Prime Rate Index definition

Prime Rate Index means the annual rate of interest published in The Wall Street Journal from time to time as the “prime rate” as of the date that is prior to (but most near) the date which is two (2) Business Days prior to the eleventh (11th) day of the calendar month in which the applicable Interest Period commences. If The Wall Street Journal ceases to publish the “Prime Rate,” Administrative Agent shall select an equivalent publication that publishes such “prime rate,” and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body, then Administrative Agent shall select a reasonably comparable interest rate index. Administrative Agent’s determination of the Prime Rate Index shall be binding and conclusive on Borrower absent manifest error. The Prime Rate Index may or may not be the lowest rate at which Administrative Agent or any Lender prices loans on the date which the Prime Rate Index is determined by such Lender as set forth above.

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Prime Rate Index means THE CHASE MANHATTAN BANK N.A. COMMERCIAL LENDING RATE subject to change from time to time, however, the interest rate change will not occur more often than daily.

Prime Rate Index means the annual rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.” If The Wall Street Journal ceases to publish the “Prime Rate,” Lender shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasi- governmental body, then Lender shall select a comparable interest rate index. Notwithstanding the foregoing, in no event shall Prime Rate Index be less than the Rate Index Floor. “Prime Rate Loan” means the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate. “Prime Rate Spread” means, in connection with the conversion of the Loan from a Term SOFR Loan to a Prime Rate Loan, the difference (expressed as the number of basis points) of (a) Term SOFR as of the Determination Date for which Term SOFR was last applicable to the Loan plus the Spread minus (b) the Prime Rate as of such Determination Date; provided, however, that if such difference is a negative number, the Prime Rate Spread shall be zero. “Project” means the construction, development, Completion and payment in full of all work relating to the Required Improvements as more specifically set forth herein and in accordance with the Plans and Specifications, all Legal Requirements and all other applicable requirements of the Loan Documents. “Project Advance Amount” means an amount equal to $11,393,102. “Project Manager” means Savills, Inc. “Property” means each parcel of real property described on Exhibit A attached hereto, the Improvements thereon and all Personal Property owned by Mortgage Borrower and encumbered by the Security Instrument, together with all rights pertaining to such property and Improvements, as more particularly described in the granting clause of the Security Instrument and referred to therein as the “Property”. “Property Taxes” means all real estate and personal property taxes, assessments, water rates or sewer rents (excluding income taxes), now or hereafter levied or assessed or imposed against the Property or part thereof, together with all interest and penalties thereon.

Examples of Prime Rate Index in a sentence

The APR (other than the Introductory APR) is a variable rate determined quarterly by adding a margin of 4.65% to 14.40%, not to exceed 17.90% APR, (depending on our review of your application and creditworthiness) to the Prime Rate (Index).
The APR is a variable rate determined quarterly by adding a margin of 7.49% to 13.49%, not to exceed 17.90% APR, (depending on our review of your application and creditworthiness) to the Prime Rate (Index).
Prime is the highest Prime Rate Index published in The Wall Street Journal "Money Rates" section on the 13th day of each month.
We calculate the APR based on the Prime Rate (Index), plus a margin of 4.50%.
The APR (other than the Introductory APR) is a variable rate determined quarterly by adding a margin of 4.65% to 14.40% (depending on our review of your application and creditworthiness) to the Prime Rate (Index).
The APR (other than the Introductory APR) is a variable rate determined quarterly by adding a margin of 4.65% to 14.40%, not to exceed 17.90% APR, (depending on ourreview of your application and creditworthiness) to the Prime Rate (Index).
The APR (other than the Introductory APR) is a variable rate determined quarterly by adding a margin of 5.5% to 14.75% (depending on our review of your application and creditworthiness) to the Prime Rate (Index).
As used herein, “Index Rate” means and refers to the Prime Rate Index as published by The Wall Street Journal.

More Definitions of Prime Rate Index

Prime Rate Index means the annual rate of interest publicly announced by JPMorgan Chase Bank, National Association, in New York, New York, as its base rate, as such rate shall change from time to time. If JPMorgan Chase Bank, National Association, ceases to announce a base rate, then the Prime Rate Index shall mean the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.” If The Wall Street Journal ceases to publish the “Prime Rate,” Administrative Agent shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasi-governmental body, then Administrative Agent shall select a comparable interest rate index. Notwithstanding the foregoing, in no event shall Prime Rate Index be less than the Rate Index Floor.