Common use of Receipt and Application of Payment Clause in Contracts

Receipt and Application of Payment. If an Event of Default shall have occurred and be continuing beyond any applicable grace or cure period, and upon three (3) Business Days prior written notice to the Borrower from the Administrative Agent, the Borrower shall notify all Account Receivable Debtors to make all payments due from them to the Borrower directly to a lockbox for collection pursuant to the Lockbox Agreement (the “Cash Collateral Account”). In the event the Borrower (or any of its Affiliates, shareholders, directors, officers, employees, Administrative Agents or those Person acting for or in concert with the Borrower) shall receive any cash, checks, notes, drafts or other similar items of payment relating to or constituting the Collateral (or proceeds thereof), no later than the first Business Day following receipt thereof, the Borrower shall (i) deposit or cause the same to be deposited, in kind, in the Cash Collateral Account established by the Borrower with the Administrative Agent or such other depository as may be designated in writing by the Administrative Agent (the “Depository”), from which account the Administrative Agent alone shall have sole power of withdrawal, and with respect to which the Depository shall waive any rights of set off, and (ii) forward to the Administrative Agent on a daily basis, a collection report in form and substance reasonably satisfactory to the Administrative Agent and, at the Administrative Agent’s request, copies of all such items and deposit slips related thereto. All cash, notes, checks, drafts or similar items of payment by or for the account of the Borrower shall be the sole and exclusive property of the Lenders immediately upon the earlier of the receipt of such items by the Administrative Agent or the Depository or the receipt of such items by the Borrower; provided, however, that for the purpose of computing interest hereunder such items shall be deemed to have been collected and shall be applied by the Administrative Agent on account of the Loans one (1) Business Day after receipt by the Administrative Agent (subject to correction for any items subsequently dishonored for any reason whatsoever). All funds in the Cash Collateral Account, including all payments made by or on behalf of and all credits due the Borrower, may be applied and reapplied in whole or in part to any of the Loans to the extent and in the manner the Administrative Agent deems advisable.

Receipt and Application of Payment. If an So long as any such Triggering Event of Default shall have occurred and be continuing beyond any applicable grace (i) the Borrowers shall instruct XX Xxxxxx and National City to deposit via wire transfer into the Cash Collateral Account all cash, checks and other items of payment received in the XX Xxxxxx Lockbox or cure periodNational City Lockbox, as the case may be, within 24 hours of XX Xxxxxx’x or National City’s receipt thereof, (ii) all cash, checks or other items of payment received in the PNC Lockbox shall be immediately deposited into the Cash Collateral Account promptly upon PNC’s receipt thereof, and (iii) the Borrowers shall deposit into the Cash Collateral Account within 24 hours of Borrowers’ receipt thereof all cash, checks or other items of payment received from those Account Debtors not currently making payment into a Lockbox or, promptly upon three (3) Business Days prior written notice to request of the Borrower from the Administrative Agent, the Borrower shall notify all cause such Account Receivable Debtors to make all payments due from them to deposit such cash, checks or other items of payment directly into one of the Borrower directly to a lockbox for collection pursuant to the Lockbox Agreement (the “Cash Collateral Account”)Lockboxes. In the event the a Borrower (or any of its Affiliates, shareholders, directors, officers, employees, Administrative Agents agents or those Person persons acting for or in concert with the a Borrower) shall receive any cash, checks, notes, drafts or other similar items of payment relating to or constituting the Collateral (or proceeds thereof), no later than the first Business Day following receipt thereof, the such Borrower shall (i) deposit or cause the same to be deposited, in kind, in the Cash Collateral Account established by the such Borrower with the Administrative Agent or such other depository as may be designated in writing by the Administrative Agent (the “Depository”), from which account the Administrative Agent alone shall have sole the power of withdrawal, and with respect to which the Depository shall waive any rights of set off, and (ii) forward to the Administrative Agent Agent, on a daily basis, a collection report in form and substance reasonably satisfactory to the Administrative Agent and, at the Administrative Agent’s request, copies of all such items and deposit slips related thereto. All cash, notes, checks, drafts or similar items of payment by or for the account of the Borrower shall be the sole and exclusive property of the Lenders immediately upon the earlier of the receipt of such items by the Administrative Agent or the Depository or the receipt of such items by the Borrower; provided, however, that for the purpose of computing interest hereunder such items shall be deemed to have been collected and shall be applied by the Administrative Agent on account of the Loans one (1) Business Day after receipt by the Administrative Agent (subject to correction for any items subsequently dishonored for any reason whatsoever). All funds in the Cash Collateral Account, including all payments made by or on behalf of and all credits due the Borrower, may be applied and reapplied in whole or in part to any of the Loans to the extent and in the manner the Administrative Agent deems advisable.

