Prime Rate Balance definition
Examples of Prime Rate Balance in a sentence
Contemporaneously with each prepayment of principal, Borrower shall give Bank written or oral notice indicating whether such prepayment is to be applied to the Prime Rate Balance or a particular LIBOR Balance.
If such notice is not timely received by Bank, Borrower shall be deemed to have selected to prepay the Prime Rate Balance and, if any sums remain after satisfying all of the Prime Rate Balance, the remaining sums shall be applied to any LIBOR Balance(s) that Bank determines in its sole discretion.
Each change in the interest rate applicable to a Prime Rate Balance shall become effective without prior notice to Borrower automatically as of the opening of business on the date of such change in the Prime Rate.
During any period in which any portion of the principal hereof bears interest at a rate based upon the Prime Rate, Borrower shall have the right, on any London Business Day (the "Conversion Date"), to convert all or a portion of such principal amount from the Prime Rate Balance to a LIBOR Balance by giving Bank an Interest Notice of such selection at least two (2) London Business Days prior to such Conversion Date, or as otherwise agreed to by Bank.
The unpaid principal of the Prime Rate Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Prime Rate in effect from day to day, or (ii) the Maximum Rate.
The unpaid principal of the Prime Rate Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Adjusted Prime Rate in effect from day to day, or (ii) the Maximum Rate.
Upon receipt of such notice, Borrower shall be deemed to have converted any LIBOR Balance to the Prime Rate Balance, on either (i) the last day of the then-current Interest Period applicable to such LIBOR Balance if Bank may lawfully continue to maintain and fund such LIBOR Balance to such day, or (ii) immediately, if Bank may not lawfully continue to maintain such LIBOR Balance to such day.
During any period in which any portion of the principal hereof bears interest at a rate based upon the Adjusted Prime Rate, Borrower shall have the right, on any LIBOR Business Day (the "Conversion Date"), to convert all or a portion of such principal amount from the Prime Rate Balance to a LIBOR Balance by giving Bank an Interest Notice of such selection at least two (2) LIBOR Business Days prior to such Conversion Date.
During any period in which the principal hereof bears interest at the Prime Rate, Borrowers shall have the right, on any LIBOR Business Day (the AConversion Date@), to convert all or part of the principal balance owed on the Note from the Prime Rate Balance to a LIBOR Balance by giving Agent an Interest Notice of such selection at least two (2) LIBOR Business Days prior to the Conversion Date.
Subject to the provisions hereof, the undersigned shall have the option (an "Interest Option") exercisable from time to time to designate portions of the unpaid principal balance of this Note to bear interest at the Prime Rate (such portions being herein referred to as a "Prime Rate Balance") or at the LIBOR Rate (such portions being herein referred to as a "LIBOR Balance"), provided, however, that no LIBOR Balance designated for any LIBOR Interest Period (hereinafter defined) shall be less than $500,000.