Bank of America Prime Rate definition

Bank of America Prime Rate means the fluctuating rate of interest established by Bank of America from time to time as its "Prime Rate", whether or not such rate shall be otherwise published. Such Prime Rate is established by Bank of America as an index or base rate and may or may not at any time be the best or lowest rate charged by Bank of America on any loan. If at any time or from time to time the Prime Rate increases or decreases, then the rate of interest hereunder shall be correspondingly increased or decreased effective on the day on which any such increase or decrease of the Prime Rate changes, unless otherwise herein provided. In the event that Bank of America, during the term hereof, shall abolish or abandon the practice of establishing a Prime Rate, or should the same become unascertainable, Bank of America shall designate a comparable reference rate which shall be deemed to be the Prime Rate for purposes hereof.
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Bank of America Prime Rate means, on any day, the rate of interest per annum then most recently established by Bank of America as its "prime rate". Any such rate is a general reference rate of interest, may not be related to any other rate, and may not be the lowest or best rate actually charged by Bank of America to any customer or a favored rate, and may not correspond with future increases or decreases in interest rates charged by other lenders or market rates in general.
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Bank of America Prime Rate means in respect of any Dollar Swingline Loan for any day, the rate per annum which is the published prime rate of Bank of America, N.A. in New York City in force on such date displayed on such web page as the Agent shall notify the Company from time to time.
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Examples of Bank of America Prime Rate in a sentence

  • All sums paid by Landlord for such purpose, and all expenses incurred by it in connection therewith, shall be payable to Landlord by Tenant on demand with interest at the Bank of America Prime Rate (or equivalent thereof) of interest plus five percent (5%) per annum, but in no event greater then the maximum rate of interest permitted by applicable law.

  • Bank of America Prime Rate is the fluctuating rate of interest established by the Bank from time to time as its "Prime Rate," whether or not such rate shall be otherwise published.

  • Interest will continue to accrue and shall be computed on the outstanding principal balance of the Note from time to time during the Forbearance Period at the Bank of America Prime Rate plus two and one half percent (2.5%) per annum effective upon the Effective Date.

  • Interest shall be credited at the monthly equivalent of the annual rate published as the local Bank of America Prime Rate in effect at the date interest is posted.

  • If a Participant dies while employed by the Company, or if a Participant meets either of the service requirements described below, interest shall be credited thereafter at the monthly equivalent of the annual rate published as the local Bank of America Prime Rate plus one percent, and for all the Participant’s Accounts then in the Plan, interest shall be recalculated retroactively to add one percent to the interest rate in effect at the time the interest was posted for all years of deferral.

  • The Principal Sum remaining from time to time unpaid and outstanding shall bear interest at a rate equal to the Bank of America Prime Rate plus fifty (50) basis points, calculated on the basis of a year of 360 days for the actual number of days elapsed.

  • All late payments of amounts due under this Agreement shall bear interest at a rate equal to the Bank of America Prime Rate plus one percent (1%) from the date due until paid in full.

  • In the event the Bank of America Prime Rate is changed from time to time hereafter, the applicable rate of interest hereunder shall be increased or decreased, effective as of the day the Bank of America Prime Rate is changed, by an amount equal to such change in the Bank of America Prime Rate.

  • Borrower may prepay any Loan at any time by making a single payment equal to (i) all outstanding amounts due prior to the date of prepayment and (ii) the present value of all future payments, discounted using a rate equal to the Bank of America Prime Rate (as in effect on the date of prepayment) minus 1.5%.

  • Any late payments under this Agreement shall be subject to interest at the Bank of America Prime Rate in effect on the date that the payment is due, plus one and one-half percent (1.5%), or if such rate exceeds the maximum interest rate allowed by law, then such maximum rate shall apply.


More Definitions of Bank of America Prime Rate

Bank of America Prime Rate means the variable rate of interest, per annum, most recently announced by Bank of America, as its “prime rate”.
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Bank of America Prime Rate has the meaning specified in the definition of "Base Rate".
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Bank of America Prime Rate means, on any day, the rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its “prime rate.” The “prime rate” is a rate set by Bank of America, N.A. based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank of America, N.A. shall take effect at the opening of business on the day specified in the public announcement of such change.
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Related to Bank of America Prime Rate

  • Bank of America means Bank of America, N.A. and its successors.

  • Bank of America Fee Letter means the letter agreement, dated as of September 28, 2018 between the Borrower and Bank of America.

  • 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.

