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 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on October 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 2 contracts

Sources: Secured Revolving Note (Spacedev Inc), Secured Revolving Note (Spacedev Inc)

Contract Rate. Subject to Sections 2.2 3.2 and 3.94.10, interest payable on the outstanding Principal Amount 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on October September 1, 2006 2005 and 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 (Miscor Group, Ltd.)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, interest payable on the outstanding Principal Amount 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthlymonthly in cash, in arrears, commencing on October February 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 Term Note (Implant Sciences Corp)

Contract Rate. Subject to Sections 2.2 and 3.9, interest payable on the outstanding Principal Amount 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on October August 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 Non Convertible Revolving Note (Stockeryale Inc)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, interest payable on the outstanding Principal Amount 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthlymonthly in cash, in arrears, commencing on October 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.

Appears in 1 contract

Sources: Secured Term Note (Implant Sciences Corp)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, interest payable on the outstanding Principal Amount principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum (the “Contract Rate”) 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on October July 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 (Time America Inc)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, interest payable on the outstanding Principal Amount 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on October 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: Note Agreement (Iwt Tesoro Corp)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, interest payable on the outstanding Principal Amount 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on October September 1, 2006 2005 and 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 (Miscor Group, Ltd.)

Contract Rate. Subject to Sections 2.2 3.2 and 3.94.10, interest payable on the outstanding Principal Amount principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum (the “Contract Rate”) 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on October 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.

Appears in 1 contract

Sources: Secured Revolving Note (Time America Inc)

Contract Rate. Subject to Sections 2.2 4.2 and 3.95.10, interest payable on the outstanding Principal Amount 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. Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on October September 1, 2006 2005, and 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 (Miscor Group, Ltd.)