Prime Option definition

Prime Option shall have the meaning assigned to such term in Section 4.1(a)(i).

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Prime Option is hereby defined to mean an option relating to the purchase of Prime Stock, and any rights appurtenant thereto including Equity Based Rights (as defined at Section 2.01(d)(2) below), granted under a Prime Stock Compensation Plan (as defined at Section 2.01(d)(3) below), outstanding both on the date hereof and at the Effective Time.

Prime Option means (a) until the twelve (12) month anniversary of the Effective Date, an annual rate of interest equal to the Chase Bank Rate plus one-half of one percent (0.50%) and (b) after the twelve (12) month anniversary of the Effective Date and subject to the requirements set forth in the definition of Applicable Margin, an annual rate of interest equal to the Chase Bank Rate plus the Applicable Margin.

Examples of Prime Option in a sentence

• If a LIBOR election is not timely made or cannot be made, or if LIBOR cannot be determined, then the Agent shall use the Prime Option to compute interest.

• Upon such exercise, the LIBOR Option shall remain in effect until the expiration of the LIBOR Option Period selected, at which time, unless an additional LIBOR Option shall have been timely exercised, the rate hereunder upon expiration shall be the Prime Option.

• Prime shall exercise the Prime Option, if at all, by providing written notice to UST at any time during the Prime Option Period.

• The exercise price per share of Summit Stock purchasable upon exercise of a Converted Option shall equal the aggregate exercise price that would have been payable upon an exercise in full of the related Prime Option divided by the Converted Number and rounded up to the nearest ten-thousandth of a dollar.

• The number of shares of Summit Stock which may be purchased upon exercise of a particular Converted Option shall be the number of shares of Prime Stock which would have been issuable upon exercise in full of the related Prime Option multiplied by the Exchange Ratio and rounded down to the nearest whole number ("Converted Number").

• In the event of any change in the Chase Manhattan Bank Rate, the rate of the Prime Option shall change as of the first day of the first month following such change.

• At the Effective Time, each Five Prime Option (whether vested or unvested) that has a per share exercise price that is equal to or more than the Offer Price at the Effective Time shall be cancelled without any consideration payable therefor whether before or after the Effective Time.

• In the event of any change in the Chase Manhattan Bank Rate, the rate of the Prime Option shall change as of the first (1st) day of the first (1st) month following such change.

• Prime Option, a business the Company had operated with NationsBank of Delaware, N.A., was sold during the second quarter of fiscal 1998.

• In the event of any change in the Chase Bank Rate, the rate of the Prime Option shall change as of the first day of the first month following such change and shall be based on the Chase Bank Rate in effect on the last day of the immediately preceding month.

More Definitions of Prime Option

Prime Option means either a Revolver Prime Option or a Term Loan Prime Option, as such terms are defined in Section 4.1(a)(i).

Prime Option means that certain option to purchase oil and gas interests in favor of Prime Natural Resources, Inc. ("Prime") as set forth in that certain Purchase and Sale Agreement dated August 25, 1999 by and between Seller and Prime.

Prime Option means an annual rate of interest equal to the Chase Manhattan Bank Rate plus the Applicable Margin.