Application of Receipts. All sums received by Bank, whether from Borrower or from Borrower's account debtors shall be applied to the outstanding ABL Loan balance immediately upon receipt thereof by the Bank. The Borrower will be charged, on a monthly basis, for the uncollected balance fees.
Appears in 5 contracts
Samples: Credit Agreement and Promissory Note (LXN Corp), Credit Agreement (Dense Pac Microsystems Inc), Credit Agreement (Tekelec)
Application of Receipts. All sums received by Bank, Bank including but not limited to those sums Take out whether received from Borrower or from Borrower's account debtors shall be applied to the outstanding ABL Loan balance immediately upon receipt thereof by the Bank. The Borrower will be charged, on a monthly basis, for the uncollected balance fees.
Appears in 1 contract
Application of Receipts. All sums received by Bank, whether from Borrower or from Borrower's account debtors shall be applied to the outstanding ABL Loan balance immediately upon receipt thereof by the Bank. The Borrower will be charged, on a monthly basis, for the uncollected balance fees. Notwithstanding the above, Borrower will continue to maintain dominion over cash receipts until receipts are transferred to Bank.
Appears in 1 contract
Samples: Credit Agreement (Omp Inc)
Application of Receipts. All sums received by BankLender, whether from Borrower or from Borrower's account debtors shall be applied to the outstanding ABL Loan balance immediately upon receipt thereof by the BankLender. The Borrower will be charged, on a monthly basis, for the uncollected balance fees.
Appears in 1 contract
Samples: Credit Agreement (Emarketplace Inc)
