Prevailing Interest Rate definition

Prevailing Interest Rate means the rate of interest payable on the Securities applicable from time to time pursuant to Condition 4 (Interest Payments);

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Prevailing Interest Rate as used herein shall mean the yield to maturity on a United States Treasury Bond or Treasury Note selected by Holder having a maturity date as near as possible to the original maturity date of this Note and an "ask" price, as close as possible to par (as published two weeks prior to the specified date of prepayment in THE WALL STREET JOURNAL or similar publication or available from the Federal Reserve Bank of New York), less the Basis Point Adjustment as computed in accordance with EXHIBIT A attached hereto to convert the monthly payments to a semi-annual equivalent. No Prepayment Premium shall be due on the principal balance prepaid within the thirty (30) day period prior to the Maturity Date of this Note. Written notice of Maker's election to make a prepayment in full of this Note shall be given in the manner provided for notices under the Deed of Trust. Partial prepayment of the outstanding principal amount of this Note shall not be permitted except in accordance with the terms of the Deed of Trust. In the event of such a permitted partial prepayment, the Prepayment Premium calculated in this Paragraph 9 shall be prorated based on the amount of the partial prepayment relative to the then current outstanding principal balance of this Note. Maker acknowledges that Holder:

Prevailing Interest Rate as of any date means the highest rate of interest then payable by the Debtors under any Loan.

Examples of Prevailing Interest Rate in a sentence

With effect from the first Reset Interest Determination Date, the Issuer will maintain an Agent Bank and the number of Reset Reference Banks provided above where the Prevailing Interest Rate is to be calculated by reference to them.
If the Agent Bank is unable or unwilling to continue to act as the Agent Bank or fails duly to determine the Prevailing Interest Rate in respect of any Reset Period as provided in Condition 4(c) (Interest Payments - Prevailing Interest Rate), the Issuer shall forthwith appoint another leading financial institution to act as such in its place.
In the event that, in accordance with Condition 4(c) (Interest Payments - Prevailing Interest Rate), the Agent Bank is required to determine the Prevailing Interest Rate on the basis of quotations provided to it by leading swap dealers in the interbank market, the Agent Bank shall not be held liable or responsible for any losses incurred by the Holders of Securities as a result of the Agent Bank's reliance upon such quotations if such quotations are subsequently found to be incorrect or inaccurate.
Such Debtor shall repay to the Secured Party on demand all sums which the Secured Party shall have paid under this section in respect of insurance premiums, with interest thereon at the Prevailing Interest Rate, and such Debtor's liability to the Secured Party for such repayment with interest shall be included in the Liabilities.
The interest payable on each Security on any Interest Payment Date shall be calculated by multiplying the Prevailing Interest Rate for the Interest Period ending immediately prior to such Interest Payment Date by the Calculation Amount and rounding the resulting figure to the nearest cent (half a cent being rounded upwards).

More Definitions of Prevailing Interest Rate

Prevailing Interest Rate means the rate of interest payable on the Securities applicable from time to time pursuant to Condition 4.

Prevailing Interest Rate means a current interest rate benchmark selected by the treasurer of state that banks are willing to pay to hold deposits for a specific time period, as measured by a third-party organization.

Prevailing Interest Rate means the rate of interest payable on the 6 Year Non-Call Securities applicable from time to time pursuant to Condition 4;

Prevailing Interest Rate. Prevailing Interest Rate. During the term hereof, Loans outstanding hereunder shall bear interest at a per annum rate equal to the Reference Rate plus zero percent (0.0%) (such advances shall hereinafter be referred to as "Reference Rate Advances"); however, for any monthly period, to the extent average daily Available Deposits are maintained with Bank by the Borrower (or by an Affiliate of the Borrower as designated by Bank) during such monthly period, such loans in an amount equal to such average daily Available Deposits shall bear interest at a rate of interest equal to one and one quarter percent (1.25%) per annum (such advances shall hereinafter be referred to as "Deposit Based Advances"). In addition to Reference Rate Advances and Deposit Based Advances, the Bank hereby agrees to make Loans to the Borrower, at the Borrower's election, at a fixed rate (the "Fixed Rate") for such period of time that the Bank may quote and offer, provided that any such period of time shall not exceed thirty (30) days (the "Interest Period"), and provided that any such period of time does not extend beyond the Maturity date for advances in the minimum amount of $250,000.00, (such advances shall hereinafter be referred to as "Fixed Rate Advances"). For Fixed Rate Advances, the interest rate for the Fixed Rate shall be a percentage approximately equivalent to one and one quarter percent (1.25%) per annum in excess of the rate which the Bank determines in its sole and absolute discretion to be equal to the Bank's cost of acquiring funds (adjusted for any and all assessments, surcharges and reserve requirements pertaining to the borrowing or purchase by the Bank of such funds) in an amount approximately equivalent to the amount of the relevant Fixed Rate Advance and for a period of time approximately equal to the relevant Interest Period; The Bank shall provide the Borrower with a statement of the Borrower's Fixed Rate Advances, which statement shall be considered to be correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within 10 days after the Borrower's receipt of any such statement which it deems to be incorrect. Notice of Election to Adjust Interest Rate. Upon telephonic notice which shall be received by the Bank at or before 12:00 p.m. (California Time) on a business day, the Borrower may elect:

Prevailing Interest Rate means a current interest 31

Prevailing Interest Rate. Base Rate plus the Spread or Standardised Base Rate plus the Spread, whichever applicable to the Property Financing/Facility or subject to Section 5.3(c), such other rate of interest that the Bank may prescribe at any time.

Prevailing Interest Rate means the average interest rate of two mortgage lenders in the County, acceptable to the director, for a thirty year fixed loan with no discount points.