INTERIM PAYMENT; APPLICATION Clause Samples

INTERIM PAYMENT; APPLICATION. On or before February 28, 2001, Borrower will make a payment to the Lenders in reduction of the Obligations in an amount equal to the amount, if any, by which $350,000 exceeds the amount theretofore paid to Lenders pursuant to the provisions of paragraph 3 above. All payments made from the proceeds of aircraft engine sales or otherwise shall be applied as provided in Section 3.14(b) of the Credit Agreement.