Commercial Based Rate definition

Commercial Based Rate. The base rate announced or published from time to time by Lender, which rate may not be the lowest rate charged by Lender, plus 1.0%; it being understood and agreed that the Commercial Based Rate shall increase or decrease, as the case may be, from time to time as of the effective date of each change in the base rate.
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Commercial Based Rate means (i) prior to the Extension Period, two percent (2%) per annum in excess of the Base Rate, and (ii) during the Extension Period, two and one-half percent (2.5%) per annum in excess of the Base Rate, it being agreed that the Commercial Based Rate may increase or decrease, as the case may be, from time to time as of the effective date of each change in the Base Rate. In no event shall the Commercial Based Rate be less than seven percent (7%) prior to the Extension Period or seven and one-half (7.5%) during the Extension Period.
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Commercial Based Rate means two and one-quarter percent (2.25%) per annum in excess of the Base Rate, it being agreed that the Commercial Based Rate may increase or decrease, as the case may be, from time to time as of the effective date of each change in the Base Rate. In no event shall the Commercial Based Rate be less than seven and one-quarter percent (7.25%). The failure of Borrower to deliver such evidence on or before July 1, 2004 shall constitute an immediate Event of Default. Any monies paid to the Lessees under the Third Party Leases to terminate the Third Party Leases shall not be included as expenses when calculating Cash Flow or Net Operating Income.
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Examples of Commercial Based Rate in a sentence

  • Notwithstanding anything to the contrary contained in the Notes or any of the other Loan Documents, interest shall accrue on each of the Notes, prior to default, at the Commercial Based Rate.

  • It will not be necessary for Borrower to submit further Fixed Rate Requests, except after electing application of the Commercial Based Rate.

  • The rate per annum which is five percent (5%) above the Commercial Based Rate.

  • Thereafter, the Principal Amount shall bear interest at the Fixed Rate (subject to Xxxxxx’s right to convert the rate of interest payable hereunder from the Fixed Rate to the Commercial Based Rate as provided herein) until such time as Borrower notifies Lender that it desires application of the Commercial Based Rate upon expiration of the then current Interest Period.

  • If subsequently Lender determines that such Regulation has ceased to be in effect, Lender will so advise Borrower and Borrower may convert the rate of interest payable hereunder with respect to those portions of the Principal Amount bearing interest at the Commercial Based Rate to a Fixed Rate by submitting a Fixed Rate Request in respect thereof and otherwise complying with the provisions of this Note with respect thereto.

  • If at any time subsequent to the giving of such notice, Lender determines that because of a change in circumstances the Fixed Rate is again available to Borrower hereunder, Xxxxxx will so advise Xxxxxxxx and Borrower may convert the rate of interest payable hereunder from the Commercial Based Rate to a Fixed Rate by submitting a Fixed Rate Request to Lender and otherwise complying with the provisions of this Note with respect thereto.

  • Each Project Loan shall bear interest at the rate (the "Commercial Based Rate") of one-half percent (0.5%) per annum above the base rate publicly announced or published by Lender (the "GFB Rate") (which rate may not be the lowest interest rate charged by such bank) or the LIBOR Rate (hereinafter defined), as the Borrower may elect from time to time as hereinafter provided, and in no event shall the interest rate exceed the maximum interest rate permitted under applicable law (the "Maximum Rate").

  • It will not be necessary for Borrowers to submit further LIBOR Requests, except after any application of the Commercial Based Rate.

  • The cases cited above––especially JAW, Akin, Chrysler, and Boyd—demonstrate that the fine distinction Menchaca tries to create between coverage and breach is irrelevant.

  • If after the closing of the Project Loan the GFB Rate shall change, to the extent that the GFB Rate is then applicable, the Commercial Based Rate shall be increased or decreased, as the case may be, from time to time as of the effective date of each change in the GFB Rate, provided that in no event shall such interest rate exceed the Maximum Rate.


