Sales on Credit. If Holder Representative sells any of the Collateral upon credit, Debtor will be credited only with payments actually made by the purchaser, received by the Holder Representative, and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Holder Representative may resell the Collateral and Debtor shall be credited with the proceeds of the sale.
Appears in 4 contracts
Samples: Security Agreement (Isc8 Inc. /De), Security Agreement (Irvine Sensors Corp/De/), Security Agreement (Irvine Sensors Corp/De/)
