Common use of Contract Rate Clause in Contracts

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 twelve percent (12%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 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 4 contracts

Sources: Convertible Term Note (American Technologies Group Inc), Convertible Term Note (American Technologies Group Inc), 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") shall accrue at a rate per annum equal to twelve thirteen percent (1213.0%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September October 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 4 contracts

Sources: Secured Term Note (True North Energy CORP), Secured Term Note (True North Energy CORP), Secured Term Note (True North Energy CORP)

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 twelve seventeen and one half percent (1217.50%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 360-day year, and (ii) payable monthly, in arrears, commencing on September 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 3 contracts

Sources: Secured Term Note (Windswept Environmental Group Inc), Secured Term Note (Windswept Environmental Group Inc), Secured Term Note (Windswept Environmental Group 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 twelve ten percent (12%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 1, 2005 the first day of the month following the date of this Note 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 2 contracts

Sources: Note (Rapid Link Inc), Note (Rapid Link Inc)

Contract Rate. Subject to Sections 4.2 2.2 and 5.103.10, interest payable on the outstanding principal amount of this Note (the "Principal Amount") shall accrue at a rate per annum equal to twelve fifteen percent (1215%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September November 1, 2005 2008, and on the first business day of each consecutive calendar succeeding month thereafter through and including the Maturity Date, and on the Maturity Date, whether by acceleration or otherwise.

Appears in 2 contracts

Sources: Note (Pervasip Corp), Note (Pervasip Corp)

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 of twelve per annum equal to twelve percent cent (12%) per annum (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 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

Sources: Omnibus Amendment to Loan Documents (Digital Angel Corp)

Contract Rate. Subject to Sections 4.2 sections 3.2 and 5.104.10, interest payable on the outstanding principal amount of this Note (the "Principal Amount") shall accrue at a fixed rate per annum equal to ten percent (10%) through February 5, 2009, and at a fixed annual rate per annum of twelve percent (12%) thereafter (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September March 1, 2005 2006 and continuing 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: Omnibus Amendment (Incentra Solutions, 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 twelve ten percent (1210%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 1, 2005 the first business day of the month following the initial disbursement of funds hereunder 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: Note (Rapid Link 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 twelve percent (12%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 1, 2005 on the first business day of each consecutive calendar month thereafter through and including the Maturity Date, and full on the Maturity Date, whether by Date or earlier upon acceleration or otherwisein accordance with the terms of the Security Agreement.

Appears in 1 contract

Sources: Note (Quadrant 4 Systems Corp)

Contract Rate. Subject to Sections 4.2 and 5.105.9, interest payable on the outstanding principal amount of this Note (the "Principal Amount") shall accrue at a rate per annum equal to twelve ten percent (1210.0%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 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

Sources: Secured Term Note (Hesperia Holding Inc)

Contract Rate. Subject to Sections 4.2 2.2 and 5.103.10, interest payable on the outstanding principal amount of this Note (the "Principal Amount") shall accrue at a rate per annum equal to twelve percent (1212.0%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September November 1, 2005 2008, 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 (Digital Angel Corp)

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 twelve eighteen percent (1218%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 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

Sources: Secured Convertible Term Note (American Technologies Group Inc)

Contract Rate. Subject to Sections 4.2 and 5.10Section 1.3, interest payable on the outstanding principal amount of this Note (the "Principal Amount") shall accrue at a rate per annum equal to twelve five percent (125.0%) per annum (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 365 day year, and (ii) payable monthlyquarterly, in arrears, commencing on September July 1, 2005 2006, on the first business day of each consecutive calendar month quarter thereafter through and including the Maturity Date, and on the Maturity Datematurity of this Note , whether by acceleration or otherwise.

Appears in 1 contract

Sources: Secured Convertible Term Note (A21 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 fixed rate per annum equal to twelve ten percent (1210%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September March 1, 2005 2006 and continuing 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: Assignment and Amendment Agreement (Incentra Solutions, 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 twelve twenty percent (1220%) (the "Contract RateCONTRACT RATE"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 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

Sources: Secured Term Note (New Century Energy Corp.)

Contract Rate. Subject to Sections 4.2 4.8 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 twelve nine and one half percent (129.50%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September February 1, 2005 2007 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 Term Note (Numerex Corp /Pa/)

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 twelve seventeen and one-half percent (1217.5%) (the "Contract RateCONTRACT RATE"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September July 1, 2005 2006 and continuing 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 (New Century Energy Corp.)

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 twelve ten percent (1210%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September June 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

Sources: Secured Term Note (Digital Recorders 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 twelve twenty percent (1220%) (the "Contract RateCONTRACT RATE"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 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

Sources: Secured Term Note (New Century Energy Corp.)

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 twelve ten percent (1210%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 1the first day of the first month following the initial Revolving Loan, 2005 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

Sources: Security Agreement (Rapid Link 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 twelve twenty percent (1220%) (the "Contract RateCONTRACT RATE"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 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

Sources: Secured Term Note (New Century Energy Corp.)

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 twelve twenty percent (1220%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 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

Sources: Secured Term Note (New Century Energy Corp.)

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 twelve eight percent (128%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September March 1, 2005 2010, and on the first business day of each consecutive calendar month thereafter through and including the Maturity Date, and on the Maturity Dateuntil paid in full, whether by acceleration following demand or otherwise.

Appears in 1 contract

Sources: Secured Term Note (Rapid Link 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 twelve ten percent (1210%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September April 1, 2005 2008, 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 (Rapid Link Inc)

Contract Rate. Subject to Sections 4.2 1.7 and 5.102.9, interest payable on the outstanding principal amount of this Note (the "Principal Amount") shall accrue at a rate per annum equal to twelve nine percent (129.0%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 365 day yearyear comprised of twelve (12) months with the actual number of days for each month, and (ii) payable monthly, in arrears, commencing on September May 1, 2005 2015, 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: Note Agreement (GreenHunter Resources, Inc.)

Contract Rate. Subject to Sections 4.2 4.8 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 twelve nine and three quarters percent (129.75%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September June 1, 2005 2006 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 Term Note (Numerex Corp /Pa/)

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 twelve fifteen percent (1215.0%) (the "Contract Rate"). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 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

Sources: Secured Term Note (Iwt Tesoro Corp)