Payments in Kind. If the Bank requires delivery in kind of the proceeds of collection of the Borrower's accounts receivable, such proceeds shall be credited to interest, principal, and other sums owed to the Bank under this Agreement in the order and proportion determined by the Bank in its sole discretion. All such credits will be conditioned upon collection and any returned items may, at the Bank's option, be charged to the Borrower.
Appears in 15 contracts
Samples: Loan Agreement (HireQuest, Inc.), Loan Agreement (Thorne Healthtech, Inc.), Loan Agreement (Lakeland Industries Inc)
Payments in Kind. If the Bank requires delivery in kind of the proceeds of collection of the Borrower's ’s accounts receivable, such proceeds shall be credited to interest, principal, and other sums owed to the Bank under this Agreement in the order and proportion determined by the Bank in its sole discretion. All such credits will be conditioned upon collection and any returned items may, at the Bank's ’s option, be charged to the Borrower.
Appears in 6 contracts
Samples: Credit Agreement (Bowman Consulting Group Ltd.), Loan Agreement (American Locker Group Inc), Loan Agreement (Game Trading Technologies, Inc.)
Payments in Kind. If the Bank requires delivery in kind of the proceeds of collection of the any Borrower's accounts receivable, such proceeds shall be credited to interest, principal, and other sums owed to the Bank under this Agreement in the order and proportion determined by the Bank in its sole discretion. All such credits will be conditioned upon collection and any returned items may, at the Bank's option, be charged to the BorrowerBorrowers.
Appears in 3 contracts
Samples: Business Loan Agreement (Educational Medical Inc), Business Loan Agreement (Educational Medical Inc), Business Loan Agreement (Educational Medical Inc)
Payments in Kind. If the Bank requires delivery in kind of the proceeds of collection of the Borrower's Borrowers' accounts receivable, such proceeds shall be credited to interest, principal, and other sums owed to the Bank under this Agreement in the order and proportion determined by the Bank in its sole discretion. All such credits will be conditioned upon collection and any returned items may, at the Bank's option, be charged to the BorrowerBorrowers.
Appears in 2 contracts
Samples: Loan Agreement (Air T Inc), Loan Agreement (Mercury Air Group Inc)
Payments in Kind. If the Bank requires delivery in kind of the The proceeds of collection collections of the Borrower's accounts receivable, such proceeds when received by the Bank in kind, shall be credited to interest, principal, and other sums owed to the Bank under this Restated Credit Agreement in the order and proportion determined by the Bank in its sole discretion. All such credits will be conditioned upon collection and any returned items may, at the Bank's option, be charged to the Borrower.
Appears in 1 contract
Samples: Credit Agreement (FFP Partners L P)
Payments in Kind. If the Bank requires delivery in kind of the The proceeds of collection collections of the Borrower's accounts receivableReceivables, such proceeds when received by Bank in kind, shall be credited to interest, principal, and other sums owed to the due Bank under this Agreement in the order and proportion determined by the Bank in its sole discretion. All such credits will shall be conditioned upon collection and any returned items may, at the Bank's option, be charged to the BorrowerBorrowers.
Appears in 1 contract
Samples: Credit Agreement (Gt Bicycles Inc)
Payments in Kind. If the Bank requires delivery in kind of the proceeds of collection of the Borrower's Borrowers’ accounts receivable, such proceeds shall be credited to interest, principal, and other sums owed to the Bank under this Agreement in the order and proportion determined by the Bank in its sole discretion. All such credits will be conditioned upon collection and any returned items may, at the Bank's ’s option, be charged to the BorrowerBorrowers.
Appears in 1 contract
