Common use of Payments; Application of Payments Clause in Contracts

Payments; Application of Payments. (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) Borrower shall direct each Account Debtor to remit payments with respect to the Accounts to a lockbox account established with Bank or to wire transfer payments to a cash collateral account that Bank controls (collectively, the “Lockbox”). Provided no Event of Default has occurred and is continuing, within one (1) Business Day of receipt of such amounts by Bank. Bank will turn over to Borrower the proceeds of the Accounts to Borrower. All Accounts and the proceeds thereof are Collateral and if an Event of Default occurs and is continuing. Bank may apply the proceeds of such Accounts to the Obligations, the order and method of such application to be in the sole discretion of Bank.

Payments; Application of Payments. (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 2:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 2:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) Borrower Bank shall direct each Account Debtor to remit payments with respect to apply the Accounts whole or any part of collected funds against the Revolving Line or credit such collected funds to a lockbox depository account established of Borrower with Bank (or to wire transfer payments to a cash collateral an account that Bank controls (collectivelymaintained by an Affiliate of Bank), the “Lockbox”)order and method of such application, after the occurrence and during the continuance of an Event of Default, to be in the sole discretion of Bank. Provided no If an Event of Default has occurred and is continuing, within one (1) Business Day of receipt of such amounts by Bank. Bank will turn over Borrower shall have no right to Borrower the proceeds of the Accounts to Borrower. All Accounts and the proceeds thereof are Collateral and if an Event of Default occurs and is continuing. Bank may apply the proceeds of such Accounts to the Obligations, specify the order and method of such application or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in the sole discretion of Bankthis Agreement.

Payments; Application of Payments. (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) Borrower shall direct each Account Debtor to remit All payments with respect to the Obligations may be applied in such order and manner as Bank shall determine in its sole discretion, provided however (i) so long as a Streamline Period is effect, the Advances shall be payable monthly on an “interest only” basis and (ii) if a Streamline Period is not in effect, all collections with respect to Accounts shall be used to repay outstanding Advances on a lockbox account established with daily basis. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or to wire transfer payments to a cash collateral account that otherwise received by Bank controls (collectively, the “Lockbox”). Provided no Event of Default has occurred and under this Agreement when any such allocation or application is continuing, within one (1) Business Day of receipt of such amounts by Bank. Bank will turn over to Borrower the proceeds of the Accounts to Borrower. All Accounts and the proceeds thereof are Collateral and if an Event of Default occurs and is continuing. Bank may apply the proceeds of such Accounts to the Obligations, the order and method of such application to be not specified elsewhere in the sole discretion of Bankthis Agreement.

Payments; Application of Payments. (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) Borrower Bank shall direct each Account Debtor to remit payments with respect to apply the Accounts whole or any part of collected funds against the Revolving Line or credit such collected funds to a lockbox depository account established of Borrower with Bank (or to wire transfer payments to a cash collateral an account maintained by an Affiliate of Bank), as specified by Borrower; provided that Bank controls (collectively, upon the “Lockbox”). Provided no Event occurrence and during the continuance of Default has occurred and is continuing, within one (1) Business Day of receipt of such amounts by Bank. Bank will turn over to Borrower the proceeds of the Accounts to Borrower. All Accounts and the proceeds thereof are Collateral and if an Event of Default occurs Default, Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. (c) Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and is continuinginterest payments or any other amounts Borrower owes Bank hereunder when due. Bank may apply the proceeds shall promptly notify Borrower of such Accounts to the Obligations, the order and method of such application to be in the sole discretion of Bankdebits. These debits shall not constitute a set-off.

Payments; Application of Payments. (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) Prior to the occurrence of an Event of Default, payments made by Borrower with respect to the Obligations shall direct each Account Debtor be applied in the following order: (i) fees and expenses due and owing by Borrower to remit Bank, (ii) accrued but unpaid interest, (iii) the principal balance of the Obligations, and (iv) any remainder shall be deposited by Bank into the Designated Deposit Account. Following an Event of Default, all payments with respect to the Accounts Obligations may be applied in such order and manner as Bank shall determine in its sole discretion. Borrower shall have no right to a lockbox account established with specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or to wire transfer payments to a cash collateral account that otherwise received by Bank controls (collectively, the “Lockbox”). Provided no Event of Default has occurred and under this Agreement when any such allocation or application is continuing, within one (1) Business Day of receipt of such amounts by Bank. Bank will turn over to Borrower the proceeds of the Accounts to Borrower. All Accounts and the proceeds thereof are Collateral and if an Event of Default occurs and is continuing. Bank may apply the proceeds of such Accounts to the Obligations, the order and method of such application to be not specified elsewhere in the sole discretion of Bankthis Agreement.