Royalty Default Rate

Example Definitions of "Royalty Default Rate"
Royalty Default Rate. Shall mean the interest rate which is the lesser of (i) the annual rate from time to time publicly announced by Citibank, N.A. at its "base rate" or "prime rate" (or any successor rate) plus two percent (2%) or (ii) the highest applicable legal rate.
Found in MRS FIELDS FAMOUS BRANDS LLC contract
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