Prime Floor definition

Prime Floor has the meaning given in the definition of Prime Rate.

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Prime Floor means the Benchmark Floor. “Prime Rate” shall mean the sum of (i) the greater of (A) Prime and (B) the Prime Floor, and (ii) the Prime Spread. “Prime Rate Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon Prime pursuant to Section 2.5 hereof. “Prime Spread” shall mean the difference (expressed as the number of basis points) between (a) the Benchmark Rate on the Determination Date that the Benchmark was last applicable to the Loan and (b) Prime on the Determination Date that the Benchmark was last applicable to the Loan; provided, however, in no event shall such difference be a negative number. “Prohibited Entity” shall mean any Person which (i) is a statutory trust organized under 12 Del.C. § 3801 et seq. (or any successor statute thereto), or under any similar state or federal law, (ii) is a Crowdfunded Person or (iii) owns a direct or indirect interest in Borrower, any SPE Component Entity or the Property through a tenancy-in-common or other similar form of ownership interest.

Prime Floor means four percent (4.0%).

Examples of Prime Floor in a sentence

• All Advances against Accounts under the A/R Line of Credit hereunder shall bear interest, on the Daily Balance, at a per annum rate of two percent (2.00%) in excess of (i.) the Prime Rate; or (ii.) the Prime Floor, whichever is higher.

• All Advances against Inventory under the Inventory Line of Credit hereunder shall bear interest, on the Daily Balance, at a per annum rate of n/a percent ( n/a %) in excess of (i.) the Prime Rate; or (ii.) the Prime Floor, whichever is higher.

• All Advances against Inventory under the Inventory Line of Credit hereunder shall bear interest, on the Daily Balance, at a per annum rnte of ----------n/a---------- percent (----------n/a----------%) in excess of(i.) the Prime Rate; or (ii.) the Prime Floor, whichever is higher.

• All Advances against Accounts under the AIR Line of Credit hereunder shall bear interest, on the Daily Balance, at a per annum rate of one and one-quarter percent (1.25%) in excess of(i.) the Prime Rate; or (ii.) the Prime Floor, whichever is higher.

More Definitions of Prime Floor

Prime Floor means three and one quarter of one percent (3.25%).

Prime Floor means the Benchmark Floor. “Prime Rate” shall mean the sum of (i) the greater of (A) Prime and (B) the Prime Floor, and (ii) the Prime Spread. “Prime Rate Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon Prime pursuant to Section 2.5 hereof. “Prime Spread” shall mean the difference (expressed as the number of basis points) between (a) the Benchmark Rate on the Determination Date that the Benchmark was last applicable to the Loan and (b) Prime on the Determination Date that the Benchmark was last applicable to the Loan; provided, however, in no event shall such difference be a negative number. “Prohibited Entity” shall mean any Person which (i) is a statutory trust organized under 12 Del.C. § 3801 et seq. (or any successor statute thereto), or under any similar state or federal law, (ii) is a Crowdfunded Person or (iii) owns a direct or indirect interest in Borrower, any SPE Component Entity or the Property through a tenancy-in-common or other similar form of ownership interest. “Prohibited Transfer” shall mean (i) a Sale or Pledge of the Property or any part thereof or any legal or beneficial interest therein, including, without limitation, any interest in the Loan and/or Loan Documents (but excluding any Permitted Encumbrance), (ii) a Sale or Pledge of an interest in any Restricted Party and/or (iii) Borrower’s acquisition of any real property in

Prime Floor means three and three-quarters percent (3.75%).