Overadvance. Authorized Overadvances shall be due upon demand by Summit. Authorized Overadvances shall accrue interest at the Daily Funds Rate plus Three Percent (3%) per annum. If at any time an Overadvance exists which is not an Authorized Overadvance, Client shall immediately make payment to Summit of an amount equal to the Overadvance. If such payment is not immediately made, interest shall accrue on the Overadvance at the Default Rate regardless of whether Summit waives the Event of Default caused by such non-payment.
Appears in 2 contracts
Samples: Financing Agreement (Irvine Sensors Corp/De/), Financing Agreement (Corgenix Medical Corp/Co)
Overadvance. Authorized Overadvances shall be due upon demand by Summit. Authorized Overadvances shall accrue interest at the Daily Funds Rate plus Three Percent (33.00%) per annum. If at any time an Overadvance exists which is not an Authorized Overadvance, Client shall immediately make payment to Summit of an amount equal to the Overadvance. If such payment is not immediately made, interest shall accrue on the Overadvance at the Default Rate regardless of whether Summit waives the Event of Default caused by such non-payment.
Appears in 2 contracts
Samples: Financing Agreement (Scotts Liquid Gold Inc), Financing Agreement (American Home Food Products, Inc.)
Overadvance. Authorized Overadvances shall be due upon demand by Summit. Authorized Overadvances shall accrue interest at the Daily Funds Rate plus Three Percent (3%) per annumannum or such other rate as may be specified by Summit at the time of its authorization for the Authorized Overadvance. If at any time an Overadvance exists which is not an Authorized Overadvance, Client shall immediately make payment to Summit of an amount equal to the Overadvance. If such payment is not immediately made, interest shall accrue on the Overadvance at the Default Rate regardless of whether Summit waives the Event of Default caused by such non-payment.
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