Common use of Borrowing Period Clause in Contracts

Borrowing Period. During the Borrowing Period, payments of interest only shall be due and payable on the first (1st) day of the first month following the Closing Date and on the first (1st) day of each month thereafter. All payments received on the Pledged Accounts shall be applied first to amounts, fees, costs and Lender Expenses due under the Credit Agreement, then to interest due thereunder, then to principal due thereunder or, at the option of holder, to any other indebtedness or Obligations owed by Borrower or its affiliates to Lender or its affiliates. In the event the funds received by Lender from the Pledged Accounts are less than the required monthly payment hereunder, Borrower shall pay the difference immediately. In the event that payments received from and on the Pledged Accounts and forwarded to Lender exceed the amount required to fund the then-due interest, the excess amounts and payments shall be applied to reduce the principal outstanding under the Line of Credit Note and this Credit Agreement.

Borrowing Period. During the Borrowing Period, payments of interest only at a minimum shall be due and payable on the first (1st) day of the first month following the Closing Date and on the first (1st) day of each month thereafter. All payments received on the Pledged Accounts shall be applied first to amounts, fees, costs and Lender Expenses due under the Credit Agreement, then to interest due thereunder, then to principal due thereunder or, at the option of holder, to any other indebtedness or Obligations owed by Borrower or its affiliates to Lender or its affiliates. In the event the funds received by Lender from the Pledged Accounts are less than the required monthly payment hereunder, Borrower shall pay the difference immediatelywithin ten (10) days after notice. In the event that payments received from and on the Pledged Accounts and forwarded to Lender exceed the amount required to fund the then-due interest, the excess amounts and payments shall be applied to reduce the principal outstanding under the Line of Credit Note and this Credit Agreement.