More Definitions of Commercial Based Rate

Commercial Based Rate means, with respect to any Commercial Based Rate Amount, the rate per annum (expressed as a percentage) determined by Agent to be equal to the sum of (a) the "Prime" Rate as reported by Bloomberg, plus (b) an additional "spread" to provide an equivalent interest rate as if such amounts were bearing interest at the LIBOR Based Rate.
Sample 1
Commercial Based Rate. The Compass Bank Index, with the Compass Bask Index being, as of a particular day, the Prime Rate as published in The Wall Street Journal’s “Money Rates” table for that day. If multiple Prime Rates are quoted in such table, then the highest Prime Rate quoted therein shall be the Compass Bank Index. In the event that a Prime Rate is not published in The Wall Street Journal’s “Money Rates” table, then Lender (or its successors) will choose a substitute index rate for calculating the Compass Bank Index, which is based on comparable information. The Compass Bank Index may not be the lowest rate of Interest that Lender charges. The Commercial Based Rate shall fluctuate with such Compass Bank Index changing as of the day of any change in the Compass Bank Index; provided, however, the Commercial Based Rate shall never exceed the Maximum Rate.
Sample 1
Commercial Based Rate. The Base Rate, minus the Applicable Margin per annum. The Borrower understands that the Commercial Based Rate may not be the lowest rate of interest charged to or paid by customers of Bank or of any other financial institution, that the Commercial Based Rate is not necessarily more favorable than another rate or index, and that rates on other loans or credit facilities may be based on indices other than the Commercial Based Rate.
Sample 1

Related to Commercial Based Rate

  • SOFR-Based Rate means SOFR or Term SOFR.

  • Prime-based Rate means, for any day, that rate of interest which is equal to the sum of the Applicable Margin plus the greater of (i) the Prime Rate, and (ii) the Alternate Base Rate.

  • LIBOR-Based Rate means, with respect to each Interest Period, the per annum interest rate equal to the London Interbank Offered Rate which appears on Telerate Page 3750 at approximately 11:00 a.m. (London time) two LIBOR Business Days prior to the first day of such Interest Period for deposits of United States dollars for a period of time comparable to the Interest Period, and in an amount comparable to the principal amount of the Loan, plus 0.35%.

  • Blended Rate means, with respect to any Taxable Year, the sum of the effective rates of tax imposed on the aggregate net income of the Corporate Taxpayer in each state or local jurisdiction in which the Corporate Taxpayer files Tax Returns for such Taxable Year, with the maximum effective rate in any state or local jurisdiction being equal to the product of: (i) the apportionment factor on the income or franchise Tax Return filed by the Corporate Taxpayer in such jurisdiction for such Taxable Year, and (ii) the maximum applicable corporate tax rate in effect in such jurisdiction in such Taxable Year. As an illustration of the calculation of Blended Rate for a Taxable Year, if the Corporate Taxpayer solely files Tax Returns in State 1 and State 2 in a Taxable Year, the maximum applicable corporate tax rates in effect in such states in such Taxable Year are 6% and 5%, respectively and the apportionment factors for such states in such Taxable Year are 60% and 40%, respectively, then the Blended Rate for such Taxable Year is equal to 5.6% (i.e., 6% times 60% plus 5% times 40%).

  • Applicable LIBOR Rate means, (a) for Auction Periods of 35 days or less, One-Month LIBOR, (b) for Auction Periods of more than 35 days but less than 91 days, Three-Month LIBOR, (c) for Auction Periods of more than 90 days but less than 181 days, Six-Month LIBOR, and (d) for Auction Periods of more than 180 days, One-Year LIBOR.

  • Revised Rate With respect to any ARD Mortgage Loan, the increased interest rate after the Anticipated Repayment Date (in the absence of a default) for such ARD Mortgage Loan, as calculated and as set forth in the related Loan Agreement.

  • Adjusted LIBOR Rate means, at any time with respect to any LIBOR Loan, a rate per annum equal to the LIBOR Rate as in effect at such time plus the Applicable Margin Percentage for LIBOR Loans as in effect at such time.

  • Repo Rate on any day means the highest interest rate available to a Lender from investment in overnight repurchase agreements.

  • Three-Month Secondary CD Rate means, for any day, the secondary market rate for three-month certificates of deposit reported as being in effect on such day (or, if such day is not a Business Day, the next preceding Business Day) by the Board through the public information telephone line of the Federal Reserve Bank of New York (which rate will, under the current practices of the Board, be published in Federal Reserve Statistical Release H.15(519) during the week following such day) or, if such rate is not so reported on such day or such next preceding Business Day, the average of the secondary market quotations for three-month certificates of deposit of major money center banks in New York City received at approximately 10:00 a.m., New York City time, on such day (or, if such day is not a Business Day, on the next preceding Business Day) by the Administrative Agent from three negotiable certificate of deposit dealers of recognized standing selected by it.

