Overadvances. If, at any time, the sum of the outstanding principal amount of any Advances, including any amounts used for Cash Management Services, exceeds the lesser of either the Revolving Line or the Borrowing Base, Co-Borrowers shall immediately pay to Bank in cash the amount of such excess (such excess, the Overadvance). Without limiting Co-Borrowers obligation to repay Bank any Overadvance, Co-Borrowers agree to pay Bank interest on the outstanding amount of any Overadvance, on demand, at a per annum rate equal to the rate that is otherwise applicable to Advances plus five percent (5.0%).
Overadvances. If, at any time, the sum of the outstanding principal amount of any Advances, including any amounts used for Cash Management Services,Advances exceeds the lesser of either the Revolving Line or the Borrowing Base, Co-BorrowersBorrower shall immediately pay to Bank in cash the amount of such excess (such excess, the Overadvance). Without limiting Co-BorrowersBorrowers obligation to repay Bank any Overadvance, Co-Borrowers agreeBorrower agrees to pay Bank interest on the outstanding amount of any Overadvance, on demand, at a per annum rate equal to the rate that is otherwise applicable to Advances plus five percent (5.0%).Default Rate.
Overadvances. If, at any time, the sum of # the outstanding principal amount of any Advances, includingplus # the face amount of any amounts used for Cash Management Services,outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), exceeds the lesser of either the Revolving Line or the Borrowing Base, Co-BorrowersBorrower shall immediately pay to Bank in cash the amount of such excess (such excess, the Overadvance). Without limiting Co-BorrowersBorrowers obligation to repay Bank any Overadvance, Co-Borrowers agreeBorrower agrees to pay Bank interest on the outstanding amount of any Overadvance, on demand, at a per annum rate equal to the rate that is otherwise applicable to Advances plus five percent (5.0%).Default Rate.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.