Chase Bank Rate definition

Chase Bank Rate means the rate of interest per annum announced by JPMorgan Chase Bank from time to time as its prime rate in effect at its principal office in New York City. (The prime rate is not intended to be the lowest rate of interest charged by JPMorgan Chase Bank to its borrowers).

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Chase Bank Rate means the rate of interest per annum announced by Chase Bank from time to time as its prime rate in effect at its principal office in the City of New York. Such rate is not intended to be the lowest rate of interest charged by Chase Bank to its borrowers.

Chase Bank Rate means the rate of interest per annum announced by The Chase Manhattan Bank from time to time as its prime rate in effect at its principal office in the City of New York. The prime rate is not intended to be the lowest rate of interest charged by The Chase Manhattan Bank to its borrowers. Chattel Paper shall have the meaning ascribed to the term "chattel paper" in the UCC. Closing Date shall mean the date that of this Agreement has been duly executed by the parties hereto and delivered to CIT. Collateral shall mean all of the property and interests in property described in Section 7 of the Agreement, and all other property and interests in property that now or hereafter secure the payment and performance of any of the Obligations. Consolidated shall mean the consolidation in accordance with GAAP of the accounts, financial statements and other items to which such term applies.

Examples of Chase Bank Rate in a sentence

The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year.
Any amount charged to the Revolving Loan Account shall be deemed a Chase Bank Rate Loan hereunder and shall bear interest at the rate provided in Section 8.1 (or Section 8.2, if applicable) of this Financing Agreement.
Until such notice has been withdrawn by the Agent, the obligations of the Agent and the Lenders thereafter to make or continue LIBOR Loans and to convert Chase Bank Rate Loans into LIBOR Loans hereunder shall be suspended until the Agent determines that adequate and reasonable means again exist for ascertaining LIBOR applicable to an Interest Period with respect to any election of a new LIBOR Loan.
Any amount charged to the Revolving Loan Account shall be deemed a Chase Bank Rate Loan hereunder and shall incur interest at the rate provided in Section 8.1 (or Section 8.2, if applicable) of this Financing Agreement.
In the event of any change in said Chase Bank Rate, the rate set forth in the first sentence of this Section 8.1(a) shall change, effective as of the date of such change, so as to remain equal to the Applicable Margin plus the new Chase Bank Rate.
If any condition for a LIBOR election is not satisfied, then the requested new loan (or continuation of an existing LIBOR Loan) shall be made to the Companies as a Chase Bank Rate Loan.
If such notice is given (i) any requested LIBOR Loan shall be made as a Chase Bank Rate Loan, (ii) any Chase Bank Rate Loan that was to have been converted to a LIBOR Loan shall be continued as a Chase Bank Rate Loan, and (iii) any outstanding LIBOR Loan shall be converted, on the last day of then current Interest Period with respect thereto, to a Chase Bank Rate Loan.
If any condition for a LIBOR election is not satisfied, then the requested new loan (or continuation of an existing LIBOR Loan) shall be made to the Company as a Chase Bank Rate Loan.
Interest on the outstanding principal balance of the Revolving Loans that are Chase Bank Rate Loans shall be due and payable monthly on the first day of each month and shall accrue at a rate per annum equal to the Applicable Margin plus the Chase Bank Rate on the average net principal balance of such Revolving Loans at the close of each day during the immediately preceding month, as reflected by CIT’s System.
Notwithstanding any other provisions herein, if any law, regulation, treaty or directive or any change therein or in the interpretation or application thereof, shall make it unlawful for the Agent or any Lender to make or maintain LIBOR Loans as contemplated herein, the then outstanding LIBOR Loans so affected, if any, shall be converted automatically to Chase Bank Rate Loans on the next succeeding Interest Payment Date or within such earlier period as required by law.

More Definitions of Chase Bank Rate

Chase Bank Rate means the rate of interest per annum announced by The Chase Manhattan Bank, N.A. from time to time as its prime rate in effect at its principal office in the City of New York. (The prime rate is not intended to be the lowest rate of interest charged by The Chase Manhattan Bank, N.A. to its borrowers).

Chase Bank Rate means the rate of interest per annum announced by The Chase Manhattan Bank from time to time as its prime rate in effect at its principal office in the City of New York. The prime rate is not intended to be the lowest rate of interest charged by The Chase Manhattan Bank to its borrowers. Chattel Paper shall have the meaning ascribed to the term "chattel paper" in the UCC. CIT shall mean The CIT Group/Business Credit, Inc, a New York corporation. CIT Indemnitees shall mean Agent and all of its present and future officers, directors and agents. Closing Date shall mean the date that of this Agreement has been duly executed by the parties hereto and delivered to Agent. Collateral shall mean all of the property and interests in property described in SECTION 7 of this Agreement, and all other property and interests in property that now or hereafter secure the payment and performance of any of the Obligations.

Chase Bank Rate. LOAN shall mean any Revolving Loan that bears interest based upon the Chase Bank Rate.