Floor Base Rate definition

Floor Base Rate means, for any day, a rate of interest per annum equal to the highest of (i) the sum of the Prime Rate for such day plus 1% per annum, (ii) the sum of the Federal Funds Effective Rate for such day plus 1/2% per annum and (iii) the LIBOR Rate (which includes the LIBOR Applicable Margin) that would apply if such day were the first day of a LIBOR Interest Period of one month.
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Floor Base Rate means, for any day, a rate of interest per annum equal to the highest of (i) the Prime Rate, (ii) the sum of the Federal Funds Effective Rate for such day plus 1/2% per annum, (iii) Term SOFR for a one month tenor in effect on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.25% per annum, and (iv) 1.25% per annum. Any change in the Floor Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or Term SOFR, respectively.
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Examples of Floor Base Rate in a sentence

  • The Administrative Agent will notify each Lender of the interest rate applicable to each LIBOR Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Floor Base Rate.

  • The Administrative Agent will notify each Lender of the interest rate applicable to each SOFR Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Floor Base Rate.

  • During the period referenced in the foregoing sentence, the component of Floor Base Rate based upon the Benchmark will not be used in any determination of Base Rate.

  • The Administrative Agent will notify each Lender of the interest rate applicable to each LIBORSOFR Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Floor Base Rate.