Prime Floor definition

Prime Floor has the meaning given in the definition of Prime Rate.
Prime Floor means the Benchmark Floor. “Prime Rate” shall mean the sum of (i) the greater of (A) Prime and (B) the Prime Floor, and (ii) the Prime Spread. “Prime Rate Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon Prime pursuant to Section 2.5 hereof. “Prime Spread” shall mean the difference (expressed as the number of basis points) between (a) the Benchmark Rate on the Determination Date that the Benchmark was last applicable to the Loan and (b) Prime on the Determination Date that the Benchmark was last applicable to the Loan; provided, however, in no event shall such difference be a negative number. “Prohibited Entity” shall mean any Person which (i) is a statutory trust organized under 12 Del.C. § 3801 et seq. (or any successor statute thereto), or under any similar state or federal law, (ii) is a Crowdfunded Person or (iii) owns a direct or indirect interest in Borrower, any SPE Component Entity or the Property through a tenancy-in-common or other similar form of ownership interest. “Prohibited Transfer” shall mean (i) a Sale or Pledge of the Property or any part thereof or any legal or beneficial interest therein, including, without limitation, any interest in the Loan and/or Loan Documents (but excluding any Permitted Encumbrance), (ii) a Sale or Pledge of an interest in any Restricted Party and/or (iii) Borrower’s acquisition of any real property in
Prime Floor means four percent (4.0%).

Examples of Prime Floor in a sentence

  • The term loan and revolving credit facility had an interest rate of Prime plus 4.5% with a 2.75% Prime Floor.

  • All Advances against Accounts under the AIR Line of Credit hereunder shall bear interest, on the Daily Balance, at a per annum rate of one and one-quarter percent (1.25%) in excess of(i.) the Prime Rate; or (ii.) the Prime Floor, whichever is higher.

  • All Advances against Accounts under the A/R Line of Credit hereunder shall bear interest, on the Daily Balance, at a per annum rate of two percent (2.00%) in excess of (i.) the Prime Rate; or (ii.) the Prime Floor, whichever is higher.

  • All Advances against Inventory under the Inventory Line of Credit hereunder shall bear interest, on the Daily Balance, at a per annum rnte of ----------n/a---------- percent (----------n/a----------%) in excess of(i.) the Prime Rate; or (ii.) the Prime Floor, whichever is higher.

  • All Advances against Inventory under the Inventory Line of Credit hereunder shall bear interest, on the Daily Balance, at a per annum rate of n/a percent ( n/a %) in excess of (i.) the Prime Rate; or (ii.) the Prime Floor, whichever is higher.


More Definitions of Prime Floor

Prime Floor means three and one quarter of one percent (3.25%).
Prime Floor means three and three-quarters percent (3.75%).
Prime Floor means the Benchmark Floor. “Prime Rate” shall mean the sum of (i) the greater of (A) Prime and (B) the Prime Floor, and (ii) the Prime Spread. “Prime Rate Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon Prime pursuant to Section 2.5 hereof. “Prime Spread” shall mean the difference (expressed as the number of basis points) between (a) the Benchmark Rate on the Determination Date that the Benchmark was last applicable to the Loan and (b) Prime on the Determination Date that the Benchmark was last applicable to the Loan; provided, however, in no event shall such difference be a negative number. “Prohibited Entity” shall mean any Person which (i) is a statutory trust organized under 12 Del.C. § 3801 et seq. (or any successor statute thereto), or under any similar state or federal law, (ii) is a Crowdfunded Person or (iii) owns a direct or indirect interest in Borrower, any SPE Component Entity or the Property through a tenancy-in-common or other similar form of ownership interest.

Related to Prime Floor

  • Lowest floor means the lowest floor of the lowest enclosed area (including basement). An unfinished or flood resistant enclosure, usable solely for parking of vehicles, building access, or limited storage in an area other than a basement area is not considered a building's lowest floor, provided that such an enclosure is not built so as to render the structure in violation of the applicable non-elevation design requirements of this ordinance.

  • OC Floor An amount equal to 0.50% of the Pool Balance as of the Cut-Off Date.

  • SOFR Floor means a rate of interest per annum equal to zero basis points (0.00%).

  • Ground floor means a floor of a building with a building entrance on an accessible route. A building may have more than one ground floor.

