Prime Index Rate definition

Prime Index Rate means the rate of interest published in The Wall Street Journal from time to time as the “Prime rate” for the U.S. If more than one such “Prime rate” is published in The Wall Street Journal for a day, the average of such “Prime rates” shall be used, and such average shall be rounded up to the nearest 1/100th of one percent (0.01%). If The Wall Street Journal ceases to publish the “Prime rate” for the U.S., Buyer shall select an equivalent publication that publishes such “Prime rate,” and if such “Prime rates” are no longer generally published or are limited, regulated or administered by a governmental or quasigovernmental body, then Buyer shall select a comparable interest rate index. Notwithstanding the foregoing, in no event will the Prime Index Rate be deemed to be less than zero.

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Prime Index Rate means, with respect to each Interest Accrual Period, the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate” for the U.S. on the related Determination Date. If more than one “Prime Rate” for the U.S. is published in The Wall Street Journal for a day, the average of such “Prime Rates” shall be used, and such average shall be rounded up to the nearest 1/100th of one percent (0.01%). If The Wall Street Journal ceases to publish the “Prime Rate” for the U.S., Lender shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasigovernmental body, then Lender shall select a comparable interest rate index.

Prime Index Rate means, with respect to each Interest Period, the annual rate of interest published in The Wall Street Journal from time to time as the “Prime Rate” for the U.S. on the related Determination Date. If The Wall Street Journal ceases to publish the “Prime Rate,” the Lender shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasi-governmental body, then Lender shall select a comparable interest rate index. Notwithstanding the foregoing, in no event shall the Prime Index Rate be less than zero percent.

Examples of Prime Index Rate in a sentence

The Prime Index Rate shall be determined (i) on the first Business Day immediately prior to the Closing Date, and (ii) thereafter, on the last Business Day of each calendar month for calculation of interest for the following month.
All computations of Interest and Fees hereunder shall be made by the Calculation Agent on the basis of a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed; provided, that all computations of Interest calculated based on the Prime Index Rate shall be made by the Calculation Agent on the basis of a year of 365 days for the actual number of days (including the first but excluding the last day) elapsed.
If the Prime Index Rate, should increase from June 30, 2016 any additional interest on the Loans shall be charged on a quarterly basis.
Any change in the Prime Rate as a result of a change in the Prime Index Rate shall be effective on the effective date of any such change in the Prime Index Rate.
During a Benchmark Unavailability Period, the component of the Interest Rate based on Term SOFR (or the then-current Benchmark if the Loan is then an Alternate Rate Loan) shall during such Benchmark Unavailability Period be replaced with the Prime Index Rate and the Loan shall be converted to a Prime Rate Loan bearing interest based on the Prime Rate in effect on each applicable Determination Date.

More Definitions of Prime Index Rate

Prime Index Rate means, with respect to each Pricing Rate Period, the per annum rate of interest of the Prime Index, determined as of the Pricing Rate Determination Date immediately preceding the commencement of such Pricing Rate Period; provided that in no event will the Prime Index Rate be less than zero.

Prime Index Rate means, with respect to each Settlement Period, the per annum rate of interest of the Prime Index, determined as of the Interest Determination Date immediately preceding the commencement of such Settlement Period; provided that in no event will the Prime Index Rate be less than the Index Floor.

Prime Index Rate means the prime or base rate of interest most recently published or announced by any of the five largest member banks of the New York Clearing House Association including, Citibank, N.A., ▇▇▇▇▇▇ Guaranty Trust Company of New York and Chase Manhattan Bank, N.A., which rates normally appear daily in the "Money Rates" column of The Wall Street Journal (whether or not such rate is actually charged by any such bank).

Prime Index Rate means, with respect to each Interest Period, the per annum rate of interest of the Prime Index, determined as of the Interest Determination Date immediately preceding the commencement of such Interest Period; provided that in no event will the Prime Index Rate be less than the Index Floor.

Prime Index Rate means, with respect to each Interest Period, the annual rate of interest published in The Wall Street Journal from time to time as the “Prime Rate” for the U.S. on the related Determination Date. If The Wall Street Journal ceases to publish the “Prime Rate,” the Administrative Agent shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasi-governmental body, then Administrative Agent shall select a comparable interest rate index. Notwithstanding the foregoing, in no event shall the Prime Index Rate be less than zero percent.

Prime Index Rate means, prior to Default, for Loans which are not LIBOR Loans, the interest rate publicly announced by the Bank from time to time in Milwaukee, Wisconsin as its "prime rate" for interest rate determinations, which is solely a reference rate and may be at, above or below the rate or rates at which the Bank lends to other Persons. Any change in the Prime Index Rate shall become effective as of the opening of business on the day on which such change is publicly announced by the Bank.

Prime Index Rate means the prime or base rate of interest most recently published or announced by Bank of America, which rates normally appear daily in the "Money Rates" column of The Wall Street Journal (whether or not such rate is actually charged by any Bank of America).

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