Bank Prime Loan rate cited in the federal Reserve Statistical Release Publication G.13(415), published on the first Tuesday of each calendar month (or such other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published) plus four (4) percentage points, and (ii) the highest rate permitted by applicable law (the “Interest Rate”). ARTICLE 26
Bank Prime Loan. If the above rate is not published in H.15(519) prior to 3:00 p.m. on the Calculation Date, then the Prime Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update opposite the caption “Bank Prime Loan”. If the rate is not published prior to 3:00 p.m. on the Calculation Date in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 a.m., on that Interest Determination Date. If fewer than four such rates referred to above are so published by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on such Interest Determination Date by three major banks in New York City selected by the Calculation Agent.
Bank Prime Loan. If the rate is not published prior to 3:00 p.m. on the Calculation Date in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 a.m., on that Interest Determination Date. If fewer than four such rates referred to above are so published by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on such Interest Determination Date by three major banks in New York City selected by the Calculation Agent.
Examples of Bank Prime Loan in a sentence
All royalty payments not made when due shall bear interest, calculated from the date such payment was due, at the annual rate of the Bank Prime Loan rate in effect on the date such payment was due plus two percent (2%), as quoted in Federal Reserve Bulletin H.15 or a successor bulletin thereto, from time to time.
Commencing on and after April 1, 2020, the principal balance of the Note, as amended by this Amendment, shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at the Bank Prime Loan rate as determined by the Federal Reserve (“Prime Rate”) per annum, compounded annually, or at the interest rate allowable under California Government Code section 53530 et seq., whichever is lower.
The prime rate referenced is the Federal Reserve Bank Prime Loan rate at xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/data.htm.
More Definitions of Bank Prime Loan
Bank Prime Loan. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S. -chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans. This is the same as "Prime Rate" and is published in Federal Reserve Statistical Release H.15.
Bank Prime Loan. The Issuer shall observe the following procedures if the Prime Rate cannot be determined as described above: (a) if the rate described above is not published in H.15(519) prior to 3:00 p.m., New York City time, on the relevant Interest Rate Determination Date unless the calculation is made earlier and the rate was available from that source at that time, then the Prime Rate will be the rate for that Interest Rate Determination Date, as published in H.15 Daily Update or another recognized electronic source for displaying such rate opposite the caption “Bank Prime Loan”; (b) if the above rate is not published in either H.15(519), H.15 Daily Update or another recognized electronic source for displaying such rate by 3:00 p.m., New York City time, on the relevant Interest Rate Determination Date, then the Issuer will determine the Prime Rate to be the average of the rates of interest publicly announced by each bank that appears on the Reuters screen designated as “USPRIME1” as that bank’s prime rate or base lending rate as in effect on such Interest Rate Determination Date; (c) if fewer than four rates appear on the Reuters screen USPRIME1 page on the relevant Interest Rate Determination Date, then the Prime Rate will be the average of the prime rates or base lending rates quoted, on the basis of the actual number of days in the year divided by a 360-day year, as of the close of business on such Interest Rate Determination Date by three major banks in New York City selected by the Issuer; or (d) if the banks selected by the Issuer are not quoting as mentioned above, the Prime Rate will remain the prime rate then in effect on such Interest Rate Determination Date.
Bank Prime Loan as reported by the Federal Reserve on a weekly average basis for the week preceding the date the Interest Rate is established, and as published in the last publication of the Federal Reserve Statistical Release H.15 (xxxx://xxx.xxxxxxx xxxxxxx.xxx/Xxxxxxxx/X00/xxxxxx/) under the heading “Interest Rate SwapsBank Prime Loan” (the “Index Rate”), plus (2) the Applicable Spread set forth in Exhibit B.
Bank Prime Loan has the meaning assigned to that term in the definition of Base Rate.
Bank Prime Loan shall have the meaning set forth in Section 12.8(h) hereof;