Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two percent (2.0%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters percent (7.75%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date and on the Maturity Date, whether by acceleration or otherwise.
Appears in 3 contracts
Sources: Secured Convertible Minimum Borrowing Note (Accentia Biopharmaceuticals Inc), Secured Convertible Minimum Borrowing Note (Accentia Biopharmaceuticals Inc), Secured Convertible Minimum Borrowing Note (Accentia Biopharmaceuticals Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters one quarter percent (7.757.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 2005, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 3 contracts
Sources: Secured Convertible Term Note (Windswept Environmental Group Inc), Secured Convertible Term Note (Windswept Environmental Group Inc), Secured Convertible Term Note (Windswept Environmental Group Inc)
Contract Rate. Subject to Sections 4.2 2.2 and 5.103.9, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two three and one-quarter percent (2.03.25%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters ten percent (7.7510%) nor more than fourteen percent (14%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4December 1, 2005 2005, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 2 contracts
Sources: Secured Term Note (Petrol Oil & Gas Inc), Secured Term Note (Petrol Oil & Gas Inc)
Contract Rate. Subject to Sections 4.2 3.2 and 5.104.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two percent (2.0%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters percent (7.75%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 2 contracts
Sources: Secured Revolving Note (Accentia Biopharmaceuticals Inc), Secured Non Convertible Revolving Note (Accentia Biopharmaceuticals Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two one percent (2.01%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven an annual rate of five and threeone-quarters half percent (7.755.50%). Interest shall be (i) calculated payable on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4September 1, 2005 and on the first business day Business Day of each consecutive calendar month thereafter through and including the Maturity Date and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Minimum Borrowing Note (Stonepath Group Inc)
Contract Rate. Subject to Sections 4.2 2.2 and 5.103.9, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two three and one-quarter percent (2.03.25%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters ten percent (7.7510%) nor more than fourteen percent (14%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4July 1, 2005 2006, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Contract Rate. Subject to Sections 4.2 2.2 and 5.103.9, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two three and one-quarter percent (2.03.25%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters ten percent (7.7510%) nor more than fourteen percent (14%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 41, 2005 2006, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal THE WALL STREET JOURNAL from time to time (the “Prime Rate”"PRIME RATE"), plus two one percent (2.01.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters percent (7.757.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Minimum Borrowing Note (Incentra Solutions, Inc.)
Contract Rate. Subject to Sections 4.2 3.2 and 5.104.10, interest payable on the outstanding principal amount of this Note (the “"Principal Amount”") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “"Prime Rate”"), plus two one percent (2.01.0%) (the “"Contract Rate”"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%)) per annum. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Contract Rate. Subject to Sections 4.2 2.2 and 5.103.9, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two eight and one quarter percent (2.08.25%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and three-quarters fifteen percent (7.7515.00%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4[December] 1, 2005 2007 on the first business day Business Day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Note (Sten Corp)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Minimum Borrowing Note (Naturade Inc)
Contract Rate. Subject to Sections 4.2 3.2 and 5.104.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Contract Rate. Subject to Sections 4.2 3.2 and 5.104.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two one and one-half percent (2.01.5%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4October 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Convertible Note (Iwt Tesoro Corp)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters one quarter percent (7.757.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4July 1, 2005 2005, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Term Note (Windswept Environmental Group Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “"Principal Amount”") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “"Prime Rate”"), plus two one and one half percent (2.01.50%) (the “"Contract Rate”"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Note (Integrated Security Systems Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “"Principal Amount”") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “"Prime Rate”"), plus two percent (2.02%) (the “"Contract Rate”"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven eight and threeone-quarters quarter of one percent (7.758.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4September 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Note (American Technologies Group Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal THE WALL STREET JOURNAL from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and three-quarters nine percent (7.759.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 41, 2005 2006, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Term Note (Incentra Solutions, Inc.)
