BMO prime rate definition
BMO prime rate the rate of interest announced or otherwise established by Bank of Montreal from time to time as its prime commercial rate, or its equivalent, for U.S. Dollar loans to borrowers located in the United States as in effect on such day, with any change in the Base Rate resulting from a change in said prime commercial rate to be effective as of the date of the relevant change in said prime commercial rate (it being acknowledged and agreed that such rate may not be Bank of Montreal’s best or lowest rate).
BMO prime rate means the floating annual rate of interest established from time to time by BMO as the reference rate it will use to determine rates of interest on Canadian dollar loans to customers in Canada;