Application of Loan Proceeds. The Bank may apply the proceeds from the Loan under the Notes to the satisfaction of any condition, warranty or covenant of the Borrowers under any of the Loan Documents, and any proceeds so applied will be considered as a part of the proceeds from the Loan advanced under the Notes and will be secured by the Loan Documents.
Appears in 2 contracts
Samples: Loan Agreement (Graymark Healthcare, Inc.), Loan Agreement (Graymark Healthcare, Inc.)
Application of Loan Proceeds. The Bank Lender may apply the loan proceeds from the Loan under the Notes notes to the satisfaction of any condition, warranty or covenant of the Borrowers Industries and Machine under any of the Loan Restructure Documents, and any proceeds so applied will be considered as a part of the loan proceeds from the Loan advanced under the Notes and will be secured by the Loan Restructure Documents.
Appears in 2 contracts
Samples: Agreement (Excalibur Industries Inc), Agreement (Shumate Industries Inc)
