Governing Rate means the "Prime" rate publicly announced by Citibank N.A., New York, New York (or such other "money center" bank as Lender, in its sole discretion, may select from time to time, but shall not be more than the highest rate of the five largest banks in the Continental United States as their respective corporate base, reference, prime or similar benchmark rate), provided however, that such rate may not be the lowest rate charged to such bank's customers.
Governing Rate shall have the meaning set forth in Section 2.3.5.
Governing Rate means a rate equal to the highest of (1) the Prime Rate of the Chase Manhattan Bank or its successors or (ii) "The Wall Street Journal Prime Rate" or (iii) the commercial paper rate in effect from time to time. Interest shall be computed on the basis of a year of 360 days. The Prime Rate of The Chase Manhattan Bank or its successors shall mean the rate of interest publicly announced by The Chase Manhattan Bank or its successors in New York from time to time as its Prime Rate. The Prime Rate of The Chase Manhattan Bank or its successors is not intended to be the lowest rate of interest charged by The Chase Manhattan Bank or its successors to its borrowers. "The Wall Street Journal Prime Rate" shall mean the Prime Rate listed by the Wall Street Journal. If more than one Prime Rate is listed in the Wall Street Journal, then the highest rate shall apply. "Commercial paper rate" shall mean the average rate quoted by the Wall Street Journal or such other source as CIT may determine for 30-day dealer commercial paper. The Governing Rate on the date of this Agreement is 9.5% per annum.
Examples of Governing Rate in a sentence
As the Governing Rate changes, the rate set forth in Stated Interest Rate Section (i) shall be increased or decreased (subject to the Maximum Rate) on the first day of each calendar month to correspond with the change in the Governing Rate then in effect and shall remain fixed at such rate until the first day of the next succeeding calendar month, notwithstanding fluctuations in the Governing Rate during the month.
All changes in the Governing Rate shall be made without notice to Borrower.
All Obligations owed by Borrower to Capital shall bear interest, from and after written notice by Capital to Borrower of the occurrence of an Event of Default, and without constituting a waiver of any such Event of Default, on the average Daily Balance owing, at a rate five (5) percentage points above the Governing Rate.
All changes in the Governing Rate or the Stated Interest Rate shall be made without notice to Borrower.
All Obligations owed by Borrower to Capital shall bear interest, on the average Daily Balance owing, at a rate equal to the Margin (as defined on Schedule 1) plus the Prime Rate (the "Governing Rate").
More Definitions of Governing Rate
Governing Rate means, on any date, a rate per annum equal to the greater of (i) the minimum interest rate floor set forth in Item 8(c) of the Terms Schedule and (ii) the sum of (A) the Applicable Variable Rate in effect on such date plus (B) the interest margin set forth in Item 8(b) of the Terms Schedule. The Applicable Variable Rate shall be adjusted daily, with each change to the Applicable Variable Rate, with any adjustments to be effective as of the opening of business on the day that any change in the Applicable Variable Rate becomes effective. Upon and after the occurrence of an Event of Default and during the continuation thereof, the principal balance of the Loans shall, at the election of the Agents and without the necessity of declaring the Obligations immediately due and payable and without the necessity of providing any prior notice Borrower, bear interest at the rate (the "Default Rate") equal to the lesser of (i) the Governing Rate in effect from time to time plus the default margin set forth in Item 8(d) of the Terms Schedule and (ii) the highest rate allowed by applicable law. The amount of any Overadvance shall bear interest at the Default Rate. All interest chargeable under this Agreement shall be computed on the basis of the actual number of days elapsed in a year of 360 days.
Governing Rate means a rate equal to the highest of (i) the Prime Rate of The Chase Manhattan Bank or its successors or (ii) "The Wall Street Journal Prime Rate" or (iii) the commercial paper rate in effect from time to time. Interest shall be computed on the basis of a year of 360 days. The Prime Rate of The Chase Manhattan Bank or its successors shall mean the rate of interest publicly announced by The Chase Manhattan Bank or its successors in New York from time to time as its Prime Rate. The Prime Rate of The Chase Manhattan Bank or its successors is not intended to be the lowest rate of interest charged by The Chase Manhattan Bank or its successors to its borrowers. "The Wall 2101 (8/99) Non Standard Revolving Loan Agreement- Single Advance Rate Page 1 of 9
Governing Rate means a rate equal to three percent (3%) above the prime rate publicly quoted by [name] Bank and, if at any time such a rate has not been publicly announced, then such prime rate as is announced by such other major [state] banking institution as may be selected by the holder. The initial governing rate shall be three percent (3%) above the prime rate in effect on the date hereof and thereafter the governing rate shall be three percent (3%) above the prime rate in effect on each payment date for the monthly period commencing on such payment date. Notwithstanding the foregoing, at no time shall the governing rate be less than [percent]%. If the Borrower shall default in the due and punctual payment of any principal of, or interest on, the Loan or the Note, or on any other amount due from the Borrower under this Agreement or any of the Loan Documents, the Borrower shall pay interest thereon and on all such amounts as may be necessary to compensate the Bank for any loss as a consequence of such default as provided in Section 5.2, to the extent permitted by law, on a daily basis for the period from and including the date of such default up to the date of actual payment (after as well as before judgment) at a rate per annum equal to four percent (4%) above the Prime Rate as determined by the Bank prevailing in respect of that day or any substitute rate of interest then in effect, provided, however, that the default interest rate provided by this subsection (d) shall not be less than twelve percent (12%) per annum.
Governing Rate means a rate equal to the higher of the LIBOR Rate or the commercial paper rate. Interest shall be computed on the basis of a year of 360 days. Any change in the rate of interest based upon a change in the Governing Rate shall take effect on an Adjustment Day.
Governing Rate means that interest rate published daily in the "Money Rates" section of The Wall Street Journal as the "LIBOR" rate being offered for a period of one (1) month plus the Eurodollar Reserve Percentage, if any; provided, however, that if such newspaper ceases to be published or ceases to publish a one-month "LIBOR" rate, then, "Governing Rate" shall mean such alternate, equivalent published index rate as shall be selected by Lender plus, if then still applicable, the Eurodollar Reserve Percentage, if any. The Governing Rate shall be set each month on the first day of such calendar month, based on the aforesaid index rate as so published on the first day of such calendar month (unless on such day such rate is not published, in which event the Governing Rate shall be based on the aforesaid index rate as published on the next closest day prior to such first day of such calendar month), plus the then applicable Eurodollar Reserve Percentage, if any.
Governing Rate means such alternate, equivalent published index rate as shall be selected by Lender plus, if then still applicable, the Eurodollar Reserve Percentage, if any. The Governing Rate shall be set each month on the first day of such calendar month, based on the aforesaid index rate as so published on the first day of such calendar month (unless on such day such rate is not published, in which event the Governing Rate shall be based on the aforesaid index rate as published on the next closest day prior to such first day of such calendar month), plus the then applicable Eurodollar Reserve Percentage, if any.
Governing Rate means a rate equal to the Thirty Day LIBOR Rate. "THIRTY DAY LIBOR RATE" shall mean the rate of interest set forth in the "Money Rates" column of the Wall Street Journal under the heading "London Interbank Offering Rates (LIBOR)" for thirty days (presently described there as the average of interbank offering rates for dollar deposits in the London market presently based on quotations at sixteen major banks), which appears in the Wall Street Journal. If such rate does not appear in the Wall Street Journal, the Thirty Day LIBOR Rate shall be determined from such source as the Lender shall determine. The Governing Rate shall be determined as of the first Business Day of each month and be applicable for that month.