Common use of Application of Payments and Collections Clause in Contracts

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on the following Business Day. Upon receipt by Lender, the proceeds of items deposited to the Dominion Account shall be applied to payment of the Obligations in accordance with this Agreement. Each Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Lender from or on behalf of any Borrower and each Borrower hereby irrevocably agree that Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lender or its agent against the Obligations, in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of any Borrower, but shall be available to Borrowers at any time or times for so long as no Default or Event of Default exists. Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment --------------------------------------- received by Lender by 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on the following Business Day. Upon receipt by Lender, the proceeds of items deposited to the Dominion Account shall be applied to payment of the Obligations in accordance with this Agreement. Each Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Lender from or on behalf of any Borrower and each Borrower hereby irrevocably agree that Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lender or its agent against the Obligations, in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records. If as the result of collections of Accounts as authorized by Section 6.2.6 a credit balance exists ------------- in the Loan Account, such credit balance shall not accrue interest in favor of any Borrower, but shall be available to Borrowers at any time or times for so long as no Default or Event of Default exists. Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All items of payment Payment Items received by Lender Agent by 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on that Business Day. All items of payment Payment Items received by Agent after 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on the following Business Day. Upon receipt by Lender, Except to the extent that the manner of application to the Obligations of payments or proceeds of items deposited to the Dominion Account shall be applied to payment Collateral is expressly governed by other provisions of the Obligations in accordance with this Agreement. Each , Borrower irrevocably waives the right to direct the application of any and all payments and collections Collateral proceeds at any time or times hereafter received by Agent or any Lender from or on behalf of any Borrower, and Borrower and each Borrower does hereby irrevocably agree that Lender Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections Collateral proceeds received at any time or times hereafter by Lender Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Agent upon any of its books and records. If as the result of collections Agent's collection of proceeds of Accounts and other Collateral as authorized by Section 6.2.6 7.2.6 a credit balance exists in the Loan Accountexists, such credit balance shall not accrue interest in favor of any Borrower, but shall be available to Borrowers Borrower at any time or times for so long as no Default or Event of Default exists. Lender Lenders may, at its their option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default. If no Event of Default exists, Borrower may request that Agent and Lenders invest any credit balance in an interest-bearing account but Agent and Lenders shall have no liability to Borrower arising from such investments.

Application of Payments and Collections. All items of payment Payment Items received by Lender Agent by 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on that Business Day. All items of payment Payment Items received by Agent after 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on the following Business Day. Upon receipt by Lender, Except to the extent that the manner of application to the Obligations of payments or proceeds of items deposited to the Dominion Account shall be applied to payment Collateral is expressly governed by other provisions of the Obligations in accordance with this Agreement. Each , Borrower irrevocably waives the right to direct the application of any and all payments and collections Collateral proceeds at any time or times hereafter received by Agent or any Lender from or on behalf of any Borrower, and Borrower and each Borrower does hereby irrevocably agree that Lender Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections Collateral proceeds received at any time or times hereafter by Lender Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Agent upon any of its books and records. If as the result of collections Agent's collection of proceeds of Accounts and other Collateral as authorized by Section 6.2.6 7.2.6 a credit balance exists in the Loan Accountexists, such credit balance shall not accrue interest in favor of any Borrower, but shall be available to Borrowers Borrower at any time or times for so long as no Default or Event of Default exists. Lender Lenders may, at its their option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default. Borrower may request that Agent and Lenders invest any credit balance in an interest-bearing account but Agent and Lenders shall have no obligation to do so, and if Agent and Lenders elect to do so in their sole discretion, Borrower acknowledges and agrees that Agent and Lenders shall have no liability to Borrower arising from such investments.

Application of Payments and Collections. All items of payment received by Lender Agent by 12:00 noon noon, (DallasEastern time), Texas time) on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon noon, (DallasEastern time), Texas time) on any Business Day shall be deemed received on the following Business Day. Upon receipt For the purpose of computing interest hereunder, all items of payment received by Lender, the proceeds of items deposited to the Dominion Account Agent and/or any Lender shall be deemed applied to payment by Agent for the benefit of Lenders on account of the Obligations (subject to final payment of such items) on the first Business Day after receipt (or deemed receipt) by Agent of good funds in accordance with this AgreementAgent’s account located at Fleet National Bank (Account No. Each Borrower 9▇▇-▇▇▇-▇▇▇▇, Account Name: Gulfside, Eagle Supply and JEH/Eagle Supply), or such other account as to which Agent may advise Borrowers in writing. Borrowers irrevocably waives waive the right to direct the application of any and all payments and collections at any time or times hereafter received by Lender Agent from or on behalf of any Borrower Borrowers, and each Borrower Borrowers do hereby irrevocably agree that Lender Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lender Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Borrowers upon any of its their books and records. If as the result of collections of Accounts as authorized by Section subsection 6.2.6 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of any BorrowerBorrowers, but shall be available to Borrowers at any time or times for so long as no Default or Event of Default exists. Such credit balance shall not be applied or be deemed to have been applied as a prepayment of the Term Loan or any Equipment Loan, except that Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.

