Advances; Payments. On the date of this Loan and Security Agreement (the “Agreement”) and subject to the accuracy of Company’s representations and the conditions set forth in Section 3 herein, Lender will deliver to Company in immediately available funds the Principal Amount specified above (the “Loan”). All payments under this Agreement shall be applied first to fees and expenses, then to interest and then to reduction of the Principal Amount. Any Principal Amount outstanding after the occurrence and during the continuance of an Event of Default under this Agreement shall bear interest at a rate equal to the lesser of (i) the lawful legal rate or (ii) seven percent (7%) above the interest rate otherwise applicable under this Agreement.
Appears in 7 contracts
Samples: Loan and Security Agreement (Digerati Technologies, Inc.), Loan and Security Agreement (Atsi Communications Inc/De), Loan and Security Agreement (Atsi Communications Inc/De)