Receipt and Application of Payment. If an Event of Default At all times now and hereafter (i) the Agent shall have occurred instruct Chase and be continuing beyond any applicable grace or cure period, and upon three (3) Business Days prior written notice to the Borrower from the Administrative Agent, the Borrower shall notify all Account Receivable Debtors to make all payments due from them to the Borrower directly to a lockbox for collection National City pursuant to the Lockbox Agreement (Wire Transfer Agreements to deposit via wire transfer into the “Cash Collateral Account”)Account all cash, checks and other items of payment received in the Chase Lockbox or National City Lockbox, as the case may be, within 24 hours of Chase's or National City's receipt thereof, net of any items presented for payment (ii) all cash, checks or other items of payment received in the PNC Lockbox shall be immediately deposited into the Cash Collateral Account promptly upon PNC's receipt thereof, and (iii) the Borrowers shall deposit into the Cash Collateral Account within 24 hours of Borrowers' receipt thereof all cash, checks or other items of payment received from those Account Debtors not currently making payment into a Lockbox or, promptly upon request of the Agent, shall cause such Account Debtors to deposit such cash, checks or other items of payment directly into one of the Lockboxes. In the event the a Borrower (or any of its Affiliates, shareholders, directors, officers, employees, Administrative Agents agents or those Person persons acting for or in concert with the a Borrower) shall receive any cash, checks, notes, drafts or other similar items of payment relating to or constituting the Collateral (or proceeds thereof), no later than the first Business Day following receipt thereof, the such Borrower shall (i) deposit or cause the same to be deposited, in kind, in the Cash Collateral Account established by the such Borrower with the Administrative Agent or such other depository as may be designated in writing by the Administrative Agent (the “"Depository”"), from which account the Administrative Agent alone shall have sole the power of withdrawal, and with respect to which the Depository shall waive any rights of set off, and (ii) at the Agent's request, forward to the Administrative Agent Agent, on a daily basis, a collection report in form and substance reasonably satisfactory to the Administrative Agent and, at the Administrative Agent’s request, and copies of all such items and deposit slips related thereto. All cash, notes, checks, drafts or similar items of payment by or for the account of the Borrower shall be the sole and exclusive property of the Lenders immediately upon the earlier of the receipt of such items by the Administrative Agent or the Depository or the receipt of such items by the Borrower; provided, however, that for the purpose of computing interest hereunder such items shall be deemed to have been collected and shall be applied by the Administrative Agent on account of the Loans one (1) Business Day after receipt by the Administrative Agent (subject to correction for any items subsequently dishonored for any reason whatsoever). All funds in the Cash Collateral Account, including all payments made by or on behalf of and all credits due the Borrower, may be applied and reapplied in whole or in part to any of the Loans to the extent and in the manner the Administrative Agent deems advisable.

