Common use of Cash Dominion Period Clause in Contracts

Cash Dominion Period. If a Cash Dominion Period has occurred and is continuing, the Agent will cause all funds deposited into any Blocked Account to be credited on a daily basis to the Loan Account, conditional upon final collection, unless the Agent otherwise at any time and from time to time, in its Permitted Discretion, deems itself insecure in regard to one or more or all such payments, in which case, such funds shall be applied to the Obligations in such order as the Agent shall elect. Credit will be given only for funds received prior to 4:00 p.m. (New York time) by the Agent in any Blocked Account. In all cases, the Blocked Accounts will be credited only with the net amounts actually received in payment of their Receivables. So long as no Cash Dominion Period is in effect, the Loan Parties may direct the manner of disposition of funds in their respective Blocked Accounts.

Cash Dominion Period. If a Cash Dominion Period has occurred and is continuing, the Agent will may cause all funds deposited into any Blocked Account to be credited on a daily basis to the Loan Account, conditional upon final collection, unless the Agent otherwise at any time and from time to time, in its Permitted Discretion, deems itself insecure in regard to one or more or all such payments, in which case, case such funds shall be applied to the Obligations in such order as the Agent shall elect. Credit will be given only for funds received prior to 4:00 p.m. (New York time) by the Agent in any Blocked Account. In all cases, the Blocked Accounts will be credited only with the net amounts actually received in payment of their Receivables. So long as no Cash Dominion Period is in effect, the Loan Parties may direct the manner of disposition of funds in their respective Blocked Accounts.