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Simple English definitions for legal terms
prime
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A quick definition of prime:
Term: PRIME
Definition: Prime refers to the interest rate that banks charge their most creditworthy customers. It is the lowest rate at which banks lend money to their customers. When someone says "prime rate," they are referring to this interest rate. Additionally, prime can also be used as a verb to mean taking priority over something else. For example, if you have a preferred mortgage, it will prime over any other liens or debts you may have.
A more thorough explanation:
prime, n. - refers to the prime rate under interest rate.
prime, vb. - means to take priority over something else.
Example 1: The bank offered a loan with an interest rate of 2% above prime.
Example 2: The CEO's safety was of prime concern during the company's restructuring.
Example 3: The athlete's performance was prime, earning them a gold medal.
Example 4: The company's new product launch was primed to be a success with extensive marketing efforts.
These examples illustrate the different uses of the term "prime." In example 1, "prime" is used as a reference to the prime rate, which is a benchmark interest rate used by banks. In example 2, "prime" is used to emphasize the importance of the CEO's safety. In example 3, "prime" is used to describe the athlete's exceptional performance. In example 4, "prime" is used to describe the company's efforts to ensure the success of their new product launch.