Floating LIBOR Advance definition

Floating LIBOR Advance means an Advance designated as such in a notice of borrowing under Section 2.3 or a notice of continuation or conversion under Section 2.4.

Floating LIBOR Advance. An Advance designated as such in a notice of borrowing under Section 2.3 or a notice of continuation or conversion under 2.4 or as referred to in Section 3.1(a)."

Examples of Floating LIBOR Advance in a sentence

• Each Floating LIBOR Advance or Base Rate Advance of the Swing Line Loans shall be in a minimum amount of $5,000 or an integral multiple thereof above such amount.

• Each partial prepayment of a Swing Line Loan that is a Floating LIBOR Advance or Base Rate Advance shall be in an amount of $5,000 or an integral multiple thereof above such amount, or if less, the remaining principal balance.

• The unpaid principal amount of each Floating LIBOR Advance shall bear interest prior to maturity at a rate per annum equal to the LIBOR Rate in effect for each day plus the Applicable Margin for Fixed LIBOR Advances.

• Notwithstanding anything in this Agreement to the contrary, in the event the Borrower does not timely select another interest rate option at least 2 banking days before a Fixed LIBOR Advance expires, the Bank may at any time thereafter convert the Fixed LIBOR Advance to a Floating LIBOR Advance, but until such conversion, the funds advanced under the expired Fixed LIBOR Advance shall continue to accrue interest at the same rate as the interest rate under such expired Fixed LIBOR Advance as applicable.

• In the event the Borrower does not timely select another interest rate option at least two New York Banking Days before the end of the Loan Period for a Fixed LIBOR Advance, the Bank may at any time after the end of the Loan Period convert the Fixed LIBOR Advance to a Floating LIBOR Advance, but until such conversion, the funds advanced under the Fixed LIBOR Advance shall continue to accrue interest at the same rate as the interest in effect for such Fixed LIBOR Advance prior to the end of the Loan Period.

• The unpaid principal amount of each Floating LIBOR Advance shall bear interest prior to maturity at a rate per annum equal to the LIBOR Rate in effect for each day plus the Applicable Margin.