Common use of Interest on Prime Rate Loans Clause in Contracts

Interest on Prime Rate Loans. The Borrowers shall, jointly and severally, pay to the Agent for the benefit of the Lenders interest on Prime Rate Loans two (2) Business Days after the last Business Day of each month, calculated monthly in arrears at an interest rate per annum equal to the Prime Lending Rate plus the Applicable Margin on the average net balances owing to the Agent and the Lenders at the close of business each day during such month. The rate under this Section 4.1 shall change each day as the Prime Lending Rate changes.

Interest on Prime Rate Loans. The Borrowers shall, shall jointly and severally, severally pay to the Agent for the benefit of the Lenders interest on Prime Rate Loans two (2) Business Days after on the last first Business Day of each month, calculated monthly in arrears at an interest rate per annum equal to the Prime Lending Rate plus the Applicable Margin on the average net balances owing to the Agent and the Lenders at the close of business each day during such month. The rate under this Section 4.1 shall change each day as the Prime Lending Rate changes.