Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve (12%) percent (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 9 contracts
Samples: Membership Interest Purchase Agreement (Boxlight Corp), Membership Interest Purchase Agreement (Boxlight Corp), Membership Interest Purchase Agreement (Boxlight Corp)
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve twenty-two (1222%) percent (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 4 contracts
Samples: Line of Credit Agreement (Boxlight Corp), Line of Credit Agreement (Boxlight Corp), Line of Credit Agreement (Boxlight Corp)
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest interest shall accrue on the outstanding Principal Indebtedness at the a rate per annum equal to twelve (12%) percent 1.5 times the Interest Rate (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 3 contracts
Samples: Line of Credit Agreement (Triangle Canna Corp.), Promissory Note (Triangle Canna Corp.), Promissory Note (Triangle Canna Corp.)
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve six (126%) percent (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower Maker be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 3 contracts
Samples: Assignment of Lease and Festival Rights Agreement, Assignment of Lease and Festival Rights (Origo Acquisition Corp), Assignment of Lease and Festival Rights (Hightimes Holding Corp.)
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve (12%) percent (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower Maker be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Origo Acquisition Corp), Stock Purchase Agreement (Hightimes Holding Corp.)
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve fifteen (1215%) percent per annum (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 2 contracts
Samples: Line of Credit Agreement (Lucy Scientific Discovery, Inc.), Line of Credit Agreement (Lucy Scientific Discovery, Inc.)
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest interest shall accrue on the outstanding Principal Indebtedness at the a rate per annum equal to twelve (12%) percent per annum (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 2 contracts
Samples: Promissory Note (Triangle Canna Corp.), Promissory Note (Triangle Canna Corp.)
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve eighteen (1218%) percent per annum (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 1 contract
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve eight (128%) percent (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower Maker be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 1 contract
Samples: Convertible Promissory Note (Protea Biosciences Group, Inc.)
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve (1222%) percent (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 1 contract
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve eight (128%) percent (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 1 contract
Samples: Merger Agreement (Photomedex Inc)
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve eighteen (1218%) percent (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 1 contract
Default Interest Rate. During any period in which an Event of Default has occurred and is continuing, Interest interest shall accrue on the outstanding Principal Indebtedness at the rate per annum equal to twelve fifteen (1215%) percent (the “Default Interest Rate”), compounded monthly; provided, however, that in no event shall Borrower be obligated to pay Interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Appears in 1 contract
