Prime Rate Loan definition

Prime Rate Loan means the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate.

Prime Rate Loan means any Loan bearing interest at a rate determined by reference to the Prime Rate in accordance with the provisions of Article II.

Prime Rate Loan means any Loan for the period(s) when the rate of interest applicable to such Loan is calculated by reference to the Prime Rate.

Examples of Prime Rate Loan in a sentence

• Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert a LIBOR Loan to a Prime Rate Loan.

• Any change in the interest rate on a Prime Rate Loan resulting from a change in the Prime Rate shall become effective as of the opening of business on the day on which such change in the Prime Rate shall become effective.

• Such interest shall accrue daily and shall be payable in arrears on each Interest Payment Date for such Loan for the period from and including the Drawdown Date or the preceding Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and shall be calculated on the principal amount of the Canadian Prime Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days.

• The Borrower shall pay interest on each Canadian Prime Rate Loan owing by it during each Interest Period applicable thereto in Canadian Dollars at a rate per annum equal to the Canadian Prime Rate in effect from time to time during such Interest Period plus the Applicable Pricing Rate.

• The interest rate on each Prime Rate Loan shall change when the Prime Rate changes.

More Definitions of Prime Rate Loan

Prime Rate Loan means a Loan that bears interest based on the Prime Rate.

Prime Rate Loan means each Loan bearing interest at the rate provided in section 2.7(a).

Prime Rate Loan means any Loan bearing interest at a rate determined by reference to the Prime Rate.

Prime Rate Loan means a Loan which bears interest at a rate determined by reference to the Prime Rate.

Prime Rate Loan means any Loan that bears interest with reference to the Prime Rate.

Prime Rate Loan means a Canadian dollar loan on which interest is calculated by reference to Prime Rate.

Prime Rate Loan means any Loan in Canadian Dollars with respect to which interest is calculated under this Agreement for the time being on the basis of the Prime Rate.