CREDIT FOR COLLECTIONS Sample Clauses

CREDIT FOR COLLECTIONS. All payments and other collections received by Lender for application to outstanding Obligations, whether pursuant to subsections (A) or (B) above, or otherwise, shall be applied to outstanding Obligations on the Business Day of receipt or deposit by Lender of same in immediately available funds in the Lender's Account during regular banking hours of a Depository Bank, in accordance with subsection (F) below, with such application to be made, FIRST, to any expenses of Lender incurred in effecting such collections; NEXT, to any accrued interest or fees which are then due and payable to Lender pursuant hereto; NEXT, to any other Obligations of each Borrower which are then due and payable; NEXT, to any Revolving Loans then outstanding (with any Revolving Loans then constituting Base Rate Loans deemed paid first); it being understood that, in the absence of contrary direction from Borrowers, Lender shall have the right to allocate such collections between or among the Revolver Loans of each Borrower then outstanding, at Lender's discretion (even if, in doing so, an Overadvance is created); and, LASTLY, provided that no Event of Default has occurred and is continuing, any remainder shall be remitted to Borrowers. If an Event of Default has occurred and is continuing, without limiting any other rights and remedies of Lender hereunder, Lender may apply any remainder to any other Obligations then outstanding, regardless of whether then past due, or hold the same as additional cash Collateral pending the due dates for payment of such Obligations.

CREDIT FOR COLLECTIONS. For calculating the amount available for borrowing hereunder, the amount of any Collections in the form of cash, immediately payable checks, drafts or other instruments received by Lender in Milwaukee, Wisconsin, prior to 12:00 Noon of each banking day will be immediately credited to Debtor's Loan Account Ledger. As consideration, in part, for Collections that may not be immediately available for use by Lender, interest shall continue to be charged on the amount so credited at Lender's rate of interest for a period of two (2) business days after such receipt. The amount of any Collections in the form of a wire transfer received by Lender at Milwaukee, Wisconsin, prior to 1:30 P.M. of each banking day, will be credited that same day to Debtor's Loan Account Ledger for borrowing and interest purposes unless otherwise agreed to in writing by Debtor and Lender. In the event that any such Collections, the amount of which has been credited to Debtor's Loan Account Ledger, is subsequently dishonored or otherwise returned unpaid to Lender, Lender may debit Debtor's Loan Account Ledger for such amount, including any charges for dishonored items, retroactively to the date that the amount was credited against the Obligations. Except as provided in any account agreement and except for Lender's willful misconduct, Lender shall not be liable for any of its own errors or errors by any other financial institution in the processing and/or transfer of funds or Collections to or from Lender, and Lender may retroactively debit Debtor's Loan Account Ledger for any lost interest or principal resulting therefrom.