Common use of CREDIT FOR COLLECTIONS Clause in Contracts

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. 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 a Lender's Account during regular banking hours of a Depository Tennessee Bank, in accordance with subsection (F) below, with such application to be made, FIRSTfirst, to any expenses of Lender incurred in effecting such collections; NEXTnext, to any accrued interest inter- est or fees which are then due and payable to Lender pursuant hereto; NEXTnext, to any other Obligations of each Borrower which are then due and payable; NEXTnext, 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 BorrowersBorrower, 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, LASTLYlastly, provided that no Event of Default has occurred and is continuing, any remainder shall be remitted to BorrowersBor- rower. 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 outstandingout- standing, 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. All payments and other collections received by Lender Agent, or any depository bank, for application to outstanding Obligations, whether received pursuant to subsections (Asubsection 2.4(A) or (B) above, or otherwise, shall will be applied to outstanding Obligations on the Business Day date of receipt or deposit by Lender Agent of same in immediately available funds in the Lender's Account at its designated account during regular banking hours of a Depository Bank, in accordance with subsection (F) belowhours, with such application to be made, FIRST, to any all expenses of Lender incurred in effecting such collectionsAgent or the depository bank, to the extent reasonably incurred, NEXT, to any Obligations then past due and unpaid; 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 otherwise then due and payable; NEXT, to any Revolving Loans other Obligations then due and payable; NEXT, to the Advances then outstanding (with any Revolving Loans Advances then constituting Alternate 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, and LASTLY, provided that no Event of Default has occurred and is continuing, any remainder shall be remitted to BorrowersBorrower. If an Event of Default has occurred and is continuing, without limiting any other rights and remedies of Lender Lenders hereunder, Lender may Agent may, at its option, and Agent will, at the direction of the Requisite Lenders, 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. Payments applied pursuant to this subsection 2.4(B) to outstanding Advances shall not reduce the Revolving Loan Commitments.

CREDIT FOR COLLECTIONS. All payments and other collections received by Lender Agent, or any depository bank, from Borrowers for application to outstanding Obligations, whether pursuant to subsections (A) or (B) above, or otherwise, Obligations of Borrowers shall be applied to outstanding Obligations on the Business Day of receipt or deposit by Lender Agent of same in immediately available funds in the Lender's Account at its designated account during regular banking hours of a Depository Bank, in accordance with subsection (F) belowhours, with such application to be made, FIRSTfirst, to any all expenses of Lender Agent incurred in effecting such collections; NEXTnext, to any accrued interest or fees which are otherwise then due and payable to Lender pursuant heretopayable; NEXTnext, to any other Obligations of each Borrower which are Borrowers then due and payable; NEXTnext, to any Revolving Revolver Loans then outstanding (with any Revolving Revolver 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, LASTLYlastly, provided that no Event of Default has occurred and is continuing, any remainder shall be remitted to Borrowers. If a Default or an Event of Default has occurred and is continuing, without limiting any other rights and remedies of Lender Agent hereunder, Lender Agent 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.. Payments applied pursuant to this subsection to outstanding Revolver Loans shall not reduce the Commitments. To the extent that the application of payments and collections to the Obligations provided for in this Section 3.2(c) would result in the payment of a LIBOR Rate Loan on a day which is not the last day of the Interest Period with respect thereto, Agent shall hold the amount which would otherwise be applied in payment of such LIBOR Rate Loan as cash Collateral until the last day of such Interest Period and, on such day, shall apply such amount in payment of such LIBOR Rate Loan; provided, however, that Agent shall have the right to apply such amount immediately in payment of such LIBOR Rate Loan upon either (i) the occurrence of an Event of Default under subsection 7.1(A) hereof (including as a result of Borrowers' failure to pay an Overadvance on demand) or (ii) the acceleration of the Obligations pursuant to subsection 7.2. During such time as Agent is holding any such amount, (i) unless a Default or Event of Default has occurred and is continuing, Borrowers shall have the right to obtain disbursements of all or any portion of such amount for their working capital needs; and (ii) at Borrowers' Agent's direction, Agent shall cause such amount to be invested in investments described in clauses (iv), (v), (vi) and (vii) of the definition of Restricted Investment which mature on or before the last day of the applicable Interest Period. Borrowers' Agent shall give Agent written notice of Borrowers' request to obtain a disbursement of any such amount pursuant to clause (i) of the preceding sentence before 12:00 noon (New York, New York time), on the Business Day of the requested disbursement, specifying the amount of the requested disbursement and, except to the extent that any amount requested to be disbursed has been invested at Borrowers' Agent's direction pursuant to clause (ii) of the preceding sentence and is not available for disbursement, on the Business Day of its receipt