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: 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 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 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 3 contracts
Samples: 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 three and one-half of one percent (2.03.5%) (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 The Contract Rate shall not at any time be less than seven and one quarter eleven percent (7.2511%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August November 1, 20052007, 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: Convertible Note Agreement (General Environmental Management, Inc), Convertible Note (General Environmental Management, 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: Secured Revolving Note (Accentia Biopharmaceuticals Inc), Secured Non Convertible Revolving Note (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 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 through and including the Maturity Date, and on the Maturity Date, whether by acceleration or otherwise.
Appears in 1 contract
Samples: Secured Revolving Note (Farmstead Telephone 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 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. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and one quarter eight percent (7.258.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August April 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: Secured Non Convertible Revolving Note (Digital Recorders 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: 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 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. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and one quarter eleven percent (7.2511.00%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August July 1, 20052007, 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: Secured Convertible Term Note (Elandia International 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 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 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. 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 September 1, 2005, 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
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: Secured Convertible Minimum Borrowing Note (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 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 eight percent (7.258.0%). 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: Secured Convertible Term Note (On the Go Healthcare 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 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 eight percent (7.258.0%). 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: Secured Non Convertible Revolving Note (Netfabric Holdings, 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 eight and one quarter percent (2.08.25%) (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 The Contract Rate shall not at any time be less than seven and one quarter fifteen percent (7.2515.00%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August [December] 1, 2005, 2007 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
Samples: 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 (2.02%) (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 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 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: Secured Convertible Term Note (American Technologies 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 eight percent (7.258.0%). 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, 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
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 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 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 September 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
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 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: Secured Term Note (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 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. 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 March 1, 2005, 2005 and on the first business day of each consecutive calendar month thereafter through and including until 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 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
Samples: Secured Convertible Minimum Borrowing Note (Stonepath 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") 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
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
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 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: Secured Convertible Minimum Borrowing Note (Farmstead Telephone 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 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: 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") 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 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, 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
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: 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 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 The Contract Rate shall not at any time be less than seven and one quarter eight percent (7.258%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on August 1, 2005thirty (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
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: 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 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: 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 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
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 one quarter eight percent (7.258.0%). ) 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.
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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 and one-half percent (2.02.5%) (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 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 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.
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Samples: Secured Non Convertible Revolving Note (Micro Component Technology 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 and a half percent (2.02.5%) (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 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 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.
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Samples: Secured Convertible Term Note (Path 1 Network 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"“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"“Prime Rate”), plus two four percent (2.04.0%) and (ii) ten percent (10.0%) (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 one quarter ten percent (7.2510.0%). 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, 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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Samples: 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 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.
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Samples: Secured Convertible Minimum Borrowing Note (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 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.
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Samples: Secured Convertible Note (Integrated Security Systems 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 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.
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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 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. Subject to Section 1.2, the The Contract Rate shall not at any time be less than seven and one quarter ten percent (7.2510.00%). 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, 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.
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Samples: Secured Revolving Note (Elandia 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 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: 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 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.
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Samples: Secured Convertible Term 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 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 November 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
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 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 February 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
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.
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