Floating Base Rate definition

Floating Base Rate means the rate of interest declared from time to time and at any time by BDC from its head office in Montreal, Quebec, as its floating base rate of interest charged on Canadian dollar loans to its commercial customers.

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Floating Base Rate means, for any day, a rate per annum equal to the ------------------ higher of (i) the Prime Rate for such day or (ii) the sum of 1/2 of 1% plus the Federal Funds Rate for such day.

Floating Base Rate means the greater of (a) the Floating Prime Rate in effect from day to day or (b) the Federal Funds Rate plus one half of one percent (.5%).

Examples of Floating Base Rate in a sentence

• The unpaid principal of each Floating Base Advance shall bear interest from the date of advance until paid at a rate per annum which shall from day to day be equal to the lesser of (a) the Maximum Rate or (b) the sum of the Floating Base Rate in effect from day to day plus the Applicable Margin.

• The unpaid principal of each Floating Base Advance shall bear interest from the date of advance until paid at a rate per annum which shall from day to day, be equal to the lesser of: (a) the Floating Base Rate or (b) the Maximum Rate.

• The unpaid principal of each Floating Base --------------------- Advance shall bear interest from the date of advance until paid at a rate per annum which shall from day to day be equal to the lesser of (a) the Maximum Rate or (b) the sum of the Floating Base Rate in effect from day to day plus the Applicable Margin.

• The unpaid principal balance from day to day outstanding hereunder shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (a) the Floating Base Rate, as hereinafter defined (the "Contract Rate;" calculated on the basis of actual days elapsed, but computed as if each calendar year consisted of 360 days), or (b) the Highest Lawful Rate.

• Each change in the rate charged hereunder shall, subject to the foregoing, become effective, without notice to Maker, upon the effective date of each change in the Floating Base Rate or the Highest Lawful Rate, as the case may be.

More Definitions of Floating Base Rate

Floating Base Rate means the higher of (A) the rate of interest which the Agent announces from time to time to be its prime rate (which rate is not necessarily the lowest rate of interest which the Agent charges any of its customers) or (B) the Federal Funds Rate plus 0.50%.

Floating Base Rate means the prime interest rate as quoted by the Wall Street journal from time to time, plus one percent, floating, (y) "Highest Lawful Rate" means the maximum rate (or, if the context so requires, an amount calculated at such rate) of interest which the holder hereof is allowed to contract for, charge, take, reserve, or receive under applicable law after taking into account, to the extent required by applicable law, any and all relevant payments or charges. To the extent the laws of the State of Texas are applicable for the purposes of determining the Highest

Floating Base Rate as used herein shall have the meaning ascribed in the Loan Agreement.

Floating Base Rate. LIBO Rate", "LIBO Business Day" and "LIBO Interest Period" are defined in the Note referred to below. In addition, the following terms shall have the meaning set forth with respect thereto:

Floating Base Rate has the meaning given to such term in the Notes. ------------------ GAAP means generally accepted accounting principles, applied on a ---- consistent basis, set forth in Opinions of the Accounting Principles Board of the American Institute of Certified Public Accountants and/or in statements of the Financial Accounting Standards Board and/or their successors which are applicable in the circumstances as of the date in question; and the requirement that such principles be applied on a consistent basis means that the accounting principles observed in a current period are comparable in all material respects to those applied in a preceding period.

Floating Base Rate. The rate of interest established by the Lender from time to time as a means of pricing some loans to its customers. The Floating Base Rate is neither tied to any external rate of interest or index, nor does it necessarily reflect the lowest rate of interest actually charged by the Lender to any particular class or category of customers.

Floating Base Rate means, on any date, the sum of: (a) the variable rate of interest established, announced or published from time to time by Agent as its "prime rate," "base rate" or "general reference rate" of interest for short-term commercial loans in Dollars to domestic borrowers (which rate of interest may not be the lowest rate charged by Agent on similar loans); and (b) based upon the range in which the Leverage Ratio falls, the applicable percentage in accordance with the following table: ======================================================== Leverage Ratio Percentage ======================================================== Less than 35% 0.75% -------------------------------------------------------- Equal to or greater than 35%, but less 1.125% than 45% -------------------------------------------------------- Equal to or greater than 45%, but less 1.3125% than 50% -------------------------------------------------------- Equal to or greater than 50% 1.50% -------------------------------------------------------- Each change in the Floating Base Rate shall become effective without prior notice to Borrower automatically as of the opening of business on the day of such change in the Floating Base Rate.