Common use of Book Account Clause in Contracts

Book Account. As used herein the term "Book Account" shall mean the account to which all monies owing to Seller by AEG shall be credited and all monies owing by Seller to AEG shall be charged. All monies owing by either party will be entered into the Book Account on the day they become due. An Overdraft shall be payable on demand. Any (i) Overdraft, or (ii) payment or charge due from Seller to AEG under the terms of this Agreement which is not paid when due, including, but not limited to, any Service Fee, Discount Fee or Charge-back Payment which is not paid when due (a "Past Due Charge"), may be set-off at any time against any amount which would otherwise be due from AEG to Seller. Any (i) Overdraft or (ii) Past Due Charge shall bear interest for each day it is outstanding until paid in full at the rate of twenty four percent (24%) per annum. Interest shall be charged daily and posted to the Book Account monthly. AEG each month shall provide Seller with an account statement which lists all charges and credits to the Book Account in the previous month. Each account statement shall be conclusively presumed to be correct in all respects, except for specific objections which the Seller makes in writing within fifteen (15) days from the date upon which the account statement is sent.

Book Account. As used herein the term "Book Account" shall mean the account to which all monies owing to Seller by AEG shall be credited and all monies owing by Seller to AEG shall be charged. All monies owing by either party will be entered into the Book Account on the day they become due. An Overdraft shall be payable on demand. Any (i) Overdraft, or (ii) payment or charge due from Seller to AEG under the terms of this Agreement which is not paid when due, including, but not limited to, any Service Fee, Discount Fee or Charge-back Payment which is not paid when due (a "Past Due Charge"), may be set-off at any time against any amount which would otherwise be due from AEG to Seller. Any (i) Overdraft or (ii) Past Due Charge shall bear interest for each day it is outstanding until paid in full at the rate of twenty four percent (24%) per annum. Interest shall be charged daily and posted to the Book Account monthly. AEG each month shall provide Seller with an account statement which lists all charges and credits to the Book Account in the previous month. Each account statement shall be conclusively presumed to be correct in all respects, except for specific objections which the Seller makes in writing within fifteen (15) days from the date upon which the account statement is sent.