Common use of Formula Advances Clause in Contracts

Formula Advances. (A) If Borrower’s Cash at Bank is greater than $8,000,000, then, except as set forth in Section 2.3(b), the Formula Advances shall bear interest, on the outstanding daily balance thereof, at a variable annual rate equal to the greater of: (A) 0.50% above the Prime Rate then in effect; or (B) 4,00%.

Formula Advances. (A) If Borrower’s Cash at Bank is greater than $8,000,000, then, except as set forth in Section 2.3(b), the Formula Advances shall bear interest, on the outstanding daily balance thereof, at a variable annual rate equal to the greater of: (A) 0.500.75% above the Prime Rate then in effect; or (B) 4,004.00%. (B) If Borrower’s Cash at Bank is not greater than $8,000,000, then, except as set forth in Section 2.3(b), the Formula Advances shall bear interest, on the outstanding daily balance thereof, at a variable annual rate equal to the greater of: (A) 1.50% above the Prime Rate then in effect; or (B) 4.75%.