CIBC Prime Rate definition

CIBC Prime Rate means the variable rate of interest quoted by CIBC from time to time as the reference rate of interest which it employs to determine the interest rate it will charge for demand loans in Cdn. Dollars to its customers in Canada and which it designates as its prime rate. If on the date an outstanding advance under the Facility is converted into a CIBC Prime Rate loan, CIBC Prime Rate is less than the Floor Rate on that date, then the interest rate applicable to such CIBC Prime Rate loan shall be the Floor Rate.
Sample 1Sample 2Sample 3
CIBC Prime Rate means the annual rate of interest announced from time to time by Canadian Imperial Bank of Commerce as a reference rate then in effect for determining interest rates on Canadian dollar commercial loans in Canada;
Sample 1Sample 2Sample 3
CIBC Prime Rate means the variable rate of interest quoted by CIBC from time ----------------- to time as the reference rate of interest which it employs to determine the interest rate it will charge for demand loans in Canadian Dollars to its customers in Canada and which it designates as its prime rate.
Sample 1

Examples of CIBC Prime Rate in a sentence

  • The CIBC Prime Rate can change at any time.Taxes means all taxes, assessments and levies of any kind and includes any interest and penalties.

  • The interest costs will be calculated at CIBC Prime Rate on the date of prepayment.If you are paying the entire outstanding principal amount, the prepayment charge will be equal to three months’ interest on the total amount you are prepaying.

  • If there is a need to prove the CIBC Prime Rate in effect at any time, you agree that a certificate from us stating the rate will be considered as conclusive evidence of the rate in effect at that time.

  • In 1970 two DSS social workers had a project to do for their Master's Degree in Social Work.

  • The interest rate we will use to calculate the prepayment charge will be CIBC Prime Rate on the date we generate the mortgage payout statement.Prepaying your Auto 6 Plus (Convertible 6) Mortgage or Auto 12 Plus (Convertible 12) MortgageYou may only make a prepayment more than what is allowed in section 4.11 above if you pay off the full amount of the mortgage at any time, but only upon an arm’s length sale of the property with supporting documentation.

  • If the Agreement does not set out an interest rate or a calculation method, then interest will be calculated based on CIBC Prime Rate plus six percent (6%) per year calculated semi-annually not in advance.

  • However, if we do send you the letter, we may continue to accept or process the same payment amount that we processed before the change in the CIBC Prime Rate until a reasonable time after the letter was sent to you.

  • These changes will occur without you being notified.Within a reasonable time after each change in the CIBC Prime Rate, we may send you a letter telling you the current mortgage rate, and the date it became effective, and if applicable, the new principal and interest payment amount.

  • You can always find the current CIBC Prime Rate on our website at simplii.com or by contacting us.Interest is calculated half-yearly, not in advance, within the meaning of the Interest Act (Canada).If there is a need to prove the CIBC Prime Rate in effect at any time, you agree that a certificate from us stating the rate will be considered as conclusive evidence of the rate in effect at that time.

  • For each Current Mortgage Rate calculated monthly not in advance, you can find what the equivalent interest rate is calculated half-yearly not in advance.If there is a need to prove the CIBC Prime Rate in effect at any time, you agree that a certificate from us stating the rate will be considered as conclusive evidence of the rate in effect at that time.

Related to CIBC Prime Rate

  • U.S. Prime Rate means the per annum rate of interest announced by the Agent, at its main office from time to time as its "prime rate" (it being acknowledged that such announced rate may not necessarily be the lowest rate charged by the Agent to any of its customers), which U.S. Prime Rate shall change simultaneously with any change in such announced rate.

  • Canadian Prime Rate means, on any day, the annual rate of interest equal to the greater of (a) the annual rate of interest announced by the Canadian Reference Lender and in effect as its prime rate at its principal office in Toronto, Ontario on such day for determining interest rates on Canadian Dollar-denominated commercial loans in Canada, and (b) the annual rate of interest equal to the sum of the one-month CDOR in effect on such day plus 1.0% per annum.

  • Prime Rate means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

  • Base Rate means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the highest of:

  • Prime Rate Margin is set forth on Schedule I hereto.

