Chemical Rate definition

Chemical Rate as of October 1, 1993. The Chemical Rate is the rate of interest publicly announced by Chemical Bank in New York, New York from time to time as its prime rate. (The prime rate is not intended to be the lowest rate or interest charged by Chemical Bank to its borrowers.) In the event of any change in the aforesaid Chemical Rate, the rate of interest hereunder shall change 1/4 of 1% for each 1/4 of 1% change in the Chemical Rate, as of the first of the month following any such change. Interest shall be calculated based on a 360 day year. Interest shall be charged on: all advances, all charges hereunder, and any debit balance in your account.
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Chemical Rate means the Alternate Base Rate.
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Chemical Rate as of March 1, 1995. The Chemical Rate is the per annum rate of interest publicly announced by Chemical Bank in New York, New York from time to time as its prime rate. (The prime rate is not intended to be the lowest rate of interest charged by Chemical Bank to its borrowers.) Any change in the rate of interest hereunder due to a change in the Chemical Rate shall take effect as of the first of the month following such change in the Chemical Rate. Interest shall be calculated based on a 360 day year. Interest shall be credited as of the last day of each month on any credit balance in your Funds-In-Use Account each day during that month, at a rate three percent (3~) per annum below the Chemical Rate being used to calculate interest hereunder for the period. In no event, shall the rate charged hereunder exceed the highest rate permitted under applicable law. In the event, however, that we do receive interest hereunder in excess of the highest rate permissible, you agree that your sole remedy shall be to seek repayment of such excess, and you hereby waive any and all other rights and remedies which may be available to you under law or in equity.
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Examples of Chemical Rate in a sentence

  • The Chemical Rate is the per annum rate of interest publicly announced by Chemical Bank in New York, New York from time to time as its prime rate.

  • Interest shall be calculated at the greater of seven percent (7%) per annum or a rate of one and one-quarter percent (1/4) per annum above the "Chemical Rate", based on the nine percent (9%) per annum "Chemical Rate" as of March 1, 1995.

  • Interest shall be credited as of the last day of each month on any credit balance in your Funds-In-Use Account each day during that month, at a rate four percent (4%) per annum below the Chemical Rate being used to calculate interest hereunder for the period.

  • Interest shall be credited as of the last day of each month on any credit balance in your Funds-In-Use Account each day during that month, at a rate three percent (3~) per annum below the Chemical Rate being used to calculate interest hereunder for the period.

Related to Chemical Rate

  • Compounded Daily Reference Rate means, with respect to an Interest Period, the rate of return of a daily compound interest investment in the Specified Currency (with the applicable Reference Rate (as indicated in the relevant Final Terms and further provided for below) as the reference rate for the calculation of interest) and will be calculated by the Calculation Agent on the Interest Determination Date, as follows, and the resulting percentage will be rounded, if necessary, to the fifth decimal place, with 0.000005 being rounded upwards:

  • Compounded Reference Rate means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum which is the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day.

  • Replacement Reference Rate means a reference rate which is:

  • Reset Reference Rate means, in relation to a Reset Determination Date and subject to Condition 5(b)(iii) and Condition 5(c)(v), if applicable:

  • Treasury Index Rate means the average yield to maturity for actively traded marketable fixed interest rate U.S. Treasury Securities having the same number of 30-day periods to maturity as the length of the applicable Dividend Period, determined, to the extent necessary, by linear interpolation based upon the yield for such securities having the next shorter and next longer number of 30-day periods to maturity treating all Dividend Periods with a length greater than the longest maturity for such securities as having a length equal to such longest maturity, in all cases based upon data set forth in the most recent weekly statistical release published by the Board of Governors of the Federal Reserve System (currently in H.15(519)); provided, however, if the most recent such statistical release shall not have been published during the 15 days preceding the date of computation, the foregoing computations shall be based upon the average of comparable data as quoted to the Corporation by at least three recognized dealers in U.S. Government Securities selected by the Corporation.