Minimum Lending Rate definition
Minimum Lending Rate means the annual rate of interest charged from time to time by the main branch in Toronto of the Bank of Montreal for demand loans in Canadian dollars to its most creditworthy commercial borrowers. In the event that at any time the Bank of Montreal, during the term hereof, abolishes or abandons the practice of publishing or issuing a minimum lending rate, then the Minimum Lending Rate used for the balance of the term of this Debenture shall be that rate then in effect at the Bank of Montreal which most effectively meets the initial definition of Minimum Lending Rate.
Examples of Minimum Lending Rate in a sentence
Such interest shall accrue from day to day at the rate equivalent to Lloyds Bank Minimum Lending Rate.