Average Prime Rate definition

Average Prime Rate. , on a particular date, means the mean, rounded to the nearest hundredth of a percentage point, of the annual rates of interest announced by each of the Royal Bank of Canada, The Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Bank of Montreal and The Toronto-Dominion Bank to be its prime or reference rate of interest in effect on that date for determining interest rates on Canadian dollar commercial loans by that bank in Canada. (“taux préférentiel moyen”)

Average Prime Rate means, for any period, the arithmetic average (rounded to the nearest one-one-hundredth of one percent (0.01%)) of the Average Daily Prime Rate for each day during such period.

Average Prime Rate means at any time the mean, rounded to two decimal places, of the annual rates of interest announced by each of Royal Bank of Canada, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Bank of Montreal and The Toronto-Dominion Bank (or their respective successors) to be its prime or reference rate of interest in effect at such time for determining interest rates on Canadian dollar commercial loans by such bank in Canada.

Examples of Average Prime Rate in a sentence

• Such rate shall be based upon the Lender’s cost of funds and in any event shall be no greater than the Average Prime Rate published from time to time in the Money Rate Section of The Wall Street Journal plus 5% per annum.

• The Weighted Average Prime Rate shall be the sum of the product of the month-end principal-only accounts receivable multiplied by the Prime Rate quoted in The Wall Street Journal on the last Business Day of the month being measured for each month in the measured period divided by the sum of the month-end principal-only accounts receivable for the period being measured.

• If chosen, interest will be credited in an amount equal to the Average Balance times the Average Prime Rate.

• Funds are invested in an interest-bearing account earning interest at a rate of CIBC Monthly Average Prime Rate less 1.50% (2018 - Average Prime Rate less 1.50%).

• Funds are invested in an interest-bearing account earning interest at a rate of Average Prime Rate less 1.50% (2018 - Average Prime Rate less 1.50%).

More Definitions of Average Prime Rate

Average Prime Rate means the average of the rates of interest publicly announced by Wachovia Bank, N.A. (or any successor thereto) as its prime rate on the first business day of each of the calendar quarters commencing between Valuation Dates.

Average Prime Rate equals the sum of the rates announced by Michigan National Bank as its prime rate each day during the operative period, divided by the number of such days.

Average Prime Rate means, in respect of any Preference Dividend Period, the average of the Prime Rate which prevailed on each day during the period;

Average Prime Rate means, in respect of a particular date, the mean, rounded to the nearest whole percentage point, of the annual rates of interest announced by each of the Royal Bank of Canada, The

Average Prime Rate means the rate of interest publicly announced by Wachovia Bank, Atlanta, Georgia (or any successor thereto) as its prime rate on the first business day of each calendar quarter commencing between Valuation Dates.

Average Prime Rate means the average prime rate charged by banking institutions in Namibia; and

Average Prime Rate means, for any Plan Year, the average of the prime rates (as defined hereinbelow) as of January 1 of the three immediately preceding Plan Years. The “prime rate” for a Plan Year shall be the rate of interest that is identified as the prime lending rate in the Money Rate Section of the last Southeastern Edition of The Wall Street Journal. If more than one prime rate is identified, the highest identified prime rate will be used.