Default Fee. Upon the Occurrence of any Event of Default, and written notice to Merchant thereof, Merchant shall pay to PURCHASER a default fee (“Default Fee”) of $2,500. This Default Fee shall be payable on demand and stand in addition to any other fees or penalties outlined within this Agreement, the Merchant Security Agreement or Guaranty.
Appears in 2 contracts
Sources: Future Receivables Factoring Agreement, Future Receivables Factoring Agreement