Periodic Finance Charges. The unpaid principal under the Note shall bear interest at a rate of twelve percent (12%) per annum simple interest. Upon the Company's failure to pay amounts due on the Maturity Date (as such term is defined in the Note), the interest rate on the Note shall increase to fifteen percent (15%) per annum, as set forth in the Note.
Appears in 6 contracts
Samples: Bridge Loan and Security Agreement (Virtual Mortgage Network Inc), Bridge Loan and Security Agreement (Virtual Mortgage Network Inc), Bridge Loan and Security Agreement (Virtual Mortgage Network Inc)