Common use of Contract Rate Clause in Contracts

Contract Rate. Subject to Sections 2.2 and 3.9, 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 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. The Contract Rate shall not at any time be less than nine percent (9.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 1, 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

Sources: Secured Term Note (Incentra Solutions, Inc.)

Contract Rate. Subject to Sections 2.2 3.2 and 3.94.10, 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. The Subject to Section 1.2, the Contract Rate shall not at any time be less than nine eight percent (9.08.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May July 1, 2006, 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.. . 06/30/2005

Appears in 1 contract

Sources: Secured Revolving Note (360 Global Wine Co)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, 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 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. The Contract Rate shall not at any time be less than nine eight percent (9.08%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 1, 2006thirty (30) days from the effective date of this Note, 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 Term Note (Auxilio Inc)

Contract Rate. Subject to Sections 2.2 3.2 and 3.94.10, 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 and three-quarters percent (2.01.75%) (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. The Contract Rate shall not at any time be less than nine eight percent (9.08.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May April 1, 2006, 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

Sources: Secured Non Convertible Revolving Note (Digital Recorders Inc)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, 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 three and one-half percent (2.03.50%) (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. The Contract Rate shall not at any time be less than nine eleven percent (9.011.00%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May July 1, 20062007, 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 Term Note (Elandia International Inc.)

Contract Rate. Subject to Sections 2.2 and 3.9, 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 The Wall Street Journal from time to time (the "PRIME RATEPrime Rate"), plus two one and three-quarter percent (2.01.75%) (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. The Contract Rate shall not at any time be less than nine percent (9.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May September 1, 2006, 2007 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 Revolving Note (Tarpon Industries, Inc.)

Contract Rate. Subject to Sections 2.2 3.2 and 3.94.10, 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. The Contract Rate shall not at any time be less than nine seven percent (9.07.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May March 1, 2006, 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

Sources: Secured Revolving Note (Incentra Solutions, Inc.)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, 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. The Contract Rate shall not at any time be less than nine eight and one-quarter of one percent (9.08.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May September 1, 2006, 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 Minimum Borrowing Note (American Technologies Group Inc)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, 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 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. The Subject to Section 1.2, the Contract Rate shall not at any time be less than nine six percent (9.06.0%)) per annum. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May August 1, 2006, 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 Minimum Borrowing Note (Pacific Cma Inc)

Contract Rate. Subject to Sections 2.2 and 3.9, 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 The Wall Street Journal from time to time (the "PRIME RATE"“Prime Rate”), plus two and one-half percent (2.02.50%) (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. The Contract Rate shall not at any time be less than nine ten percent (9.010.00%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May July 1, 2006, 2007 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 Revolving Note (Elandia International Inc.)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, 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. The Subject to Section 1.2, the Contract Rate shall not at any time be less than nine eight percent (9.08.0%). ) Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May July 1, 20062005, 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 Term Note (360 Global Wine Co)

Contract Rate. Subject to Sections 2.2 3.2 and 3.94.10, 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. The Subject to Section 1.2, the Contract Rate shall not at any time be less than nine six percent (9.06.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May February 1, 2006, 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

Sources: Secured Revolving Note (Naturade Inc)

Contract Rate. Subject to Sections 2.2 and 3.9, 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 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. The Subject to Section 1.2, the Contract Rate shall not at any time be less than nine eight percent (9.08.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May March 1, 2006, 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

Sources: Secured Non Convertible Revolving Note (Netfabric Holdings, Inc)

Contract Rate. Subject to Sections 2.2 3.2 and 3.94.10, 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 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. The Subject to Section 1.2, the Contract Rate shall not at any time be less than nine six percent (9.06.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May 1, 2006, 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 Revolving Note (Farmstead Telephone Group Inc)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, 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. The Contract Rate shall not at any time be less than nine eight and one-quarter of one percent (9.08.25%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May October 1, 2006, 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 Term Note (American Technologies Group Inc)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, 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 The Wall Street Journal from time to time (the "PRIME RATEPrime Rate"), plus two three and one half percent (2.03.50%) (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. The Contract Rate shall not at any time be less than nine eight percent (9.08.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May March 1, 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

Sources: Secured Convertible Term Note (General Environmental Management, Inc)

Contract Rate. Subject to Sections 2.2 3.2 and 3.94.10, 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 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. The Subject to Section 1.2, the Contract Rate shall not at any time be less than nine six percent (9.06.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on May November 1, 2006, 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 Revolving Note (RG America, Inc.)