Common use of Contract Rate Clause in Contracts

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%) (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 be less than six percent (6%).

Appears in 5 contracts

Sources: Secured Convertible Note (Dynamic Health Products Inc), Secured Convertible Term Note (House of Brussels Chocolates Inc), Secured Convertible Note (Dynamic Health Products 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%) (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 be less than six percent (6%).

Appears in 3 contracts

Sources: Secured Revolving Note (Dynamic Health Products Inc), Secured Revolving Note (Dynamic Health Products Inc), Secured Revolving Note (Dynamic Health Products Inc)

Contract Rate. Subject to Sections 4.2 1.2, 4.2, 5.1 and 5.106.7 hereof, 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”)time, plus two percent (22.0%) (the "Contract Rate"). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six percent (66.0 %).

Appears in 1 contract

Sources: Secured Convertible Minimum Borrowing Note (Digital Lifestyles Group Inc)

Contract Rate. Subject to Sections 4.2 4.2, 5.1 and 5.106.7 hereof, 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”)time, plus two percent (2%) (the “Contract Rate”). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six and seventy five hundredths percent (66.75%).

Appears in 1 contract

Sources: Secured Convertible Note (Comc Inc)

Contract Rate. Subject to Sections 4.2 Article V and 5.10Section 6.7, 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 "PRIME Rate"), plus two three percent (23%) (the “Contract Rate”CONTRACT RATE"). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six seven percent (67%).

Appears in 1 contract

Sources: Secured Convertible Note (Return on Investment Corp)

Contract Rate. Subject to Sections 4.2 4.11, 5.1 and 5.106.7 hereof, 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 percent (23%) (the “Contract Rate”). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six seven and one-half percent (67.50%).

Appears in 1 contract

Sources: Secured Convertible Minimum Borrowing Note (Maxim Mortgage Corp/)

Contract Rate. Subject to Sections 4.2 4.2, 5.1 and 5.106.7 hereof, 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”)time, plus two one percent (21%) (the “Contract Rate”). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six five percent (65 %).

Appears in 1 contract

Sources: Secured Convertible Note (Conversion Services International Inc)

Contract Rate. Subject to Sections 4.2 4.11 and 5.106.7 hereof, 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 percent (23%) (the “Contract Rate”). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six seven and one-half percent (67.50%).

Appears in 1 contract

Sources: Secured Convertible Term Note (Maxim Mortgage Corp/)

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%) (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 be less than six seven percent (67%).

Appears in 1 contract

Sources: Secured Revolving Note (Earthfirst Technologies 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 one and one quarter percent (21.25%) (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 be less than six and one half percent (66.50%).

Appears in 1 contract

Sources: Secured Revolving Note (Riviera Tool Co)

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 and one-half percent (22.5%) (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 be less than six percent (6%).

Appears in 1 contract

Sources: Secured Convertible Term Note (Earthfirst Technologies Inc)

Contract Rate. Subject to Sections 4.2 4.11, 5.1 and 5.106.7 hereof, 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”)time, plus two three percent (23%) (the "Contract Rate"). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six seven percent (67%).

Appears in 1 contract

Sources: Secured Convertible Minimum Borrowing Note (Hesperia Holding Inc)

Contract Rate. Subject to Sections 4.2 4.3 and 5.105.7 hereof, 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”)time, plus two one percent (21%) (the "Contract Rate"). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six five percent (65%).

Appears in 1 contract

Sources: Secured Revolving Note (Greenman Technologies 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%) (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 1.21.3, the Contract Rate shall not be less than six eight percent (68.0%).

Appears in 1 contract

Sources: Secured Convertible Term Note (Biodelivery Sciences International 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 and three quarters percent (21.75%) (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 be less than six percent (6%).

Appears in 1 contract

Sources: Secured Convertible Revolving Note (Electric City 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%) (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 be less than six seven percent (67%).

Appears in 1 contract

Sources: Secured Convertible Minimum Borrowing Note (Earthfirst Technologies Inc)

Contract Rate. Subject to Sections 4.2 4.2, 5.1 and 5.106.7 hereof, 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”)time, plus two percent (2%) (the “Contract Rate”"CONTRACT RATE"). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six percent (66 %).

Appears in 1 contract

Sources: Secured Convertible Note (Creative Vistas Inc)

Contract Rate. Subject to Sections 4.2 4.10, 5.1 and 5.106.7 hereof, 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”)time, plus two three percent (23%) (the "Contract Rate"). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six seven percent (67%).

Appears in 1 contract

Sources: Secured Convertible Note (Global Digital Solutions Inc)

Contract Rate. Subject to Sections 4.2 Article V and 5.10Section 6.7, 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 "PRIME Rate"), plus two three percent (23%) (the “Contract Rate”"CONTRACT RATE"). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six seven percent (67%).

Appears in 1 contract

Sources: Secured Convertible Term Note (Return on Investment 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 one and one quarter percent (21.25%) (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 be less than six and one half percent (66.50%).

Appears in 1 contract

Sources: Secured Convertible Minimum Borrowing Note (Riviera Tool Co)

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%) (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 Notwithstanding the foregoing, but subject to Section 1.2, the Contract Rate shall not be less than six seven and one quarter percent (67.25%)) per annum.

Appears in 1 contract

Sources: Securities Purchase Agreement (Standard Management Corp)

Contract Rate. Subject to Sections 4.2 4.11 and 5.106.7 hereof, 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 percent (23%) (the "Contract Rate"). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six seven and one-half percent (67.50%).

Appears in 1 contract

Sources: Secured Convertible Term Note (Thomas Equipment, 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%) (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 be less than six seven and one-half percent (67.5%).

Appears in 1 contract

Sources: Secured Convertible Term Note (Biodelivery Sciences International 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 four percent (24%) (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 be less than six and one half percent (66.50%).

Appears in 1 contract

Sources: Secured Convertible Term Note (Riviera Tool Co)

Contract Rate. Subject to Sections 4.2 1.2, 4.2, 5.1 and 5.106.7 hereof, 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”)time, plus two percent (22.0%) (the “Contract Rate”). The Contract Prime 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 such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six percent (66.0 %).

Appears in 1 contract

Sources: Secured Convertible Note (Digital Lifestyles Group Inc)

Contract Rate. Subject to Sections 4.2 4.11, 5.1 and 5.106.7 hereof, 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”)time, plus two percent (2%) (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 prime rate in an amount equal to such increase or decrease in the Prime Rateprime rate; each change to be effective as of the day of the change in such rate in accordance with the Prime Rateterms of the Security Agreement. Subject to Section 1.2, the Contract Rate shall not be less than six percent (6%).

Appears in 1 contract

Sources: Secured Convertible Minimum Borrowing Note (Catalyst Lighting Group Inc)