Examples of Prime Rate Advance in a sentence

Subject to Section 2.6(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to (i) for each Prime Rate Advance, the greater of (A) one-half of one percent (0.50%) above the Prime Rate, and (B) three and three-quarters of one percent (3.75%), or (ii) for each SOFR Advance, three percent (3.0%) above the Term SOFR for the Interest Period therefor.
Such Prepayment Notice must be received by Bank (i) in the case of prepayment of a SOFR Advance, not later than 2:00 p.m. Pacific time three (3) U.S. Government Securities Business Days before the date of prepayment, or (ii) in the case of prepayment of a Prime Rate Advance, not later than 2:00 p.m. Pacific time one (1) Business Day before the date of prepayment.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred, then, so long as such Event of Default is continuing, at Bank’s election, (i) no outstanding Advance may be converted to or continued as a SOFR Advance and (ii) unless repaid as provided herein, each SOFR Advance shall automatically be converted to a Prime Rate Advance at the end of the Interest Period therefor.

More Definitions of Prime Rate Advance

Prime Rate Advance means an Advance in Canadian Dollars bearing interest based on the Prime Rate and includes availments that are deemed to be Prime Rate Advances under this Agreement.

Prime Rate Advance means an Advance that bears interest as provided in Section 2.07(a)(i).

Prime Rate Advance means an Advance that bears interest based on the Prime Rate.

Prime Rate Advance means any Advance under this Note when and to the extent that its interest rate is determined by reference to the Prime Rate.

Prime Rate Advance means an Advance which bears interest as provided in ------------------ Section 2.06(a).

Prime Rate Advance means an Advance which the Borrower requests to be made as a Prime Rate Advance or is reborrowed as a Prime Rate Advance, in accordance with the provisions of Section 2.2 hereof, which bears interest at the Prime Rate Basis and which shall be in a principal amount of at least $2,000,000.00, and in an integral multiple of $500,000.00.

Prime Rate Advance means an Advance in or a Conversion into Canadian Dollars made by the Lenders to the Canadian Borrower with respect to which the Canadian Borrower has specified that interest is to be calculated by reference to the Prime Rate.