Prime Rate Loan definition

Prime Rate Loan means a Loan that bears interest based on the Prime Rate.

Prime Rate Loan means the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate.

Prime Rate Loan means any Loan in Canadian Dollars with respect to which interest is calculated under this Agreement for the time being on the basis of the Prime Rate.

Examples of Prime Rate Loan in a sentence

• If such notice is given, the related outstanding Prime Rate Loan shall be converted to a LIBOR Loan on the last day of the then current Interest Period.

• If such notice is given, the related outstanding LIBOR Loan shall be converted, on the last day of the then current Interest Period, to a Prime Rate Loan.

• Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert a LIBOR Loan to a Prime Rate Loan.

• Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert a Prime Rate Loan to a LIBOR Loan.

• Such interest shall accrue daily and shall be payable in arrears on each Interest Payment Date for such Loan for the period from and including the Drawdown Date or the preceding Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and shall be calculated on the principal amount of the Canadian Prime Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days.

More Definitions of Prime Rate Loan

Prime Rate Loan means any Revolving Credit Loan bearing interest at a rate determined by reference to the Prime Rate or the Canadian Prime Rate, as the case may be, in accordance with the provisions of Article II.

Prime Rate Loan means any Loan that bears interest at the Prime Rate plus the Applicable Margin.

Prime Rate Loan means each Loan bearing interest at the rate provided in section 2.7(a).

Prime Rate Loan means the Floating Rate Components of the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate.

Prime Rate Loan means a Loan that bears, or is to bear, interest by reference to the Prime Lending Rate.

Prime Rate Loan means a Loan which bears interest at a rate determined by reference to the Prime Rate.

Prime Rate Loan means a Canadian dollar loan on which interest is calculated by reference to Prime Rate.