Prime Plus Rate definition

Prime Plus Rate means (a) a rate which is two percent (2%) above the annual rate of interest published daily in The Wall Street Journal as the “Prime Rate (base rate on corporate loans posted by at least 75% of the nation’s 30 largest banks)” or if such publication or reference is no longer published, (a) such other comparable interest rate index selected by the General Partner that is readily available to the public and verifiable by the Limited Partners but is beyond the control of the General Partner (adjusted from time to time to reflect any changes in such rate determined hereunder) or (b) the maximum rate from time to time permitted by applicable law.
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Prime Plus Rate means a rate per annum which equal to the lesser of (a) a rate which is five percent (5%) above the annual rate of interest published daily in The Wall Street Journal as the “Prime Rate (base rate on corporate loans posted by at least 75% of the nation’s 30 largest banks)” or
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Prime Plus Rate means a rate per annum which equal to the lesser of (a) a rate which is five percent (5%) above the annual rate of interest published daily in The Wall Street Journal as the “Prime Rate (base rate on corporate loans posted by at least 75% of the nation’s 30 largest banks)” or (b) the maximum rate from time to time permitted by applicable Law.
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Examples of Prime Plus Rate in a sentence

  • In the event any Partner fails to pay its share of a Capital Contribution called for under any provision of this Article 4 on the date on which such Capital Contribution is due, such unpaid Capital Contributions shall automatically accrue interest from the date due at the Prime Plus Rate (which interest, once paid, shall not increase the Capital Account of such Partner).

  • All computations of interest at the Prime Plus Rate shall be made on the basis of a year of 365 days for the actual number of days elapsed in each calendar month for which interest is being calculated.

  • During the Term, interest on the unpaid principal balance of this Note shall accrue at the Prime Plus Rate (as defined below).

  • In the event any Member agrees to make a Capital Contribution to the Company (a “Required Capital Contribution”) but fails to pay its share of such Required Capital Contribution on the date on which such Capital Contribution is due, such unpaid Required Capital Contribution shall automatically accrue interest from the date due at the Prime Plus Rate (which interest, once paid, shall not increase the Capital Account of such Member).

  • If any such liens so attach and Tenant fails to fulfill the requirements of (i) or (ii) above, then Landlord, at its election, may pay and satisfy the same, and in such event the sums so paid by Landlord, with interest from the date of payment at the Prime Plus Rate shall be deemed to be additional rent due and payable by Tenant immediately upon written notice from Landlord.

  • In the event Tenant has overpaid either the Tax Adjustment or Expense Adjustment by 2% or more, Tenant shall receive interest (at the Prime Plus Rate) on such overpayment from the date paid until the date refunded.


More Definitions of Prime Plus Rate

Prime Plus Rate means a rate per annum which is equal to the lesser of (a) a rate which is two percent (2%) above the prime rate of interest of The Chase Manhattan Bank, N.A., or its successor, as announced or published by such bank from time to time (adjusted from time to time to reflect any changes in such rate determined hereunder) or (b) the maximum rate from time to time permitted by applicable law.
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