Reconciliations. Unless a Default has occurred and is continuing, Lender shall refund to Borrower after each Month End, the Refundable Reserve, if positive, calculated for such Month End, subject to Lender’s rights under Section 3.3 and Lender’s rights of offset and recoupment. If the Refundable Reserve is negative, Borrower shall immediately pay such amount in the same manner as set forth in Section 3.3 for Overadvances.
Appears in 8 contracts
Samples: Business Financing Agreement (Caneum Inc), Business Financing Agreement (Giga Tronics Inc), Business Financing Agreement (Inuvo, Inc.)
Reconciliations. Unless a Default has occurred and is continuing, Lender shall refund to Borrower after each Month End, the Refundable Reserve, if positive, calculated for such Month End, subject to Lender’s 's rights under Section 3.3 and Lender’s 's rights of offset and recoupment. If the Refundable Reserve is negative, Borrower shall immediately pay such amount in the same manner as set forth in Section 3.3 for Overadvances.
Appears in 2 contracts
Samples: Business Financing Agreement (Balqon Corp.), Business Financing Agreement (IZEA, Inc.)
