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Common use of Contract Rate Clause in Contracts

Contract Rate. Subject to Sections 3.2 and 4.10, 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 one percent (1.0%) (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 percent (7.0%). 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 Revolving Note (Incentra Solutions, Inc.)

Contract Rate. Subject to Sections 3.2 4.2 and 4.105.10, 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 one two percent (1.02%) (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 eight and one-quarter of one percent (7.08.25%). 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 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 3.2 2.2 and 4.103.9, interest payable on the ------------- outstanding principal amount of this Note (the "PRINCIPAL AMOUNT") shall accrue at a rate per annum equal to the "prime ratePRIME RATE" published in THE WALL STREET JOURNAL The Wall Street --------------- Journal from time to time (the "PRIME RATE"), plus one two percent (1.02%) (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 The Contract Rate shall not at any time be less than seven eight percent (7.08%). 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 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 Term Note (New Century Energy Corp.)

Contract Rate. Subject to Sections 3.2 4.2 and 4.105.10, 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 one two percent (1.02.0%) (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 six percent (7.06.0%). ) 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 Convertible Term Note (Naturade Inc)

Contract Rate. Subject to Sections 3.2 4.2 and 4.105.10, 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 one two percent (1.02%) (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 percent (7.07%). 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, and on the Maturity Date, whether by acceleration or otherwise.

Appears in 1 contract

Samples: Secured Convertible Term Note (New Century Energy Corp.)

Contract Rate. Subject to Sections 3.2 4.2 and 4.105.10, 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 one percent (1.0%) (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 percent (7.0%). 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, Date and on the Maturity Date, whether by acceleration or otherwise.

Appears in 1 contract

Samples: Secured Convertible Minimum Borrowing Note (Incentra Solutions, Inc.)

Contract Rate. Subject to Sections 3.2 2.2 and 4.103.9, 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 The Wall Street Journal from time to time (the "PRIME RATE"“Prime Rate”), plus one three and one-quarter percent (1.03.25%) (the "CONTRACT RATE"“Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven ten percent (7.010%) nor more than fourteen percent (14%). 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 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 Term Note (Petrol Oil & Gas Inc)

Contract Rate. Subject to Sections 3.2 and 4.10, 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 one and one-half percent (1.01.5%) (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 six percent (7.06.0%). 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: Convertible Note (Iwt Tesoro Corp)

Contract Rate. Subject to Sections 3.2 2.2 and 4.103.9, 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 one two percent (1.02.0%) (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 nine percent (7.09.0%). 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 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 Revolving Note (Trinity Learning Corp)

Contract Rate. Subject to Sections 3.2 and 4.10, 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 one two percent (1.02%) (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 eight and one-quarter of one percent (7.08.25%). 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 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 (American Technologies Group Inc)

Contract Rate. Subject to Sections 3.2 4.2 and 4.105.10, 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 one and one-half percent (1.01.5%) (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 six percent (7.06.0%). 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, Date and on the Maturity Date, whether by acceleration or otherwise.

Appears in 1 contract

Samples: Note Agreement (Iwt Tesoro Corp)

Contract Rate. Subject to Sections 3.2 2.2 and 4.103.9, 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 The Wall Street Journal from time to time (the "PRIME RATE"“Prime Rate”), plus one three and one-quarter percent (1.03.25%) (the "CONTRACT RATE"“Contract Rate”). The Contract Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in the Prime Rate. Subject to Section 1.2, the Contract Rate shall not at any time be less than seven ten percent (7.010%) nor more than fourteen percent (14%). 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 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 Term Note (Petrol Oil & Gas Inc)

Contract Rate. Subject to Sections 3.2 4.2 and 4.105.10, 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 one two percent -------------------- (1.02%) (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 percent (7.07%). 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, and on the Maturity Date, whether by acceleration or otherwise.

Appears in 1 contract

Samples: Secured Convertible Term Note (New Century Energy Corp.)

Contract Rate. Subject to Sections 3.2 4.2 and 4.105.10, 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 one two percent (1.02%) (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 percent (7.07%). 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, and on the Maturity Date, whether by acceleration or otherwise.

Appears in 1 contract

Samples: Secured Convertible Term Note (New Century Energy Corp.)

Contract Rate. Subject to Sections 3.2 4.2 and 4.105.10, 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 one two percent (1.02.0%) --------------- (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 percent (7.07.25%). Interest shall be (i) calculated on the basis of a 360 360-day year, and (ii) payable monthly, in arrears, commencing on August 1, 2005 on the first business day of each consecutive calendar month thereafter hereafter 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)