RELIANCE GLOBAL GROUP, INC. : Entering into a Material Definitive Agreement, Creating a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant (Form 8-K)
Section 1.01 Entering into a Material Definitive Agreement
The terms of the Loan are as follows:
? Principal amount is
$6,520,000? Interest rate is Prime + 2.50%.Except that during the initial period of the loan, the rate is Prime + 2.75%. ? The term of the loan is ten years. ? The service fee is .50% per year.
Item 2.03 Creation of a direct financial obligation
See Item 1.01 above.
Section 5.02 Appointment of Officer
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