Designated Prime Rate definition

Designated Prime Rate means the annual rate of interest which is at all times equal to the lesser of (i) the Prime Rate plus 2%, calculations of interest to be made on a daily basis and on the basis of a 360 day year and (ii) the maximum rate permitted by law; the term “Prime Rate” in this sentence means the rate as periodically published in The Wall Street Journal.
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Designated Prime Rate means the prime commercial rate of interest as published from time to time in The Wall Street Journal, or such other source as the parties may agree, adjusted as such rate adjusts.
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Designated Prime Rate means the annual rate of interest which is at all times equal to the lesser of (i) the highest prime rate as published in the Wall Street Journal (or any comparable publication selected by the Investor Limited Partner in its reasonable discretion if the Wall Street Journal ceases to publish such index) plus 1%, with calculations of interest to be made on a daily basis and on the basis of a three hundred sixty (360)-day year and (ii) the maximum rate permitted by law in the applicable context.
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Examples of Designated Prime Rate in a sentence

  • Any amounts not paid upon demand shall bear interest at the rate of 2% over the Designated Prime Rate in effect at the end of the preceding calendar month, until paid in full.

  • Any amounts not paid within thirty (30) days of written demand shall bear interest at the rate of two percent (2%) over the Designated Prime Rate in effect at the end of the preceding calendar month, until paid in full, and shall be deemed an Adjustment Amount for purposes of Article Xl hereof.

  • Any amount not paid by a Member (or Former Member) within such thirty (30) day period shall accrue interest at the rate of two percent (2%) over the Designated Prime Rate in effect at the end of the preceding calendar month, until paid in full.

  • Such loans, which shall bear interest at an annual rate equal to the Designated Prime Rate plus 1%, shall be evidenced by unsecured promissory notes of the Company, and are referred to herein as “Project Expense Loans.” Any Project Expense Loans provided for under this Agreement shall be repaid only as provided in Section 6, and no recourse for the payment thereof may be had against any other property of the Company or against any Member.

  • Any amounts not paid within thirty (30) days of written demand shall bear interest at the rate of two percent (2%) over the Designated Prime Rate in effect at the end of the preceding calendar month, until paid in full.

  • If any Tax Indemnity Payment due from the Managing Member under this Section 5.3 is not made when due, the unpaid balance shall bear interest at an annual rate equal to the Designated Prime Rate plus one percent (1%).


More Definitions of Designated Prime Rate

Designated Prime Rate means the prime rate of interest published from time to time in The Wall Street Journal or if, at any time, such prime rate shall not be published or publicly announced, the rate announced by such other “money center” bank located in New York City as may be selected by Landlord, adjusted as such prime rate adjusts.
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