Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% above the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 2 contracts
Samples: Loan and Security Agreement (KVH Industries Inc \De\), Loan and Security Agreement (Tmci Electronics Inc)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% two percent (2.00%) above the interest Applicable Annual Rate or at such other rate otherwise applicable thereto per annum above the Applicable Rate (not to exceed two percent (2.00%)) as Lender shall, in its sole discretion, elect (the "Default Rate").
Appears in 2 contracts
Samples: Loan and Security Agreement (Black Warrior Wireline Corp), Loan and Security Agreement (Black Warrior Wireline Corp)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% the lesser of (a) two percent (2.00%) above the interest rate otherwise applicable thereto Applicable Annual Rate and (b) the "Default Maximum Legal Rate").
Appears in 2 contracts
Samples: Loan and Security Agreement (Bayard Drilling Technologies Inc), Loan and Security Agreement (Bayard Drilling Technologies Inc)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.05% above the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 2 contracts
Samples: Loan and Security Agreement (Joule Inc), Loan and Security Agreement (Pure World Inc)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% one and one half percent (1.5%) above the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 1 contract
Samples: Loan and Security Agreement (United Natural Foods Inc)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.03% above the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 1 contract
Samples: Loan and Security Agreement (Questron Technology Inc)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% two hundred (200) basis points above the interest rate otherwise applicable thereto (the "Default Rate")) and the per annum fees for all Letters of Credit and LC Guarantys shall increase by 1% after the occurrence of an Event of Default.
Appears in 1 contract
Default Rate of Interest. Upon and after the occurrence and during the continuation of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.03% above the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 1 contract
Samples: Loan and Security Agreement (Questron Technology Inc)
Default Rate of Interest. Upon and after the occurrence of an Event of o Default, and during the continuation thereof, the principal amount of all the Loans shall bear interest at a rate per annum equal to 2.0% two percent (2%) above the interest rate otherwise applicable thereto (the "Default Rate")with respect to Base Rate Loans.
Appears in 1 contract
Samples: Loan and Security Agreement (Eagle Supply Group Inc)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% above plus the interest rate otherwise applicable thereto (the "“Default Rate"”).
Appears in 1 contract
Samples: Loan and Security Agreement (Channell Commercial Corp)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.02% above the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 1 contract
Samples: Loan and Security Agreement (United Industrial Corp /De/)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a the rate per annum equal in effect pursuant to 2.0% Section 2.1.1(A)(i) above the interest rate otherwise applicable thereto plus two percent (2%) (the "Default Rate").
Appears in 1 contract
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, (i) the principal amount of all Loans (including Letters of Credit) shall bear interest at a rate per annum equal to 2.02% above the interest rate otherwise applicable thereto (the "Default Rate"), and (ii) any Loans made thereafter shall be at the Base Rate and all Loans then outstanding shall be converted to Base Rate Advances.
Appears in 1 contract
Samples: Loan and Security Agreement (Financial Performance Corp)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.03% above the interest rate otherwise applicable thereto (the "Default Rate"). Lender shall charge and collect the Default Rate in a commercially reasonable manner.
Appears in 1 contract
Default Rate of Interest. Upon and after the occurrence and during the continuation of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.02.00% above plus the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 1 contract
Samples: Loan and Security Agreement (First Aviation Services Inc)
Default Rate of Interest. Upon and after the occurrence of at all times while an Event of Default, and during the continuation thereofDefault exists, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.04% above the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 1 contract
Samples: Loan and Security Agreement (Open Plan Systems Inc)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% two (2%) above the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 1 contract
Default Rate of Interest. Upon and after the occurrence of ------------------------ an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% two percent (2%) above the interest rate otherwise applicable thereto (the "Default Rate").. ------------
Appears in 1 contract
Samples: Loan and Security Agreement (Avalon Community Services Inc)
Default Rate of Interest. Upon and after the occurrence of an ------------------------ Event of Default, and during the continuation thereof, at the option of the Lender, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% above plus the interest rate otherwise applicable thereto ---- (the "Default Rate").
Appears in 1 contract
Default Rate of Interest. Upon and after the occurrence of an a Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% above the Default Rate, which interest rate otherwise shall be applicable thereto as of the date on which the Default (which became such Event of Default) occurred and during the "Default Rate")continuation of such Event of Default.
Appears in 1 contract
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% four and 00/100 percent (4.00%) above the interest rate otherwise applicable thereto (the "“Default Rate"”).
Appears in 1 contract
Samples: Loan and Security Agreement (Allied Healthcare Products Inc)
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans the Term Loan shall bear interest at a rate per annum equal to 2.02.00% above the Base Rate or other applicable rate of interest rate otherwise applicable thereto (the "Default Rate").
Appears in 1 contract
Samples: Loan and Security Agreement (Jayhawk Acceptance Corp)
Default Rate of Interest. Upon and after the occurrence of an ------------------------ Event of Default, and during the continuation thereof, the principal amount of all Loans shall bear interest at a rate per annum equal to 2.0% four (4%) percent above the interest rate otherwise applicable thereto Base Rate (the "Default Rate").
Appears in 1 contract
Default Rate of Interest. Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of all Loans the Loan shall bear interest at a rate per annum equal to 2.0% two percent (2%) above the interest rate otherwise applicable thereto (the "Default Rate").
Appears in 1 contract
