Common use of Prime Rate Clause in Contracts

Prime Rate. The term “Prime Rate” means the greater of (i) a variable per annum rate of interest so designated from time to time by KeyBank, National Association (or any successor thereto), as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annum. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer.

Appears in 3 contracts

Sources: Loan Agreement (Cedar Shopping Centers Inc), Loan Agreement (Cedar Shopping Centers Inc), Loan Agreement (Cedar Shopping Centers Inc)

Prime Rate. The term "Prime Rate" means the greater of (i) a variable per annum rate of interest so designated from time to time by KeyBank, National Association (or any successor thereto), Lender as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annum. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer.

Appears in 3 contracts

Sources: 364 Day Revolving Credit Agreement (Energy Network Inc), Revolving Credit Agreement (Energy Network Inc), Revolving Credit Agreement (Tanger Factory Outlet Centers Inc)

Prime Rate. The term “Prime Rate” means the greater of (i) a variable per annum rate of interest so designated from time to time by KeyBank, National Association (or any successor thereto), Bank as its prime rate, or (ii) rate plus the Federal Funds Rate plus 0.50% per annumApplicable Margin. The Prime Rate Bank’s prime rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. Changes in the Prime Rate resulting from changes in the Bank’s prime rate shall take place immediately without notice or demand of any kind.

Appears in 1 contract

Sources: Commercial Loan Agreement (Micronetics Inc)

Prime Rate. The term “Prime Rate” means the greater of (i) a variable per annum rate of interest so designated from time to time by KeyBank, National Association (or any successor thereto), FNB as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annumPrime Rate. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer.

Appears in 1 contract

Sources: Term Loan Agreement (Amerivest Properties Inc)

Prime Rate. The term "Prime Rate" means the greater of (i) a variable per annum rate of interest so designated from time to time by KeyBankFleet National Bank, National Association (or any successor thereto)its successors, as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annum. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer.

Appears in 1 contract

Sources: Acquisition and Construction Loan Agreement (Praecis Pharmaceuticals Inc)

Prime Rate. The term "Prime Rate" means the greater of (i) a variable per annum rate o▇ ▇▇▇▇▇est established by the Bank as its reference rate in making loans, and is not tied to any external rate of interest so designated from time to time by KeyBank, National Association (or any successor thereto), as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annumindex. The rate of interest charged hereunder shall change automatically and immediately as of the date of any change in the Prime Rate is a reference rate and does not necessarily represent Rate, without notice to the lowest or best rate being charged to any customerBorrower.

Appears in 1 contract

Sources: Revolving Credit Agreement (Leak X Environmental Corporation)

Prime Rate. The term “Prime Rate” means the greater of (i) a A variable per annum rate of interest so designated from time to time by KeyBank, National Association (or any successor thereto), Lead Agent at Lead Agent's Head Office as its "prime rate, or (ii) the Federal Funds Rate plus 0.50% per annum. ." The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. Changes in the rate of interest resulting from changes in the Prime Rate shall take place immediately without notice or demand of any kind.

Appears in 1 contract

Sources: Senior Unsecured Revolving Credit Agreement (Wci Communities Inc)

Prime Rate. The term “Prime Rate” means the greater of (i) a variable per annum rate of interest so designated from time to time by KeyBank, National Association (or any successor thereto), Bank as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annum. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. Changes in the rate of interest resulting from changes in the Prime Rate shall take place immediately without notice or demand of any kind.

Appears in 1 contract

Sources: Commercial Loan Agreement (Micronetics Inc)

Prime Rate. The term “Prime Rate” means the greater of (i) a variable per annum rate of interest so designated from time to time by KeyBank, National Association (or any successor thereto), Citizens as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annumPrime Rate. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Mac-Gray Corp)

Prime Rate. The term “Prime Rate” means means, with respect to a loan, the greater of (i) a variable rate per annum determined by the Lender and equal to the prime rate per annum as such interest rate is referenced and reported by the Wall Street Journal or, if the same is unavailable, any other generally accepted authoritative source of such interest so designated rate as the Lender may reference from time to time by KeyBank, National Association (or any successor thereto), as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annumtime. The Prime Rate shall be adjusted by the Lender, as necessary, at the end of each month during the term hereof. The Prime Rate as of November 30, 2008 is a reference rate and does not necessarily represent the lowest or best rate being charged to any customerfour percent (4%).

Appears in 1 contract

Sources: Promissory Note (Fortune Industries, Inc.)

Prime Rate. The term “Prime Rate” means the greater of (i) for any day a variable per annum rate of interest so designated equal to the “prime rate,” as published in the “Money Rates” column of The Wall Street Journal, from time to time time, or if for any reason such rate is no longer available, the rate reasonably established by KeyBank, National Association (or any successor thereto), L▇▇▇▇▇ as its the prevailing prime rate, or (ii) the Federal Funds Rate plus 0.50% per annum. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer.

Appears in 1 contract

Sources: Promissory Note (Amrep Corp.)

Prime Rate. The term "Prime Rate" means the greater of (i) a variable per annum rate of interest so designated from time to time established by KeyBank, National Association (or any successor thereto), the Bank as its prime ratereference rate in making loans, and is not tied to any external rate of interest or (ii) the Federal Funds Rate plus 0.50% per annumindex. The rate of interest charged hereunder shall change automatically and immediately as of the date of any change in the Prime Rate is a reference rate and does not necessarily represent Rate, without notice to the lowest or best rate being charged to any customerBorrower.

Appears in 1 contract

Sources: Revolving Credit Agreement (Premier Research Worldwide LTD)

Prime Rate. The term “words "Prime Rate” means " mean the greater of (i) a variable per annum rate of interest so designated which Lender from time to time by KeyBank, National Association (or any successor thereto), establishes as its prime raterate and is not, for example, the lowest rate of interest which Lender collects from any borrower or (ii) class of borrowers. When the Federal Funds Rate plus 0.50% per annum. The Prime Rate is a reference applicable under Section 4(a) or 13. the interest rate and does not necessarily represent hereunder shall be adjusted without notice effective on the lowest or best day the Prime Rate changes, but in no event shall the rate being charged to any customerof interest be higher than allowed by law.

Appears in 1 contract

Sources: Loan Agreement (Labor Ready Inc)

Prime Rate. The term “Prime Rate" means the greater of (i) a variable per annum interest rate equal at all times to the rate of interest so designated from time to time established and quoted by KeyBank, National Association (or any successor thereto), the Agent as its prime Prime Rate, such rate to change contemporaneously with each change in such established and quoted rate, or (ii) provided that it is understood that the Federal Funds Rate plus 0.50% per annum. The Prime Rate is a reference rate and does shall not necessarily represent be representative of the lowest rate of interest actually charged by the Agent on any loan or best rate being charged to any customerclass of loans.

Appears in 1 contract

Sources: Credit Agreement (Minnesota Power & Light Co)

Prime Rate. The term “Prime Rate” means the greater of (i) a variable per annum rate of interest so designated from time to time by KeyBank, National Association (or any successor thereto), Lender as its prime rate, or (ii) the Federal Funds Rate plus 0.50% per annum. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer.

Appears in 1 contract

Sources: Demand Loan Agreement (Micro Component Technology Inc)