Examples of Prime Advance in a sentence
Each LIBOR Advance shall be in the minimum amount of $2,000,000 (and in multiples of $100,000 if in excess thereof), and each Prime Advance shall be in the minimum amount of $1,000,000 (and in multiples of $100,000 if in excess thereof), provided, however, that any Prime Advance may be in the amount of the unused Aggregate Commitment.
Absent an Event of Default, the rate of interest charged on each LIBOR Advance will remain constant during the Interest Period elected for such LIBOR Advance, but will be adjusted based on any change in the LIBOR Interest Rate for any subsequent Interest Period applicable to such LIBOR Advance, and the rate of interest charged on each Prime Advance will be adjusted on a daily basis upon any changes in the Prime Interest Rate.
The Borrower may prepay the principal amount of any Prime Advance in whole or in part from time to time without any prepayment penalty.
If the Borrower fails to renew any LIBOR Advance or if the Borrower shall receive any new Advance without designating whether such Advance is a LIBOR Advance or a Prime Advance, such Advance shall automatically be deemed to be a Prime Advance.
Interest accrued on each LIBOR Advance shall not be payable on any date on which the LIBOR Advance is prepaid (provided that nothing herein shall authorize a prepayment which is not otherwise permitted hereunder), or converted to another LIBOR Advance or to a Prime Advance, as the case may be, but shall be payable on the next Payment Date.