Definition of Term Floating Rate

  1. 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

  1. 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.
  2. All Term Base Rate Loans shall be denominated in Dollars.Term Floating Rate Loans.

Definition of Term Floating Rate in Credit and Security Agreement

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.