Required Principal Payments. Required Principal Payments shall be delivered to Bank immediately upon receipt thereof, to be applied first to the Term Loan as a permanent reduction of the principal amount thereof until reduced to zero (-0-), and then to the Line of Credit Loan as a permanent reduction of the principal amount thereof (unless Borrower elects to apply same otherwise by written notice to Bank).
Appears in 4 contracts
Samples: Business Loan Agreement, Business Loan Agreement (LINC Logistics Co), Business Loan Agreement (LINC Logistics Co)
