Definition of WSJ Prime Rate

  1. WSJ Prime Rate means the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate, or, in the event that the Wall Street Journal ceases publication of prime rates, the base, reference or other rate then designated by the Administrative Agent, in its sole discretion, for other commercial loans that prior to such cessation accrued interest at a rate that was based upon the WSJ Prime Rate, it being understood that such rate is a reference rate, not necessarily the lowest, established from time to time, which serves as the basis upon which effective interest rates are calculated for loans making reference thereto. The effective interest rate applicable to the Loans shall change on the date of each change in the WSJ Prime Rate.

Examples of WSJ Prime Rate in a sentence

  1. Whenever in this Agreement the term Late Payment Rate is used it will mean the greater of (a) 10% per annum, or (b) the rate of interest which is 3% over the prime rate (as published in the Wall Street Journal under WSJ Prime Rate from time to time) charged at the time interest is accruing at the Late Payment Rate, whichever is higher, unless prohibited by law, in which case Late Payment Rate will mean the maximum contract rate permitted by law.

Definition of WSJ Prime Rate in Loan and Security Agreement

WSJ Prime Rate means that rate nominated as the Prime Rate published and defined in the Wall Street Journal distributed in the Metropolitan Detroit area, as such rate shall vary from time to time, upwards and downwards. For purposes of determining the WSJ Prime Rate for any given day, reference shall be made to the effective date with respect to such Prime Rate as set forth in the Wall Street Journal for such date or the prior banking day if such date is not a banking day, without reference to the actual date such Prime Rate was published or reported therein.


Definition of WSJ Prime Rate in Construction Loan Agreement

WSJ Prime Rate means the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate, or, in the event that the Wall Street Journal ceases publication of prime rates, the base, reference or other rate then designated by the Administrative Agent, in its sole discretion, for other commercial loans that prior to such cessation accrued interest at a rate that was based upon the WSJ Prime Rate, it being understood that such rate is a reference rate, not necessarily the lowest, established from time to time, which serves as the basis upon which effective interest rates are calculated for loans making reference thereto. The effective interest rate applicable to the Loans shall change on the date of each change in the WSJ Prime Rate.