  • U.S. Prime Rate means the per annum rate of interest announced by the Agent, at its main office from time to time as its "prime rate" (it being acknowledged that such announced rate may not necessarily be the lowest rate charged by the Agent to any of its customers), which U.S. Prime Rate shall change simultaneously with any change in such announced rate.

  • Canadian Prime Rate means, on any day, the annual rate of interest equal to the greater of (a) the annual rate of interest announced by the Canadian Reference Lender and in effect as its prime rate at its principal office in Toronto, Ontario on such day for determining interest rates on Canadian Dollar-denominated commercial loans in Canada, and (b) the annual rate of interest equal to the sum of the one-month CDOR in effect on such day plus 1.0% per annum.

  • JPMCB means JPMorgan Chase Bank, N.A.

  • KeyBank means KeyBank National Association.

  • JPMorgan means JPMorgan Chase Bank, N.A.

  • Prime Rate Spread means the difference (expressed as the number of basis points) between (a) LIBOR plus the Spread on the date LIBOR was last applicable to the Loan and (b) the Prime Rate on the date that LIBOR was last applicable to the Loan; provided, however, in no event shall such difference be a negative number.

  • Prime Rate Margin is set forth on Schedule I hereto.

  • Applicable Prime Rate Margin shall have the meaning provided in section 2.7(g).

  • Overnight Bank Funding Rate means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

  • Canadian Base Rate means, at any time, the annual rate of interest equal to the greater of (a) the annual rate from time to time publicly announced by Agent (or a bank that is listed on Schedule 1 of the Bank Act (Canada) acceptable to Agent) as its prime rate in effect for determining interest rates on Canadian Dollar denominated commercial loans made in Canada and (b) the annual rate of interest equal to the sum of the 30-day BA Rate at such time plus 1% percent per annum.

  • Base Rate means, for any day, the rate per annum equal to the higher of (a) the Federal Funds Rate for such day plus one-half of one percent (0.5%) and (b) the Prime Rate for such day. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective on the effective date of such change in the Prime Rate or Federal Funds Rate.

  • Wachovia means Wachovia Bank, National Association, a national banking association, and its successors.

  • Bank Rate means the one year marginal cost of lending rate (MCLR) of the State Bank of India issued from time to time plus 350 basis points;”

  • Wells Fargo means Wells Fargo Bank, National Association.

  • Reference Rate means the rate specified as such hereon.

  • Swingline Rate means the Base Rate plus the Applicable Margin applicable to Base Rate Loans.

  • Citibank means Citibank, N.A.

  • U.S. Base Rate means, for any day, the greater of:

  • JPMorgan Chase means JPMorgan Chase Bank, N.A.

  • Prime Rate Loans means any Loans or portion thereof on which interest is payable based on the Prime Rate in accordance with the terms thereof.

  • Adjusted Prime Rate A rate per annum equal to the sum of (a) the Prime Rate Margin and (b) the greater of (i) the Prime Rate or (ii) one percent (1%) in excess of the Federal Funds Effective Rate. Any change in the Adjusted Prime Rate shall be effective immediately from and after such change in the Adjusted Prime Rate.

  • Swing Line Rate means, (a) in respect of Swing Line Loans made in US Dollars or any Alternate Currency other than Canadian Dollars, for any Interest Period, the sum of (i) the rate per annum determined by the applicable Swing Line Agent as the rate of interest (rounded upward to the next 1/100th of 1%) at which deposits in the relevant currency for delivery on the first day of such Swing Line Loan in Same Day Funds in the approximate amount of the Swing Line Loan being made by such Swing Line Agent (or its affiliate) and with a term equivalent to such Interest Period would be offered by BNP Paribas London to major banks in the London or other offshore interbank market for such currency at their request at approximately 11:00 a.m. (London time) on the first day of such Swing Line Loan and (ii) the Applicable Rate, (b) in the case of Swing Line Loans made in Canadian Dollars, the sum of (i) the Canadian Prime Rate and (ii) the Applicable Rate and (c) in the case of Swing Line Loans made in Australian Dollars, for any Interest Period, the sum of (i) the rate per annum determined by the applicable Swing Line Agent as the rate of interest (rounded upward to the next 1/100th of 1%) at which deposits in Australian Dollars for delivery on the first day of such Swing Line Loan in Same Day Funds in the approximate amount of the Swing Line Loan being made by such Swing Line Agent (or its affiliate) and with a term equivalent to such Interest Period would be offered by BNP Paribas, Sydney Branch to major banks in Sydney at their request at approximately 11:00 a.m. (Sydney time) on the first day of such Swing Line Loan and (ii) the Applicable Rate.

  • JPMorgan Chase Bank means JPMorgan Chase Bank, N.A. and its successors.