ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Maturity of principal and interest accelerate upon the occurrence of an event of default. The events specified include failure to pay outstanding obligations under the loan, a material adverse change in the Company's financial condition or prospects and acts of insolvency. During the period of default the interest rate increase by 6% per annum.
The Company is required to reduce the outstanding principal balance to zero during the 30 day period ending on the anniversary date of the Note.
The facility replaces the Company's existing agreement relating to
Most Popular Stories
- Businesses, Investors Pressing for Green Policy
- Who's Next? More Nude Celeb Pics Hacked, Leaked
- Tips for Hiding, Securing Data on Smartphones
- Hispanic Enterprises Drive U.S. Economy
- ISIS Calls for Jihad Against 'Filthy French'
- Fed in No Rush to Raise Interest Rates
- Would You Trade Privacy for Job Security?
- Cristela Gets a Big Thumbs Up
- Lower Used-Car Prices Roil the Auto Industry
- Iran Says Syria Strikes Illegal