Examples of Revolving Prime Rate Loan in a sentence
Borrower shall pay accrued interest on the unpaid principal amount of each Revolving Loan (A) in the case of a Revolving Prime Rate Loan, on the last Business Day in each month, (B) in the case of a Revolving LIBOR Loan, on the last day of each Interest Period therefor (and, if any such Interest Period is longer than three (3) months, every three (3) months); and (C) in the case of all Revolving Loans, upon prepayment (to the extent thereof) and at maturity.
The Borrowers may prepay any Revolving Prime Rate Loan at any time in whole or in part without premium or penalty.
If the Borrowers shall fail to give the Bank the notice as specified above for the renewal of a Revolving LJBOR Rate Loan prior to the end of the Interest Period with respect thereto, such Loan shall automatically be converted into a Revolving Prime Rate Loan on the last day of the Interest Period for such Loan.
Any Revolving LIBOR Rate Loans then outstanding shall be converted into a Revolving Prime Rate Loan on the expiration of the then current Interest Period and such rate shall apply until the circumstances giving rise to such conversion no longer exist.