Payments After an Event of Default. Upon the occurrence of any Event of Default (as defined in Section 4.1 herein), the Borrower shall be considered to be in default, and the Company shall have the remedies set forth in Section 4.2. After such occurrence of an Event of Default which remains uncured as set forth in Section 4.1, the principal amount outstanding under this Agreement shall accrue interest at the rate of twelve percent (12%) per annum compounded daily and shall continue to accrue interest until such amounts are repaid in full.
Appears in 1 contract
Sources: Loan Agreement (Playcore Inc)
Payments After an Event of Default. Upon the occurrence ---------------------------------- of any Event of Default (as defined in Section 4.1 herein), the Borrower shall be considered to be in default, and the Company shall have the remedies set forth in Section 4.2. After such occurrence of an Event of Default which remains uncured as set forth in Section 4.1, the principal amount outstanding under this Agreement shall accrue interest at the rate of twelve percent (12%) per annum compounded daily and shall continue to accrue interest until such amounts are repaid in full.
Appears in 1 contract