Overadvance Payment. Without affecting the Company's obligation to immediately repay any Loans which exceed the amounts permitted by Section 2 ("Overadvances"), in the event an Overadvance occurs, all such Overadvances shall bear interest at a monthly rate equal to 2% of the amount of such Overadvances for each month or portion thereof as such amounts shall be outstanding.
Appears in 2 contracts
Samples: Security Agreement (Lmic Inc), Loan Agreement (Cardiogenesis Corp /Ca)
Overadvance Payment. Without affecting the Company's Companies' obligation to immediately repay any Loans which exceed the amounts permitted by Section 2 ("Overadvances"), in the event an Overadvance occurs, all such Overadvances shall bear interest at a monthly rate equal to 2% of the amount of such Overadvances for each month or portion thereof as such amounts shall be outstanding.
Appears in 1 contract
Samples: Purchase and Security Agreement (Jmar Technologies Inc)
Overadvance Payment. Without affecting the Company's obligation to immediately repay any Loans which exceed the amounts permitted by Section 2 ("Overadvances"), in the event an Overadvance occursoccurs or is made by Laurus, all such Overadvances shall bear interest at a monthly rate equal to 2% of the amount of such Overadvances for each month or portion thereof as such amounts shall be outstanding.
Appears in 1 contract
Samples: Security Agreement (Spacedev Inc)
Overadvance Payment. Without affecting the Company's obligation to immediately repay any Loans which exceed the amounts permitted by Section 2 ("Overadvances"), in the event an Overadvance occurs, all such Overadvances shall bear interest at a monthly rate equal to 2% of the amount of such Overadvances for each month or portion thereof as such amounts shall be outstanding. Notwithstanding the foregoing, the $300,000 initial advance made on the Closing Date shall not be deemed an Overadvance.
Appears in 1 contract
Samples: Purchase and Security Agreement (Path 1 Network Technologies Inc)
Overadvance Payment. Without affecting the Company's ’s obligation to immediately repay any Loans which exceed the amounts permitted by Section 2 ("“Overadvances"”), in the event an Overadvance occursoccurs or is made by Laurus, all such Overadvances shall bear interest at a monthly rate equal to 20.25% of the amount of such Overadvances for each month or portion thereof as such amounts shall be outstanding.
Appears in 1 contract
Samples: Loan Agreement (Artemis International Solutions Corp)
