National Commercial Rate definition

National Commercial Rate means a floating annual rate of interest that is designated from time to time by the Bank as the National Commercial Rate and is used by the Bank as a reference base with respect to different interest rates charged to borrowers. The Bank's determination and designation from time to time of the National Commercial Rate shall not in any way preclude the Bank from making loans to other borrowers at a rate which is higher or lower than or different from the National Commercial Rate.
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National Commercial Rate is used by the Agent as a reference rate with respect to different interest rates charged to borrowers. The Agent's determination and designation from time to time of the reference rate shall not in any way preclude the Agent from making loans to other borrowers at a rate that is higher or lower than or different from the reference rate.
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National Commercial Rate means a floating annual rate of interest designated from time to time by Bank as its "National Commercial Rate" and used by Bank as a reference base with respect to different rates of interest charged to borrowers. The rate of interest payable by Borrower under this Agreement and the Notes shall change simultaneously and automatically upon Bank's designation of any change in such referenced rate. Bank's determination and designation of such referenced rate from time to time shall not in any way preclude Bank from making loans to other borrowers at rates which are higher or lower than, or different from, such referenced rate.
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Examples of National Commercial Rate in a sentence

  • Additional contributions under this Section 7.3 shall constitute loans to the Company by the contributing Member at an interest rate equal to 2% over the Wilmington Trust Company National Commercial Rate at the end of each month, and shall be repaid by the Company within sixty (60) days from the date of its advance.

  • The Contributing Members shall be entitled to treat the amounts contributed pursuant to this section as a loan from the Contributing Members bearing interest at a rate equal to 2% over the Wilmington Trust Company National Commercial Rate in effect when the loan is made, secured by the Delinquent Member's interest in the Company.

  • Effective as of the date of the merger of Meridian Bank into CoreStates Bank, N.A., all references in the Loan Documents to Meridian Bank shall be deemed to refer to CoreStates Bank, N.A., and all references in the Loan Documents to the National Commercial Rate shall be deemed to refer to the "Prime Rate", as defined in this Second Amended and Restated Loan and Security Agreement.

  • If any amount payable by Borrower under Sections 2.05(B), 4.01(B), 4.01(C), 5.02 and 5.03 hereof is not paid when due, Borrower shall pay to Bank on demand interest on such unpaid amount from the date on which payment was due to the date of payment in full at an annual rate equal to the sum of the National Commercial Rate plus 2%.

  • The rate of interest payable on any such unpaid amount shall change as of the opening of business on each day on which the National Commercial Rate changes.

  • From the maturity of the obligations evidenced by the Notes, as well as upon the occurrence of an Event of Default, until final payment of all sums owed under this Agreement, the Notes or any other document or instrument pertaining hereto, the outstanding principal balance and all other sums due hereunder and thereunder shall bear interest at the rate of the National Commercial Rate plus 5% per annum ("Default Rate").