Definition of Term Floating Rate


Term Floating Rate means an annual interest rate equal to the sum of the Prime Rate plus two and one-half percent (2.50%) which annual rate shall change when and as the Prime Rate Changes; provided, however, effective as of the first day of the month following the month in which the Borrowers deliver to the Lender their audited financial statements for the fiscal year ending December 31, 2009 "Term Floating Rate" shall mean Daily Three Month LIBOR plus the Spread which annual rate shall change when and as Daily Three Month LIBOR changes.

Examples of Term Floating Rate in a sentence

Except as set forth in Sections 2.8(e), 2.8(f) and 2.8(g), the outstanding principal balance of the Equipment Note shall bear interest at the Term Floating Rate.
Except as set forth in Sections 2.8(e), 2.8(f) and 2.8(g), the outstanding principal balance of the Term Loan B Note shall bear interest at the Term Floating Rate.
In addition, Section 1.1 of the Credit Agreement is amended by adding or amending, as the case may be, the following definitions: Term Floating Rate means an annual rate equal to the sum of the Prime Rate plus three-quarters of one percent (0.75%), which annual rate shall change when and as the Prime Rate changes.
The spread (the "Spread") means, with respect to calculation of the Revolving Floating Rate, one percent 0%), and with respect to calculation of the Term Floating Rate, one and one-quarter percent 25%).
Except as set forth in Sections 2.8(e) and 2.8(g), the outstanding principal balance of the Real Estate Term Note shall bear interest at the Term Floating Rate.