance Record of Collections deposited to one or more Cash Collateral Accounts as provided below, the Borrower shall make all other payments to be made by the Borrower under this Agreement with respect to the Obligations not later than 10:00 a.m. (Pacific time) on the day when due, without setoff, counterclaim, defense or deduction of any kind. Payments received after 10:00 a.m. (Pacific time) shall be deemed to have been received on the next Business Day. Prior to the occurrence of an Event of Default, the Borrower may specify to the Agent the Obligations to which such payment is to be applied. If the Borrower does not specify an application for such payment or if an Event of Default has occurred, the Agent shall apply such payment in its discretion.

Application of Specific Payments. Except for the crediting to the Advance Record of Collections deposited to one or more the Cash Collateral Accounts Account as provided below, the Borrower Borrowers shall make all other payments to be made by the Borrower Borrowers under this Agreement with respect to the Obligations not later than 10:00 a.m. 2:00 P.M. (Pacific Eastern time) on the day when due, without setoff, counterclaim, defense or deduction of any kind. Payments received after 10:00 a.m. 2:00 P.M. (Pacific Eastern time) shall be deemed to have been received on the next Business Day. Prior to the occurrence of an Event of Default, the Administrative Borrower may specify to the Agent the Obligations to which such payment is to be applied. If the Administrative Borrower does not specify an application for such payment or if an Event of Default has occurred, the Agent shall apply such payment in its discretion.

Application of Specific Payments. Except for the crediting to the Advance Record of Collections deposited to one or more Cash Collateral Accounts as provided below, the Borrower shall make all other payments to be made by the Borrower under this Agreement with respect to the Obligations not later than 10:00 a.m. 11:00 A.M. (Pacific time) on the day when due, without setoff, counterclaim, defense or deduction of any kind. Payments received after 10:00 a.m. 11:00 A.M. (Pacific time) shall be deemed to have been received on the next Business Day. Prior to the occurrence of an Event of Default, the Borrower may specify to the Agent the Obligations to which such payment is to be applied. If the Borrower does not specify an application for such payment or if an Event of Default has occurred, the Agent shall apply such payment in its discretion.