  • Mezzanine Floor means an intermediate floor between two floors, above ground level, accessible only from the lower floor;

  • Rate Floor The minimum per annum Mortgage Interest Rate permitted under the related Mortgage Note. Rating Agency: Initially, each of S&P and Xxxxx’x and thereafter, each nationally recognized statistical rating organization that has rated the Certificates at the request of the Company, or their respective successors in interest. Ratings: As of any date of determination, the ratings, if any, of the Certificates as assigned by the applicable Rating Agencies.

  • Wood floor wax means wax-based products for use solely on wood floors.

  • Total Floor Area means, the sum total of the total areas of all floors in a building or structure whether at above or below grade measured between the exterior faces of the exterior walls of the building or structure or from the centre line of a common wall separating two uses or from the outside edge of a floor where the outside edge of the floor does not meet an exterior or common wall, and;

  • LIBOR Floor means 0.00%.

  • Residential Floor Area means all of the square footage of living area within the perimeter of a residential structure, not including any carport, walkway, garage, overhang, patio, enclosed patio, or similar area. The determination of Residential Floor Area shall be made by reference to the building permit(s) issued for such Assessor’s Parcel.

  • Floor means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR.

  • Periodic Rate Floor With respect to each Adjustable Rate Mortgage Loan, the provision of each Mortgage Note which provides for an absolute maximum amount by which the Mortgage Interest Rate therein may decrease on an Interest Rate Adjustment Date below the Mortgage Interest Rate previously in effect. Person: Any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof.

  • Base flood means the flood having a one percent chance of being equaled or exceeded in any given year.

  • Rate Center means the specific geographic point that has been designated by a given LEC as being associated with a particular NPA-NXX code that has been assigned to the LEC for its provision of Telephone Exchange Service. The Rate Center is the finite geographic point identified by a specific V&H coordinate, which is used by that LEC to measure, for billing purposes, distance sensitive transmission services associated with the specific Rate Center.

  • Office Premises means any building, facility, or portion thereof, or other premises, whether owned or controlled by CP, which is used solely for clerical or administrative purposes and which does not contain heavy equipment or machinery, as designated by CP from time to time;

  • apartment building means a residential use building, or the residential use portion of a mixed-use building, other than a townhouse or stacked townhouse containing four or more dwelling units each of which shall have access to above grade common halls, stairs, elevators, and yards;

  • Rate Center Area means the following in each applicable area:

  • Square Footage means the total gross horizontal areas of all floors, including usable basement and cellars, below the roof and within the outer surface of the main walls of buildings (or the center lines of party walls separating such buildings or portions thereof) or within lines drawn parallel to and two feet within the roof line of any building or portion thereof without walls (which includes, notwithstanding paragraph 3 below, the square footage of all porches), and including pedestrian access walkways or corridors, but excluding the following:

  • Gross Floor Area means the total floor area, measured between the outside of exterior walls or between the outside of exterior walls and the centre line of party walls dividing the building from another building, of all floors above the average level of finished ground adjoining the building at its exterior walls;

  • Junk yard means any property utilized for breaking up, dismantling, sorting, storing, distributing, buying or selling of any scrap waste material, junk or used equipment or machinery of any nature.

  • Level 5 means a project of greater than 2 MWac.

  • Building Square Footage or "BSF" means the square footage of assessable internal living space of a Unit, exclusive of any carports, walkways, garages, overhangs, patios, enclosed patios, detached accessory structure, other structures not used as living space, or any other square footage excluded under Government Code Section 65995 as determined by reference to the Building Permit for such Unit.

  • Acre-foot – means the amount of water necessary to cover one acre of land one foot deep, or 325,851 gallons of water.

  • Square feet or "square foot" as used in this Lease includes the area contained within the leased premises together with a common area percentage factor of the leased premises proportionate to the total building area.

  • Rear Yard means a yard extending across the full width of a lot between the rear lot line of the lot, or where there is no rear lot line, the junction point of the side lot lines, and the nearest wall of the nearest main building or structure on the lot;

  • industrial premises means any place or premises (not being a private dwelling house), including the precincts thereof, in which or in any part of which any industry, trade, business, occupation or manufacturing is being ordinarily carried on with or without the aid of power and includes a godown attached thereto;