floor(redirected from floorboard)
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2. The lowest price or some other limit that can occur. For example, in an adjustable-rate mortgage, the lender will often specify a floor for the interest rate, which means that even though the interest rate on the mortgage changes from time to time, it will never drop below the specified floor. These exist to protect one or both parties to a contract or investment. See also: Ceiling, Collar.
Other than the obvious, refers to the bottom of something. Variable-rate mortgages may provide a minimum interest rate,called a floor,even if the rate would otherwise be less if the index dropped. Percentage leases with rent partially based on gross revenues might have a minimal amount,or floor payment.