Prime Rate Loan Sample Clauses
Prime Rate Loan. Each Prime Rate Loan shall bear interest (both before and after demand, maturity, default and, to the extent permitted by law, judgment, with interest on overdue interest at the same rate) from and including the Borrowing Date for such Loan to, but not including, the date of repayment of such Loan on the unpaid principal amount of such Loan at a nominal rate per annum equal to the Prime Rate, which shall, in each case, change automatically without notice to the Borrower as and when the Prime Rate shall change so that at all times the rates set forth above shall be the Prime Rate then in effect. Interest on each Prime Rate Loan shall be computed on the basis of the actual number of days elapsed divided by three hundred and sixty-five (365) or three hundred and sixty-six (366), as applicable. Interest in respect of outstanding Prime Rate Loans shall be payable monthly in arrears on the first Business Day of each month; provided, however, that interest on overdue interest shall be payable on demand.
Prime Rate Loan. When a Prime Rate Loan is selected, the interest rate shall be adjusted from time to time, effective as of the date of each change in Bank’s Prime Rate and the Prime-based Rate shall continue to apply until another interest rate option is selected by Borrower for that Loan.
Prime Rate Loan. Any Revolving Credit Loan or portion of the Term Loan bearing interest calculated by reference to the Prime Rate.
Prime Rate Loan. Each Loan that is a Prime Rate Loan shall bear interest at a fluctuating per annum rate equal to the Prime Rate increased or decreased by the applicable Prime Margin set forth below. Bank’s Prime Rate may change from time to time, and the interest payable will continue to fluctuate at the rate as stated herein. Any changes to the Prime Rate shall become effective without prior notice to Borrower on the date on which the Prime Rate changes.
Prime Rate Loan. On all Prime Rate Loans, Borrower agrees --------------- to pay interest on the Notes calculated on the basis of the actual days elapsed in a year consisting of 360 days with respect to the unpaid principal amount of each Prime Rate Loan from the date the proceeds thereof are made available to Borrower until maturity (whether by acceleration or otherwise), at a varying rate per annum equal to the lesser of (i) the Maximum Rate (defined herein), or (ii) the sum of the Prime Rate plus the Prime Rate Margin. Subject to the provisions of this Agreement as to prepayment, the principal of the Notes representing Prime Rate Loan shall be payable as specified in Section 3(f) hereof and the interest in respect of each Prime Rate Loan shall be payable on each Interest Payment Date. Past due principal and, to the extent permitted by law, past due interest in respect to each Prime Rate Loan, shall bear interest, payable on demand, at a rate per annum equal to the Maximum Rate.
Prime Rate Loan. Subject to the last paragraph of Section 7.1, the unpaid balance of the Prime Rate Loan from time to time shall bear interest in respect of each day, both before and after maturity or default, at a rate per annum which shall be at all times equal to the Prime Rate of the Bank plus the Applicable Margin from time to time in effect, such rate to be automatically adjusted without notice to the Borrower effective immediately upon every change by the Bank of its Prime Rate. Such interest shall be calculated daily and shall be payable monthly in arrears by the Borrower in Canadian Dollars on the last Business Day of each month of the calendar year, with interest on overdue interest accruing daily at the same rate until fully paid.
Prime Rate Loan. The term “Prime Rate Loan” shall mean an advance to be made pursuant to the applicable Notice of Borrowing, which will bear interest at the annual lending rate of interest announced from time to time by XX Xxxxxx Xxxxx & Co., New York, New York, as its prime rate, less the Applicable Margin.
Prime Rate Loan. For a Prime Rate Loan, a rate per annum equal at all times to the sum of the Prime Rate in effect for such day plus the Applicable Margin;
Prime Rate Loan. The definition of “Prime Rate Loan” is added to read as follows:
Prime Rate Loan. Lenders shall not be required to make a Prime Rate Loan unless Agent shall have received from the Borrower Agent a request for such Prime Rate Loan (the “Prime Loan Notice of Borrowing”). By delivering a written borrowing request to the Agent on or before 12:00 p.m., New York time, on a Business Day of the requested borrowing, the Borrower Agent may from time to time irrevocably request, a Revolving Loan Advance in a minimum amount of Ten Thousand ($10,000.00) Dollars with integral multiples of Ten Thousand ($10,000.00) Dollars. On the terms and subject to the conditions of this Agreement, each Prime Rate Loan shall be made available to the Borrowers no later than 3:00 p.m. New York time on the effective date specified therefore by deposit to the account of the Borrowers as shall have been specified in its borrowing request. For purposes herein, each of the LIBOR Notice of Borrowing, the Continuation/Conversion Notice and a Prime Loan Notice of Borrowing may be referred to as “Notice of Borrowing”)