Common use of No Credit for Trust Funds Clause in Contracts

No Credit for Trust Funds. For greater certainty, payments of any nature whatsoever made by a Borrower or Kingsway America to an Agent or a Lender which the recipient is required to pay to any Person by reason of any trust imposed by law or by any Person upon amounts received by the recipient from a Borrower or Kingsway America, shall not be credited against, or deemed to be payment on account of, all or any portion of the Outstanding Borrowings. All costs and expenses incurred by any Agent or any Lender, their agents, representatives and solicitors in connection with the repayment of such monies to any Person shall be for the account of the Borrowers and payable on demand. Interest shall accrue on these costs and expenses, until paid, at the Prime Rate.

No Credit for Trust Funds. For greater certainty, payments of any nature whatsoever made by a Borrower or Kingsway America the Guarantor to an Agent or a any Lender which the recipient is required to pay to any Person by reason of any trust imposed by law or by any Person upon amounts received by the recipient from a Borrower or Kingsway Americasuch Guarantor, shall not be credited against, or deemed to be payment on account of, all or any portion of the Outstanding BorrowingsObligations. All costs and expenses incurred by any Agent or any Lender, their agents, representatives and solicitors in connection with the repayment of such monies to any Person shall be for the account of the Borrowers Borrower and payable on demandDemand. Interest shall accrue on these costs and expenses, until paid, at the Prime RateUS Base Rate plus .5% per annum.