Receipt and Application of Payment. If Following the occurrence of an Event of Default shall have occurred and be continuing beyond any applicable grace or cure periodotherwise in accordance with the terms of the Agent's Letter, and then upon three (3) Business Days prior written notice to request of the Borrower from the Administrative Agent, the Borrower Loan Parties shall notify all Account Receivable Debtors to make all payments due from them to the Borrower Loan Parties directly to a lockbox for collection pursuant to a lockbox agreement in form satisfactory to the Lockbox Agreement Agent (the “"Cash Collateral Account”"). In the event the Borrower Loan Parties (or any of its Affiliates, shareholders, directors, officers, employees, Administrative Agents agents or those Person acting for or in concert with the Borrower) shall receive any cash, checks, notes, drafts or other similar items of payment relating to or constituting the Collateral (or proceeds thereof)) after such request by the Agent that all payments be remitted to the lockbox for deposit in the Cash Collateral Account, no later than the first Business Day following receipt thereof, the Borrower Loan Parties shall (i) deposit or cause the same to be deposited, in kind, in the Cash Collateral Account established by the Borrower Loan Parties with the Administrative Agent or such other depository as may be designated in writing by the Administrative Agent (the “"Depository”"), from which account the Administrative Agent alone shall have sole power of withdrawal, and with respect to which the Depository shall waive any rights of set off, and (ii) forward to the Administrative Agent on a daily basis, a collection report in form and substance reasonably satisfactory to the Administrative Agent and, at the Administrative Agent’s 's request, copies of all such items and deposit slips related thereto. All cash, notes, checks, drafts or similar items of payment by or for the account of the Borrower shall be the sole and exclusive property of the Lenders Banks immediately upon the earlier of the receipt of such items by the Administrative Agent or the Depository or the receipt of such items by the Borrower; provided, however, that for the purpose of computing interest hereunder such items shall be deemed to have been collected and shall be applied by the Administrative Agent on account of the Loans one (1) Business Day after receipt by the Administrative Agent (subject to correction for any items subsequently dishonored for any reason whatsoever). All Notwithstanding anything to the contrary herein, all such items of payment shall, solely for purposes of determining the occurrence of an Event of Default, be deemed received upon actual receipt by the Agent, unless the same are subsequently dishonored for any reason whatsoever. Upon the occurrence of an Event of Default, all funds in the Cash Collateral Account, including all payments made by or on behalf of and all credits due the Borrower, may be applied and reapplied in whole or in part to any of the Loans to the extent and in the manner the Administrative Agent deems advisableadvisable which is not inconsistent with the terms of this Agreement.

Receipt and Application of Payment. If an Event Upon request of Default the Agent (which request shall have occurred and be continuing beyond any applicable grace or cure period, and upon three (3) Business Days prior written notice to made if the Borrower from the Administrative AgentRequired Banks so direct), the Borrower Loan Parties shall notify all Account Receivable Debtors to make all payments due from them to the Borrower Loan Parties directly to a lockbox for collection pursuant to a lockbox agreement in form satisfactory to the Lockbox Agreement Agent (the “"Cash Collateral Account”"). In the event the Borrower Loan Parties (or any of its Affiliates, shareholders, directors, officers, employees, Administrative Agents agents or those Person acting for or in concert with the Borrower) shall receive any cash, checks, notes, drafts or other similar items of payment relating to or constituting the Collateral (or proceeds thereof)) after such request by the Agent that all payments be remitted to the lockbox for deposit in the Cash Collateral Account, no later than the first Business Day following receipt thereof, the Borrower Loan Parties shall (i) deposit or cause the same to be deposited, in kind, in the Cash Collateral Account established by the Borrower Loan Parties with the Administrative Agent or such other depository as may be designated in writing by the Administrative Agent (the “"Depository”"), from which account the Administrative Agent alone shall have sole power of withdrawal, and with respect to which the Depository shall waive any rights of set off, and (ii) forward to the Administrative Agent on a daily basis, a collection report in form and substance reasonably satisfactory to the Administrative Agent and, at the Administrative Agent’s 's request, copies of all such items and deposit slips related thereto. All cash, notes, checks, drafts or similar items of payment by or for the account of the Borrower shall be the sole and exclusive property of the Lenders Banks immediately upon the earlier of the receipt of such items by the Administrative Agent or the Depository or the receipt of such items by the Borrower; provided, however, that for the purpose of computing interest hereunder such items shall be deemed to have been collected and shall be applied by the Administrative Agent on account of the Loans one (1) Business Day after receipt by the Administrative Agent (subject to correction for any items subsequently dishonored for any reason whatsoever). All Notwithstanding anything to the contrary herein, all such items of payment shall, solely for purposes of determining the occurrence of an Event of Default, be deemed received upon actual receipt by the Agent, unless the same are subsequently dishonored for any reason whatsoever. Upon the occurrence of an Event of Default, all funds in the Cash Collateral Account, including all payments made by or on behalf of and all credits due the Borrower, may be applied and reapplied in whole or in part to any of the Loans to the extent and in the manner the Administrative Agent deems advisableadvisable which is not inconsistent with the terms of this Agreement.