Factoring Fee. Riviera shall withhold a Fee Deposit of Five Percent (5.0%) from the face value of each Account. From the fee deposit, Client agrees to pay to Riviera a Factoring Fee equal to the sum of (1) Two and Five Tenths of One Percent (2.5%) of the face value of each Account and (2) One Percent (1.0%) of the face value of each Account for every Ten (10) day period, or portion thereof, that an Account remains unpaid to Riviera beyond Thirty (30) days. The Factoring Fee shall not exceed the Fee Deposit of each Account. CLIENT agrees to pay to RIVIERA a minimum fee on the first funding equal to $150.00.
Appears in 2 contracts
Sources: Security Agreement, Security Agreement