  • CMS Rate means the applicable swap rate for swap transactions in the Reference Currency with a maturity of the Designated Maturity, expressed as a percentage, which appears on the Relevant Screen Page as at the Specified Time on the relevant Interest Determination Date in question, all as determined by the Calculation Agent.

  • Increased Rate means, with respect to any Increased Rate Period for a Series of RVMTP Shares, the Index Rate for such Increased Rate Period plus an Applicable Spread of 5.92%.

  • Base CD Rate means the sum of (a) the Three-Month Secondary CD Rate multiplied by the Statutory Reserve Rate plus (b) the Assessment Rate.

  • Benchmark Rate means, with respect to any Redemption Date, the rate per annum equal to the annual equivalent yield to maturity or interpolated maturity of the Comparable Benchmark Issue (as defined below), assuming a price for the Comparable Benchmark Issue (expressed as a percentage of its principal amount) equal to the Comparable Benchmark Price for such Redemption Date.

  • SOFR Rate means the rate that will be calculated by the Calculation Agent for each Accrual Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except as provided below following a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

  • U.S. Base Rate means, for any day, the rate of interest per annum equal to the greater of (a) the interest rate per annum publicly announced from time to time by the Administrative Agent as its reference rate in effect on such day at its principal office in Toronto for determining interest rates applicable to commercial loans denominated in U.S. Dollars in Canada (each change in such reference rate being effective from and including the date such change is publicly announced as being effective) and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%.

  • Original Benchmark Rate on any day means (subject to § 3(4)) the [1 / 3 / 6 / 12]-month Euro Interbank Offered Rate (expressed as a percentage rate per annum) fixed at, and appearing on the Screen Page as of, 11:00 a.m. (Brussels time) on such day.

  • Base Rate means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the highest of:

  • Alternative Base Rate means the rate that has replaced LIBOR in customary market usage for determining floating interest rates in respect of bonds denominated in Dollars or, if the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines that there is no such rate, such other rate as the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines in its or the Issuer’s sole discretion is most comparable to LIBOR. If the Alternative Base Rate is determined, such Alternative Base Rate shall be the Alternative Base Rate for the remaining Interest Periods.

  • Three-Month LIBOR Rate means the rate determined in accordance with the following provisions:

  • One Month LIBOR Rate means, with respect to any interest rate calculation for a Loan or other Obligation bearing interest at the Alternate Base Rate, a rate per annum equal to the quotient (rounded upward if necessary to the nearest 1/16th of one percent (0.0625%)) of (i) the rate per annum referred to as the BBA (British Bankers Association) LIBOR RATE as reported on Reuters LIBOR page 1, or if not reported by Reuters, as reported by any service selected by Administrative Agent on the applicable day (provided that if such day is not a Eurodollar Banking Day for which a Eurodollar Rate is quoted, the next preceding Eurodollar Banking Day for which a Eurodollar Rate is quoted) at or about 11:00 a.m., London time (or as soon thereafter as practicable), for Dollar deposits being delivered in the London interbank eurodollar currency market for a term of one month commencing on such date of determination, divided by (ii) one minus the Reserve Requirement in effect on such day. If for any reason rates are not available as provided in clause (i) of the preceding sentence, the rate to be used in clause (i) shall be, at Administrative Agent’s discretion (in each case, rounded upward if necessary to the nearest one-sixteenth (1/16) of one percent (0.0625%)), (1) the rate per annum at which Dollar deposits are offered to the Administrative Agent in the London interbank eurodollar currency market or (2) the rate at which Dollar deposits are offered to the Administrative Agent in, or by Xxxxx Fargo to major banks in, any offshore interbank eurodollar market selected by Administrative Agent, in each case on the applicable day (provided that if such day is not a Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market, the next preceding Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market) at or about 11:00 a.m., London time (or as soon thereafter as practicable) (for delivery on such date of determination) for a one month term. Each determination by Administrative Agent pursuant to this definition shall be conclusive absent manifest error.

