Prime Advance definition

Prime Advance means an Advance which bears interest at the Prime Rate.

Prime Advance means any Advance which is determined with reference to the Prime Rate.

Prime Advance means any Advance that bears interest determined with reference to the Prime Rate;

Examples of Prime Advance in a sentence

• Each LIBOR Advance shall be in the minimum amount of $2,000,000 (and in multiples of $100,000 if in excess thereof), and each Prime Advance shall be in the minimum amount of $1,000,000 (and in multiples of $100,000 if in excess thereof), provided, however, that any Prime Advance may be in the amount of the unused Aggregate Commitment.

• The Borrower may prepay the principal amount of any Prime Advance in whole or in part from time to time without any prepayment penalty.

• If the Borrower fails to renew any LIBOR Advance or if the Borrower shall receive any new Advance without designating whether such Advance is a LIBOR Advance or a Prime Advance, such Advance shall automatically be deemed to be a Prime Advance.

• Interest accrued on each LIBOR Advance shall not be payable on any date on which the LIBOR Advance is prepaid (provided that nothing herein shall authorize a prepayment which is not otherwise permitted hereunder), or converted to another LIBOR Advance or to a Prime Advance, as the case may be, but shall be payable on the next Payment Date.

• Changes in the rate of interest on that portion of any Advance maintained as a Prime Advance will take effect simultaneously with each change in the Prime Rate.

More Definitions of Prime Advance

Prime Advance means an Advance that bears interest at the Prime Rate.

Prime Advance means a Facility A Advance or a Facility B Advance as to which the Borrowers have selected the Prime Rate to determine the interest rate or as to which the Prime Rate has been applied pursuant to Section 6.3(b) below.

Prime Advance means any Advance (or, if the case, the entire outstanding principal balance of the Loan) as to which a Prime-based Rate is elected by the Company pursuant to this Agreement.

Prime Advance means a Credit Advance under which the Borrower elects the Prime Advance Rate.

Prime Advance means an Advance as to which the Borrowers have selected the Prime Rate to determine the interest rate or as to which the Prime Rate has been applied pursuant to Section 6.3(b) below.

Prime Advance means those Revolving Credit Loans for which a Borrower has elected to use the Prime Option for interest rate computations.

Prime Advance means an Advance in Canadian Dollars (including all amounts advanced to the Borrower by way of overdraft, as applicable) bearing interest based on the Prime Rate.