Expenses; Proceeds of Collateral. BORROWER shall pay to BANK on demand any and all expenses, including reasonable attorneys' fees, incurred or paid by BANK in collecting or otherwise protecting or enforcing or attempting to collect, protect or enforce its rights upon or under Liabilities or Collateral. After deducting all of said expenses, the residue of any proceeds of collection or sale of Liabilities or Collateral shall be applied to the payment of principal or interest on Liabilities, in such order of preference as BANK may determine with proper allowance for interest on Liabilities not then due being made, and any excess shall be returned to BORROWER and BORROWER shall remain liable for any deficiency.
Appears in 4 contracts
Samples: Credit and Security Agreement (Boyd Bros Transportation Inc), Credit and Security Agreement (Boyd Bros Transportation Inc), Credit and Security Agreement (Boyd Bros Transportation Inc)
