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 one quarter percent (7.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 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 3 contracts
Samples: Windswept Environmental Group Inc, Windswept Environmental Group Inc, Windswept Environmental Group 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 one quarter three-quarters percent (7.257.75%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 1May 4, 2005, 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 2 contracts
Samples: Accentia Biopharmaceuticals Inc, 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 (2.02%) (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 and one quarter percent (7.257%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August September 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
Samples: 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 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 one quarter percent (7.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August July 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
Samples: 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 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 and one quarter percent (7.257%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August September 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
Samples: 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 AMOUNTPrincipal 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 RATEPrime Rate"), plus two percent (2.0%) (the "CONTRACT RATEContract 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 one quarter six percent (7.256.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August May 1, 2005, 2005 on the first business day of each consecutive calendar month thereafter (each, a "Payment Date"), through and including the Maturity Date, Date and on the Maturity Date, Date whether by acceleration or otherwise.
Appears in 1 contract
Samples: 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 "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 one quarter six percent (7.256.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 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
Samples: Naturade 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 one and one half percent (2.01.50%) (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 one quarter six percent (7.256.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August October 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
Samples: Waiver Agreement (Xfone 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 AMOUNTPrincipal 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 RATEPrime Rate"), plus two one percent (2.01.0%) (the "CONTRACT RATEContract 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 one quarter six percent (7.256.0%)) per annum. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 1, 2005, 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
Samples: Pacific Cma 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 one percent (2.01%) (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 an annual rate of five and one quarter one-half percent (7.255.50%). Interest shall be (i) calculated payable on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August September 1, 2005, 2005 and 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
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 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 one quarter three-quarters percent (7.257.75%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 1May 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
Samples: Accentia Biopharmaceuticals 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 one quarter six percent (7.256.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 1, 2005, 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
Samples: Naturade Inc
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the "PRINCIPAL AMOUNTPrincipal 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 RATEPrime Rate"), plus two one and one half percent (2.01.50%) (the "CONTRACT RATEContract 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 one quarter six percent (7.256.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 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
Samples: Integrated Security Systems 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 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 The Contract Rate shall not at any time be less than seven and one quarter percent (7.257.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August March 1, 2005, 2006 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
Samples: Incentra Solutions, 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 one and one-half percent (2.01.5%) (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 one quarter six percent (7.256.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August October 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
Samples: Iwt Tesoro Corp
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 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 The Contract Rate shall not at any time be less than seven and one quarter nine percent (7.259.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August May 1, 20052006, 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
Samples: 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 AMOUNTPrincipal 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 RATEPrime Rate"), plus two one and one half percent (2.01.50%) (the "CONTRACT RATEContract 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 one quarter six percent (7.256.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 1, 2005, 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
Samples: 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 three percent (2.03.0%) (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 nine and one quarter half percent (7.259.50%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August January 1, 20052006, 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
Samples: Fortune Diversified Industries Inc
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the "PRINCIPAL AMOUNTPrincipal 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 RATEPrime Rate"), plus two percent (2.02%) (the "CONTRACT RATEContract 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 one-quarter of one quarter percent (7.258.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August September 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
Samples: 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 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 one quarter six percent (7.256.0%). ) Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 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
Samples: Naturade Inc
Contract Rate. Subject to Sections 4.2 and 5.10, interest payable on the outstanding principal amount of this Note (the "PRINCIPAL AMOUNTPrincipal 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 RATEPrime Rate"), plus two one percent (2.01.0%) (the "CONTRACT RATEContract 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 one quarter six percent (7.256.0%)) per annum. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 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
Samples: Pacific Cma 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 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 one quarter percent (7.257.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 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
Samples: 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"“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-half percent (2.01.5%) (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 one quarter six percent (7.256.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August October 1, 2005, 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
Samples: 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 (2.02%) (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 and one quarter percent (7.257%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August September 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
Samples: New Century Energy 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 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 one quarter percent (7.257.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 1, 2005, 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
Samples: Incentra Solutions, Inc.