Prime Rate Option definition

Prime Rate Option shall have the meaning assigned to that term in Section 2.5(a) hereof.

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Prime Rate Option. A rate per annum (computed on the basis of a year of 360 days and actual days elapsed) for each day equal to the Prime Rate.

Prime Rate Option. A rate per annum for each day equal to the Prime Rate. -----------------

Examples of Prime Rate Option in a sentence

• At any time the LIBOR Option is in effect, Borrower may, at the end of the applicable LIBOR Period, convert to the Prime Rate Option.

• At any time the Prime Rate Option is in effect, Borrower may convert to the LIBOR Option, and shall designate a LIBOR Period.

• If no specific designation of interest is made at the time any Advance is requested under the Loan Agreement or at the end of any LIBOR Period, Borrower shall be deemed to have selected the Prime Rate Option for such Advance or the principal amount to which such LIBOR Period applied.

• Any outstanding principal balance of the Loan Agreement which is bearing interest at such time at the Prime Rate Option may be prepaid without penalty or premium.

• Any outstanding principal balance of the Note which is bearing interest at such time at the Prime Rate Option may be prepaid without penalty or premium.

More Definitions of Prime Rate Option

Prime Rate Option. The Rate Option in which interest is calculated based on the Prime Rate.

Prime Rate Option means one of the interest rates available to the Borrower as provided for and described in Section 2.02(i)(a)(1) of this Loan Agreement.

Prime Rate Option means an annual rate of interest equal to the sum of the then applicable Prime Index Rate plus the then applicable Prime Rate Option Percentage set forth in the definition of Applicable Spread.

Prime Rate Option. As defined in Section 2.3(a).

Prime Rate Option means, with respect to any applicable advances, a fluctuating rate of interest per annum which shall be equal to 1.25% above the Wall Street Journal Prime Rate in effect from time to time (with a Wall Street Journal Prime Rate floor of 3.00%).

Prime Rate Option. A fluctuating rate per annum for each day equal to the Prime Rate of the Agent, in effect from time to time (such interest rate to change immediately upon any change in the Prime Rate) plus the Applicable Margin for such day; or

Prime Rate Option means any Loan as to which interest accrues at the Prime ----------------- Rate plus the corresponding appropriate Applicable Margin.