Daily Application of Funds in Collection Account. On and after the Closing Date, the Borrowers hereby irrevocably direct the Administrative Agent to apply all funds held in the Collection Account to the prepayment of the Obligations on a daily basis in accordance with Sections 2.07(c).
Daily Application of Funds in Collection Account. On and after the Amendment Effective Date, the Borrowers hereby irrevocably authorize and direct the Administrative Agent to apply all funds held in the Collection Account to the repayment of outstanding Revolving Credit Loans on a daily basis in accordance with Section 2.07(c); provided, that following the occurrence and during the continuance of an Event of Default, all funds held in the Collection Account shall be remitted to the Administrative Agent for application to the Obligations in the accordance with the priorities set forth in Section 8.03.
Daily Application of Funds in Collection Account. On and after the Restatement Effective Date, the Borrowers hereby irrevocably authorize and direct the Revolver Agent to apply all funds held in the Collection Account to the repayment of outstanding Revolving Credit Loans on a daily basis in accordance with Section 2.07(c); provided, that following the occurrence and during the continuance of an Event of Default, all funds held in the Collection Account shall be remitted to the Administrative Agent for application to the Obligations in the accordance with the priorities set forth in Section 8.03.
