FTB Rate definition

FTB Rate means the base commercial rate of interest established from time to time by the Bank. The FTB Rate is one of several interest rate indices employed by the Bank. The Borrower acknowledges that the Bank has made, and may hereafter make, loans bearing interest at rates which are lower and higher than the FTB Rate.
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Examples of FTB Rate in a sentence

  • The Borrower may elect from time to time to convert LIBOR Loans into FTB Rate Loans by giving the Bank irrevocable notice of such election, to be received by the Bank prior to 10:00 a.m., Memphis, Tennessee time, on the proposed conversion date, provided that any such conversion of LIBOR Loans shall only be made on the last day of an Interest Period with respect thereto.

  • If such notice is given (i) any requested LIBOR Loans shall be made as FTB Rate Loans, (ii) any FTB Rate Loans that were to have been converted to LIBOR Loans shall be continued as FTB Rate Loans, and (iii) any outstanding LIBOR Loans shall be converted, on the last day of the then current Interest Period applicable thereto, into FTB Rate Loans.

  • Any change in the interest rate on the Loan resulting from a change in the FTB Rate shall become effective, without notice, as of the opening of business on the day on which such change in the FTB Rate shall become effective.