Prime Rate definition

Prime Rate means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Prime Rate means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

Prime Rate means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

Examples of Prime Rate in a sentence

• If, upon the expiration of any Interest Period in respect of any Term ▇▇▇▇▇ Rate Loans, Loan Party Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required above, the Canadian ▇▇▇▇▇▇▇▇ shall be deemed to have elected to convert such Loans into Canadian Prime Rate Loans.

• The Canadian Revolver Loans shall bear interest as set forth in Section 3.1. Each Canadian Revolver Loan shall, at the option of the Canadian Borrower, be made or continued as, or converted into, part of one or more Borrowings that, unless specifically provided herein, shall consist entirely of Canadian Prime Rate Loans or Term ▇▇▇▇▇ Rate Loans if denominated in Canadian Dollars or Canadian Base Rate Loans or Term SOFR Loans if denominated in Dollars.

• All computations of fees and interest shall be made on the basis of a 360-day year (or 365 or 366 days, as the case may be, in the case of Base Rate Loans based on the Prime Rate) and actual days elapsed.

• As used herein, "Prime Rate" for any day means the London Interbank Offered Rate on an average bid basis for periods of three months quoted at or about 11.00am on a London business day by the British Bankers' Association for deposits in US Dollars plus 1.75% or such other rate as may be agreed upon by the parties.

• The Lead Servicer, each Non-Lead Master Servicer, the Trustee and any related Non-Lead Trustee will be entitled to interest on any Advance (at a rate not to exceed the Prime Rate) made in the manner and from the sources provided in the applicable PSA.

More Definitions of Prime Rate

Prime Rate means a rate per annum equal to the prime rate of interest announced from time to time by Bank One or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes.

Prime Rate means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

Prime Rate means the rate of interest announced by The Wall Street Journal from time to time as the “Prime Rate”.

Prime Rate. The prime rate announced to be in effect from time to time, as published as the average rate in The Wall Street Journal.

Prime Rate means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent).

Prime Rate means the rate which is quoted as the “prime rate” in the print edition of The Wall Street Journal, Money Rates Section.

Prime Rate means the rate of interest quoted in The Wall Street Journal, Money Rates Section, as the “U.S. Prime Rate” (or its successor), as in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent or any Lender may make commercial loans or other loans at rates of interest at, above, or below the Prime Rate.