Mandatory Prepayment of Principal. Borrowers shall cause the direct payment by the insurer to Collateral Agent of any proceeds of life insurance on Xxxx Daily that is assigned to Collateral Agent to secure the Obligations, and these proceeds shall be applied to expenses, then interest, and then principal included in the Obligations as a prepayment of the Obligations.
Appears in 4 contracts
Samples: Loan Agreement (I3 Verticals, Inc.), Loan Agreement (I3 Verticals, Inc.), Loan Agreement (I3 Verticals, Inc.)