Application of Payments and Collections. All Subject to subsection 2.2 of this Agreement, all items of payment received by Lender by 12:00 noon (Dallas2:00 p.m. Eastern time, Texas time) on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon (Dallas2:00 p.m. Eastern time, Texas time) on any Business Day shall be deemed received on the following Business Day. Upon receipt by Lender, the proceeds Until payment in full of items deposited to the Dominion Account shall be applied to payment all Obligations and termination of the Obligations in accordance with this Agreement. Each , Borrower irrevocably waives (except as expressly provided for in this Agreement or otherwise by Lender) the right to direct the application of any and all payments and collections at any time or times hereafter received by Lender from or on behalf of any Borrower, and Borrower and each Borrower does hereby irrevocably agree that Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lender or its agent against the Obligations, in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records. If Notwithstanding the foregoing, prior to the occurrence of an Event of Default, Borrower shall be entitled to direct whether a payment of principal be applied to the Supplemental Loan or the Revolving Credit Loans provided such application does not contravene any other requirement for application expressly set forth in this Agreement. If, as the result of receipt of proceeds or collections of Accounts Collateral as authorized by Section subsection 6.2.6 hereof, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of any Borrower, but shall be available to Borrowers Borrower at any time or times for so long as no Default or Event of Default exists. Lender may, at its option, offset such Such credit balance against may be applied to and offset any of the Obligations upon and after the occurrence of an Event of Defaultarising from time to time.

Application of Payments and Collections. All items of payment received by Lender by 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon (Dallas, Texas time) on any Business Day shall be deemed received on the following Business Day. Upon receipt by Lender, the proceeds of items deposited to the Dominion Account shall be applied to payment of the Obligations in accordance with this Agreement. Each Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent or any Lender from or on behalf of any Borrower and such Borrower. Except as may be expressly provided in the DIP Order, each Borrower does hereby irrevocably agree that Lender Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Lender Agent or its agent against the Obligations, in such manner as Lender Agent may deem advisable, notwithstanding any entry by Lender Agent upon any of its books and records, so long as such payments and collections are first applied to the portion of the Obligations then due. If as the result of collections of Accounts as authorized by Section 6.2.6 SECTION 5.4 hereof a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of any BorrowerBorrowers, but shall be available to Borrowers at any time or times for so long as no Default or Event of Default exists. Lender mayNotwithstanding the foregoing, at its option, Agent may offset such credit balance against any of the Obligations upon and or after the occurrence of an Event of Default. Payments and collections received by Agent, for the benefit of Lenders, from the Dominion Account or otherwise in Providence, Rhode Island (a) before 2:00 p.m. (Dallas, Texas time) on a Business Day shall be deemed received on such Business Day, and (b) after 2:00 p.m. (Dallas, Texas time) on a Business Day shall be deemed received on the next succeeding Business Day, in each case for purposes of determining the amount of Revolving Credit Loans available for borrowing hereunder and for purposes of computing interest on the Loans (subject in each case to final payment of all items and collections received in form other than immediately available funds).

Application of Payments and Collections. All items of payment Payment Items received by Lender by 12:00 noon (Dallasnoon, Texas Miami, Florida time) , on any Business Day shall be deemed received on that Business Day. All items of payment Payment Items received by Lender after 12:00 noon (Dallasnoon, Texas Miami, Florida time) , on any Business Day shall be deemed received on the following Business Day. Upon receipt by Lender, Except to the extent that the manner of application to the Obligations of payments or proceeds of items deposited to the Dominion Account shall be applied to payment Collateral is expressly governed by other provisions of the Obligations in accordance with this Agreement. Each , Borrower irrevocably waives the right to direct the application of any and all payments and collections Collateral proceeds at any time or times hereafter received by Lender from or on behalf of any Borrower, and Borrower and each Borrower does hereby irrevocably agree that Lender shall have the continuing exclusive right to apply and reapply any and all such payments and collections Collateral proceeds received at any time or times hereafter by Lender or its agent against the Obligations, Obligations in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and records. If as the result of collections Lender’s collection of proceeds of Accounts and other Collateral as authorized by Section 6.2.6 7.2.5 a credit balance exists in the Loan Accountexists, such credit balance shall not accrue interest in favor of any Borrower, but shall be available to Borrowers Borrower at any time or times for so long as no Default or Event of Default exists. Lender may, at its option, offset such credit balance against any of the Obligations upon and after the occurrence of an Event of Default.