Contract Rate. Subject to Sections 4.2 2.2 and 5.103.9, interest payable on the ------------- outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “prime rate” "PRIME RATE" published in The Wall Street --------------- Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.02%) (the “Contract Rate”------- "CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and three-quarters eight percent (7.758%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4July 1, 2005 2006, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal THE WALL STREET JOURNAL from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters percent (7.75%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 2006, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Contract Rate. Subject to Sections 4.2 3.2 and 5.104.10, interest payable on the outstanding principal amount of this Note (the “"Principal Amount”") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “"Prime Rate”"), plus two one and one half percent (2.01.50%) (the “"Contract Rate”"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Revolving Note (Integrated Security Systems Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). ) Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 2005, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable ------------- on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The --- Wall Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent -------------------- (2.02%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters percent (7.757%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4September 1, 2005 2005, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Term Note (New Century Energy Corp.)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two one and one-half percent (2.01.5%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4October 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Note Agreement (Iwt Tesoro Corp)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “"Principal Amount”") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “"Prime Rate”"), plus two percent (2.0%) (the “"Contract Rate”"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 41, 2005 on the first business day of each consecutive calendar month thereafter (each, a "Payment Date"), through and including the Maturity Date and on the Maturity Date, Date whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Minimum Borrowing Note (Farmstead Telephone Group Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the greater of (i) “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two four percent (2.04.0%) and (ii) ten percent (10.0%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and three-quarters ten percent (7.7510.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4, 2005 2005, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Term Note (Accentia Biopharmaceuticals Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on -------------- the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall -------- Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.02%) (the “Contract Rate”-------------- "CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters percent (7.757%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4September 1, 2005 2005, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Term Note (New Century Energy Corp.)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable -------------- on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall -------- Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.02%) (the “Contract Rate”--------------- "CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters percent (7.757%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4September 1, 2005 2005, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Term Note (New Century Energy Corp.)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal THE WALL STREET JOURNAL from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.02%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven eight and threeone-quarters quarter of one percent (7.758.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4October 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Term Note (American Technologies Group Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two one and one half percent (2.01.50%) (the “Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4October 1, 2005 2005, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Contract Rate. Subject to Sections 4.2 3.2 and 5.104.10, interest payable on -------------- the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall -------- Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two three percent (2.03.0%) ---------- (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and three-quarters nine percent (7.759.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4September 1, 2005 2006, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
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Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two three percent (2.03.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven nine and three-quarters one half percent (7.759.50%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4January 1, 2005 2006, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
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Sources: Convertible Term Note (Fortune Diversified Industries Inc)
Contract Rate. Subject to Sections 4.2 3.2 and 5.104.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal THE WALL STREET JOURNAL from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.02%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven eight and threeone-quarters quarter of one percent (7.758.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4October 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
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Sources: Secured Revolving Note (American Technologies Group Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal to the “prime rate” published in The Wall Street Journal from time to time (the “Prime Rate”), plus two percent (2.0%) (the “Contract Rate”). The Contract Rate shall be Second A&R Minimum Borrowing Note increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and three-quarters percent (7.75%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date and on the Maturity Date, whether by acceleration or otherwise.
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Sources: Secured Convertible Minimum Borrowing Note (Accentia Biopharmaceuticals Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on ------------- the outstanding principal amount of this Note (the “"Principal Amount”") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall -------- Street Journal from time to time (the “"Prime Rate”"), plus two percent (2.0%) --------------- (the “"Contract Rate”"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters one quarter percent (7.757.25%). Interest shall be (i) calculated on the basis of a 360 360-day year, and (ii) payable monthly, in arrears, commencing on May 4, 2005 on the first business day of each consecutive calendar month thereafter hereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Sources: Secured Convertible Term Note (Windswept Environmental Group Inc)
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters six percent (7.756.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 41, 2005 on the first business day of each consecutive calendar month thereafter (each, a "PAYMENT DATE"), through and including the Maturity Date and on the Maturity Date, Date whether by acceleration or otherwise.
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Sources: Secured Convertible Minimum Borrowing Note (Farmstead Telephone Group Inc)
Contract Rate. Subject to Sections 4.2 2.2 and 5.103.9, interest payable on the ------------- outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street --------------- Journal from time to time (the “Prime Rate”"PRIME RATE"), plus two percent (2.0%) (the “Contract Rate”-- "CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and three-quarters nine percent (7.759.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4September 1, 2005 2006 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Contract Rate. Subject to Sections 4.2 3.2 and 5.104.10, interest payable on the outstanding principal amount of this Note (the “Principal Amount”"PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the “"prime rate” " published in The Wall Street Journal THE WALL STREET JOURNAL from time to time (the “Prime Rate”"PRIME RATE"), plus two one percent (2.01.0%) (the “Contract Rate”"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven and three-quarters percent (7.757.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 4August 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date Date, and on the Maturity Date, whether by acceleration or otherwise.
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