  • Prime Rate Spread means the difference (expressed as the number of basis points) between (a) LIBOR plus the Spread on the date LIBOR was last applicable to the Loan and (b) the Prime Rate on the date that LIBOR was last applicable to the Loan; provided, however, in no event shall such difference be a negative number.

  • Adjusted Prime Rate A rate per annum equal to the sum of (a) the Prime Rate Margin and (b) the greater of (i) the Prime Rate or (ii) one percent (1%) in excess of the Federal Funds Effective Rate. Any change in the Adjusted Prime Rate shall be effective immediately from and after such change in the Adjusted Prime Rate.

  • Reference Rate means the rate specified as such hereon.

  • Applicable Prime Rate Margin shall have the meaning provided in section 2.7(g).

  • Prime Rate Loan means any Loan bearing interest at a rate determined by reference to the Prime Rate in accordance with the provisions of Article II.

  • Canadian Prime Rate Loan means a Loan that bears interest based on the Canadian Prime Rate.

  • LIBOR Applicable Margin means, as of any date with respect to any LIBOR Interest Period, the Applicable Margin in effect for such LIBOR Interest Period as determined in accordance with Section 2.4 hereof.

  • Canadian Prime Rate Loans means Loans for which the applicable rate of interest is based upon the Canadian Prime Rate.

  • Prime Rate of Interest means the prime rate of interest published from time to time in the Wall Street Journal as the prime rate; provided, however that if the Wall Street Journal does not publish the Prime Rate of Interest, then the term “Prime Rate of Interest” shall mean the rate of interest publicly announced by Bank of America, N.A., as its Prime Rate, Base Rate, Reference Rate or the equivalent of such rate, whether or not such bank makes loans to customers at, above, or below said rate.

  • Prime Rate Loans means any Loans or portion thereof on which interest is payable based on the Prime Rate in accordance with the terms thereof.

  • LIBOR Base Rate means, for each Interest Period, the London interbank offered rate for six-month deposits in Dollars for value the first day of such Interest Period (or, in the case of the initial Interest Period, for value the Interest Payment Date occurring on or next preceding the first day of such Interest Period), as reasonably determined by the Bank and expressed as a percentage per annum.

  • LIBOR Rate means a rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) determined by the Administrative Agent pursuant to the following formula: LIBOR Rate = LIBOR

  • U.S. Base Rate means, for any day, the rate of interest per annum equal to the greater of (a) the interest rate per annum publicly announced from time to time by the Administrative Agent as its reference rate in effect on such day at its principal office in Toronto for determining interest rates applicable to commercial loans denominated in U.S. Dollars in Canada (each change in such reference rate being effective from and including the date such change is publicly announced as being effective) and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%.

  • Swingline Rate means the Base Rate plus the Applicable Margin applicable to Base Rate Loans.

  • Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.

  • Prime Rate Advance means an Advance that bears interest based at the Prime Rate.

  • Base Rate Margin means a rate per annum determined in accordance with the Pricing Schedule.

  • Bank Rate means the one year marginal cost of lending rate (MCLR) of the State Bank of India issued from time to time plus 350 basis points;”

  • Offshore Rate means, for any Interest Period, with respect to Offshore Rate Loans comprising part of the same Borrowing, the rate of interest per annum (rounded upward to the next 1/16th of 1%) determined by the Agent as follows: Offshore Rate = LIBOR ------------------------------------ 1.00 - Eurodollar Reserve Percentage Where,

  • Canadian Base Rate means, at any time, the annual rate of interest equal to the greater of (a) the annual rate from time to time publicly announced by Agent (or a bank that is listed on Schedule 1 of the Bank Act (Canada) acceptable to Agent) as its prime rate in effect for determining interest rates on Canadian Dollar denominated commercial loans made in Canada and (b) the annual rate of interest equal to the sum of the 30-day BA Rate at such time plus 1% percent per annum.

  • CDOR Rate means, the rate per annum, equal to the average of the annual yield rates applicable to Canadian Dollar banker’s acceptances at or about 10:00a.m. (Toronto, Ontario time) on the first day of such Interest Period (or if such day is not a Business Day, then on the immediately preceding Business Day) as reported on the “CDOR Page” (or any display substituted therefor) of Reuters Monitor Money Rates Service (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian Dollar bankers’ acceptances as may be designated by the Administrative Agent from time to time) for a term equivalent to such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent to the number of months closest to such Interest Period).