Prime Advances definition
Examples of Prime Advances in a sentence
The Advances may be Prime Advances, LIBOR Advances, or a combination thereof, selected by the Borrower in accordance with Sections 2.9 and 2.10.
Prime Advances shall continue as Prime Advances unless and until such Prime Advances are converted into LIBOR Advances.
In such an event the rate of interest applicable to the Loan for the relevant Interest Period will be for LIBOR Advances, the aggregate of 3% and for Prime Advances, 1/2% and the cost (expressed as a per annum percentage) to the Lender from such financial sources and for periods as may be elected by the Lender.
In the event any Lender shall exercise its rights under (i) or (ii) above, all payments and prepayments of principal that would otherwise have been applied to repay the LIBOR Advances that would have been made by such Lender or the converted LIBOR Advances of such Lender shall instead be applied to repay the Prime Advances made by such Lender in lieu of, or resulting from the conversion of, such LIBOR Advances.
The ratable Advances may be Prime Advances, LIBOR Advances, Fixed Rate Advances, or a combination thereof, selected by the Borrower in accordance with Sections 2.9 and 2.10.
Prime Advances (other than Swing Line Loans) shall continue as Prime Advances unless and until such Prime Advances are converted into LIBOR Advances.
Revolving Loans made pursuant to this Section 2.13 shall initially be Prime Advances and thereafter may be continued as Prime Advances or converted into LIBOR Advances in the manner provided in Section 2.10 and subject to the other conditions and limitations set forth in this Article II.
Proper books and records shall be kept by Managing Partner with reference to all Partnership transactions, and each Partner shall at all reasonable times during business hours have access thereto.
Prime Advances shall bear interest at the Prime Advance Rate until the earlier of the Maturity Date or the date on which each such Credit Advance is paid in full.
All Swing Line Loans shall be Floating Rate Advances (in the case of US Swing Line Loans) or Canadian Prime Advances (in the case of Canada Swing Line Loans).