Floor Interest Rate definition

Floor Interest Rate. (as defined in the Note) shall decrease from the rate of five and one-half percent (5.50%) per annum, to five percent (5.00%) per annum.
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Floor Interest Rate means the lowest rate at which Subsidiary Loans can be made by the Borrower to the PFI, and reflecting the costs of the Borrower established under terms and procedures acceptable to the Bank according to the procedures established in Schedule 5 to this Agreement;
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Floor Interest Rate. For any adjustable rate Mortgage Loan, an interest rate 2% below the initial interest rate on such Mortgage Loan. The interest rate shall not decrease below the Floor Interest Rate during the term of the Mortgage Loan.
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Examples of Floor Interest Rate in a sentence

  • The Fixed Interest or the Floor Interest Rate, as applicable, on this Note will accrue from the Issue Date or from the most recent date to which interest has been paid or provided for.

  • As of the Cut-off Date, no adjustable-rate Mortgage Loan had a Floor Interest Rate below 12.9%.

  • Notwithstanding the foregoing, however, (A) the amount payable on each Interest Payment Date, other than the initial Interest Payment Date, will be the higher of (i) the Total Interest and (ii) 5.50% per annum (the “Floor Interest Rate”) and (B) the interest payable on the initial Interest Payment Date will be based solely on the Floor Interest Rate.

  • Each payment of the Fixed Interest or the Floor Interest Rate, as applicable, on this Note will include interest accrued for the period commencing on and including the immediately preceding Interest Payment Date (or, if none, the Issue Date) through the day before the applicable Interest Payment Date.

  • The weighted average Floor Interest Rate on the adjustable-rate Mortgage Loans as of the Cut-off Date was 13.45%.

  • The Fixed Interest or the Floor Interest Rate, as applicable, on the Notes will accrue from the Issue Date or from the most recent date to which interest has been paid or duly provided for, to the date the principal amount of such Note is paid or deemed paid, as the case may be, pursuant to clause (i) of this Section 2.04(a) or any of Sections 3.05 or 9.03 hereof.

  • Notwithstanding the foregoing, however, (A) the amount payable on each Interest Payment Date, other than the initial Interest Payment Date, will be the higher of (i) the Total Interest and (ii) 5.50% per annum (the “Floor Interest Rate”) and (B) the initial Interest Payment Date will be based solely on the Floor Interest Rate.