Common use of Purchase Price of Accounts Clause in Contracts

Purchase Price of Accounts. The Purchase Price shall be payable as follows: (i) an amount equal to the face amount of the Account multiplied by the Advance Rate shall be payable upon purchase of the Account by Summit; and (ii) the balance of the Purchase Price shall be payable after receipt of Collected Payments in full for the Purchased Account, such balance to be paid on the next Settlement Date; provided, however, that notwithstanding anything to the contrary in this Agreement, Summit shall not be obligated to make any Advance if, after making the Advance, the amount of all Outstanding Advances will exceed the Maximum Credit Line. Payment shall be made in accordance with any written instructions of Client which are agreed to by Summit. Absent other instructions, payment shall be made by mailing a check to Client.