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. 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 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

Samples: Incentra Solutions, Inc.

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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 The Wall -------- Street Journal from time to time (the "PRIME RATE"), plus one three percent (1.03.0%) ---------- (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. 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 March September 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

Samples: Secured Term (Trinity Learning 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 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. 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 March May 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

Samples: 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"“Principal Amount”) shall accrue at a rate per annum equal to the "greater of (i) “prime rate" published in THE WALL STREET JOURNAL The Wall Street Journal from time to time (the "PRIME RATE"“Prime Rate”), plus one four percent (1.04.0%) 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. The Contract Rate shall not at any time be less than seven ten percent (7.010.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on March 1May 4, 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

Samples: Accentia Biopharmaceuticals 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. 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 March July 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

Samples: New Century Energy Corp.

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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. 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 March September 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

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 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. The 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 March August 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

Samples: 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 ratePRIME RATE" published in THE WALL STREET JOURNAL The --- Wall Street Journal from time to time (the "PRIME RATE"), plus one two percent -------------------- (1.02.0%) (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 seven eight percent (7.08.0%). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on March 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. Accrued interest on the Non-Amortizing Principal Amount shall be payable only on the Maturity Date, whether by acceleration or otherwise.

Appears in 1 contract

Samples: Secured Term (Texhoma Energy Inc)

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