Application of Payments to Revolving Note. ▇▇▇▇▇ Fargo will withdraw Account Funds deposited to the Collection Account and pay down borrowings on the Line of Credit by applying them to the Revolving Note on the first Business Day following the Business Day of deposit to the Collection Account, or, if payments are received by ▇▇▇▇▇ Fargo that are not first deposited to the Collection Account pursuant to any treasury management service provided to Company by ▇▇▇▇▇ Fargo, such payments shall be applied to the Revolving Note as provided in the Master Agreement for Treasury Management Services and the relevant service description. All payments shall be applied first to any unpaid Floating Rate Advances, and once paid, to outstanding Fixed Rate Advances. If more than one Fixed Rate Advance is outstanding, the payments shall be applied to such Fixed Rate Advances in the order and in the amounts as ▇▇▇▇▇ Fargo may deem appropriate, unless Company specifies at the time of payment how such payments are to be applied.
Appears in 3 contracts
Sources: Credit and Security Agreement (Analysts International Corp), Credit and Security Agreement (Analysts International Corp), Credit and Security Agreement (Physicians Formula Holdings, Inc.)