Prime Reference Rate definition

Prime Reference Rate means, for any day, a per annum interest rate which is equal to the Prime Rate in effect on such day, but in no event and at no time shall the Prime Reference Rate be less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent (2.50%) per annum. If, at any time, Bank determines that it is unable to determine or ascertain the Daily Adjusting LIBOR Rate for any day, the Prime Reference Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and one-half percent (2.50%) per annum.
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Examples of Prime Reference Rate in a sentence

  • This Prime Reference Rate Addendum to Loan and Security Agreement (this “Addendum”) is entered into as of March 30, 2012 by and between Comerica Bank (“Bank”) and ROCKET FUEL INC.

  • Interest accruing hereunder shall be computed on the basis of a year of 360 days, and shall be assessed for the actual number of days elapsed, and in such computation, effect shall be given to any change in the applicable interest rate as a result of any change in the Prime Reference Rate on the date of each such change.

  • Except as set forth in the Prime Reference Rate Addendum, Borrower may prepay any Growth Capital Advances without penalty or premium.

  • Except as set forth in the Prime Reference Rate Addendum, interest hereunder shall be due and payable on the first calendar day of each month during the term hereof.

  • Except as set forth in Section 2.3(b), the Growth Capital Advances shall bear interest, on the outstanding daily balance thereof, as set forth in the Prime Reference Rate Addendum.

  • This Prime Reference Rate Addendum to Loan and Security Agreement (this “Addendum”) is entered into as of June 11, 2015, by and between Comerica Bank (“Bank”) and AUGMEDIX, INC., a Delaware corporation (“Borrower”).

  • Subject to the terms and conditions of this Addendum, the Obligations under the Agreement shall bear interest at the Prime Reference Rate plus the Applicable Margin.