Common use of Time of Application Clause in Contracts

Time of Application. For the purposes of calculating any Purchase Commission, payments or other funds received by Burdale will be applied (conditional upon final collection) in satisfaction or reduction of the Company’s liabilities under the Finance Documents one (1) Business Day following the date of receipt of funds by Burdale in the Payment Account. For the purposes of calculating the Facility Limit such payments will be applied (conditional upon final collection) in satisfaction or reduction of the Company’s liabilities under the Finance Documents on the Business Day of receipt by Burdale in the Payment Account, provided that such payments are received within sufficient time (in accordance with Burdale’s usual and customary practices as in effect from time to time) to credit the Company’s loan and receivable and foreign exchange account on such day, and if not, then on the next Business Day.

Time of Application. For the purposes of calculating any Purchase Commission, payments or other funds received by Burdale will be applied (conditional upon final collection) in satisfaction or reduction of the Company’s 's liabilities under the Finance Documents one (1) Business Day following the date of receipt of funds by Burdale in the Payment Account. For the purposes of calculating the Facility Limit such payments will be applied (conditional upon final collection) in satisfaction or reduction of the Company’s 's liabilities under the Finance Documents on the Business Day of receipt by Burdale in the Payment Account, provided that such payments are received within sufficient time (in accordance with Burdale’s 's usual and customary practices as in effect from time to time) to credit the Company’s 's loan and receivable and foreign exchange account on such day, and if not, then on the next Business Day.