Examples of Prime Option in a sentence
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.
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.
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").
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.
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.
Merchant and cardmember fees decreased in fiscal 1999, primarily due to the Company's sale of the operations of SPS and the sale of Prime Option.
The results of fiscal 2000 and 1999 do not include the results from Prime Option, the operations of SPS and certain receivables associated with the discontinued BRAVO Card, all of which were sold during fiscal 1998.
If Borrower has selected the Prime Option with respect to any Advance, it may elect, at any time, to change the interest rate to the LIBOR Option, by telephonic notice (confirmed in writing) no later than two (2) Business Days prior to the date the LIBOR Option selection is to become effective.
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 and shall be based on the Chase Manhattan Bank Rate in effect on the last day of the immediately preceding month.
In the event of any change in the Chase Manhattan Bank Rate, the rate of the applicable Prime Option shall change as of the first day of the first month following such change.