  • Alternative Benchmark Rate means an alternative benchmark or screen rate which is customarily applied in international debt capital markets transactions for the purposes of determining floating rates of interest (or the relevant component part thereof) in the Specified Currency, provided that all determinations will be made by the Independent Adviser in its reasonable discretion.

  • Prescribed Rate means the rate of 4% above The Royal Bank of Scotland plc base rate from time to time in force.

  • CP Rate means, for any Conduit Purchaser and for any Yield Period for any Portion of Capital (a) the per annum rate equivalent to the weighted average cost (as determined by the applicable Purchaser Agent and which shall include commissions of placement agents and dealers, incremental carrying costs incurred with respect to Notes of such Person maturing on dates other than those on which corresponding funds are received by such Conduit Purchaser, other borrowings by such Conduit Purchaser (other than under any Program Support Agreement) and any other costs associated with the issuance of Notes) of or related to the issuance of Notes that are allocated, in whole or in part, by the applicable Purchaser Agent to fund or maintain such Portion of Capital (and which may be also allocated in part to the funding of other assets of such Conduit Purchaser); provided, however, that if any component of such rate is a discount rate, in calculating the “CP Rate” for such Portion of Capital for such Yield Period, the applicable Purchaser Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum; provided, further, that notwithstanding anything in this Agreement or the other Transaction Documents to the contrary, the Seller agrees that any amounts payable to the Purchasers in respect of Discount for any Yield Period with respect to any Portion of Capital funded by such Purchaser at the CP Rate shall include an amount equal to the portion of the face amount of the outstanding Notes issued to fund or maintain such Portion of Capital that corresponds to the portion of the proceeds of such Notes that was used to pay the interest component of maturing Notes issued to fund or maintain such Portion of Capital, to the extent that such Purchaser had not received payments of interest in respect of such interest component prior to the maturity date of such maturing Notes (for purposes of the foregoing, the “interest component” of Notes equals the excess of the face amount thereof over the net proceeds received by such Purchaser from the issuance of Notes, except that if such Notes are issued on an interest-bearing basis its “interest component” will equal the amount of interest accruing on such Notes through maturity) or (b) any other rate designated as the “CP Rate” for such Conduit Purchaser in an Assumption Agreement or Transfer Supplement pursuant to which such Person becomes a party as a Conduit Purchaser to this Agreement, or any other writing or agreement provided by such Conduit Purchaser to the Seller, the Servicer and the applicable Purchaser Agent from time to time. The “CP Rate” for any day while a Termination Event or an Unmatured Termination Event exists shall be an interest rate equal to 2.0% per annum above the Base Rate as in effect on such day.

  • Standard Rate means, for any day, a rate per annum equal to the Bank's announced Prime Rate minus 0% per annum, and each change in the Standard Rate shall be effective on the date any change in the Prime Rate is publicly announced as being effective.

  • Five-Year Treasury Rate means, as of any Reset Interest Determination Date, the average of the yields on actively traded U.S. Treasury securities adjusted to constant maturity, for five-year maturities, for the most recent five Business Days appearing under the caption “Treasury Constant Maturities” in the Most Recent H.15. If the Five-year Treasury Rate cannot be determined pursuant to the preceding sentence, the Calculation Agent, after consulting such sources as it deems comparable to any of the foregoing calculations, or any such source as it deems reasonable from which to estimate the Five-year Treasury Rate, will determine the Five-year Treasury Rate in its sole discretion, provided that if the Calculation Agent determines there is an industry-accepted successor Five-year Treasury Rate, then the Calculation Agent will use such successor rate. If the Calculation Agent has determined a substitute or successor base rate in accordance with the foregoing, the Calculation Agent in its sole discretion may determine the Business Day convention, the definition of Business Day and the Reset Interest Determination Date to be used and any other relevant methodology for calculating such substitute or successor base rate, including any adjustment factor needed to make such substitute or successor base rate comparable to the Five-year Treasury Rate, in a manner that is consistent with industry-accepted practices for such substitute or successor base rate.

  • Required Rate means (a) 8.40%, with respect to the Cutoff Date and any Distribution Date on or prior to the date on which the Class A-2-B Notes are paid in full, or, (b) 7.90%, with respect to any Distribution Date after the Class A-2-B Notes are paid in full, or, in each case, such other percentage approved by the Rating Agencies.