Default Interest Rates. Upon the occurrence and during the continuance of an Event of Default the outstanding principal amount of each Revolving Credit Loan, shall, at the option of the Bank, bear interest payable on demand, at a rate per annum equal to the applicable rate set forth under Section 3.1(a) for each Revolving Credit Loan plus five (5.00%) percent.
Appears in 3 contracts
Samples: Credit Agreement (Healthier Choices Management Corp.), Rloc Credit Agreement (Healthier Choices Management Corp.), Rloc Credit Agreement (Healthier Choices Management Corp.)
Default Interest Rates. Upon the occurrence and during the continuance of an Event of Default Default, the outstanding principal amount of each Revolving Credit Loan, shall, at the option of the Bank, bear interest payable on demand, at a rate per annum equal to the applicable rate set forth under Section 3.1(a) for each Revolving Credit Loan plus five (5.00%) percentpercent per annum.
Appears in 1 contract
Default Interest Rates. Upon the occurrence and during the continuance of an Event of Default the outstanding principal amount of each Revolving Credit Term Loan, shall, at the option of the Bank, bear interest payable on demand, at a rate per annum equal to the applicable rate set forth under Section 3.1(a) for each Revolving Credit the Term Loan plus five twelve (5.0012.00%) percent.
Appears in 1 contract
Samples: Term Loan Credit Agreement (Healthier Choices Management Corp.)
