LIBO Interest Period definition
LIBO Interest Period means thirty (30) days, provided that if any LIBO Interest Period would otherwise expire on a day which is not a LIBO Rate Banking Day, the LIBO Interest Period shall be extended to the next succeeding LIBO Rate Banking Day except if the next succeeding LIBO Rate Banking Day occurs in the following calendar month, then the LIBO Interest Period shall expire on the immediately preceding LIBO Rate Banking Day.
LIBO Interest Period means (i) for each LIBO Loan borrowed on or after the Closing Date and prior to July 17, 1996, a period of time, beginning on an Effective Date, of one, two, three or six months in length (as such periods are commonly used), (ii) for each LIBO Loan borrowed on and after July 17, 1996 and prior to the Second Amendment Closing Date, a period of time, beginning on an Effective Date, of one, two or three months in length (as such periods are commonly used) and (iii) for each LIBO Loan borrowed on and after the Second Amendment Closing Date, a period of time, beginning on an Effective Date, of one month in length (as such period is commonly used), selected by a Borrower by telephone or in writing (and if by telephone, confirmed by such Borrower promptly thereafter in writing), during which the Interest Rate is the Adjusted LIBO Rate; provided, however, that no LIBO Interest Period shall be available for any period ending after January 17, 1997. If a LIBO Interest Period would otherwise end on a day that is not a Business Day, such LIBO Interest Period shall be extended to the next Business Day, unless such Business Day would fall in the next calendar month, in which event such LIBO Interest Period shall end on the immediately preceding Business Day.
LIBO Interest Period means the period commencing on the date so specified in the Borrower's notice to the Agent specifying that the LIBO Rate is to apply to a LIBO Rate Advance and ending on the date specified in such notice, which (a) ending date shall be one (1), two (3), three (3), or six (6) months after the commencement date and (b) shall not be beyond the Maturity Date. If any LIBO Interest Period would end on a date which is not a Banking Business Day, such LIBO Interest Period shall be extended to the next succeeding Banking Business Day, unless the next succeeding Banking Business Day is in the next calendar month, in which case such LIBO Interest Period shall end on the next preceding Banking Business Day.
Examples of LIBO Interest Period in a sentence
Request for Advances at the LIBO Rate shall be made on written notice from the Borrower to the Agent received by the Agent no later than 11:00 a.m. (Central Time) on the third (3rd) Business Day before such LIBO Rate Advance, specifying the amount thereof (including the amount of each Tranche, if more than one) and the LIBO Interest Period (or interest Periods, if more than one tranche).
The Borrowers shall notify the Agent by telephone no later than 11:00 A.M. at least three London Business Days in advance of each proposed LIBO Loan, specifying the date and the amount of the proposed LIBO Loan and the length of the proposed LIBO Interest Period, and the Agent shall in turn notify each other Bank of the proposed LIBO Loan by 11:00 A.M. on the second London Business Day preceding the proposed LIBO Loan.
At oral argument, OSM contended that the adjective “scheduled” caused the plain meaning of the phrase “scheduled payment” to refer only to the payments scheduled in the original Loan Agreement in reference to the last day of each LIBO Interest Period.
An interest rate per annum equal to the LIBO Margin plus the rate per annum obtained by dividing (a) the rate of interest per annum at which deposits in United States dollars are offered in the London Interbank Market two (2) Business Days prior to the commencement of a LIBO Interest Period, by (b) an amount equal to 1 minus the LIBO Reserve Percentage for such LIBO Interest Period.
For any LIBO Rate Advance, the rate at which reserves (including, without limitation, any marginal, supplemental or emergency reserves) are required to be maintained by Lender two (2) Business Days prior to the commencement of a LIBO Interest Period against Eurocurrency liabilities having a term substantially equal to such LIBO Interest Period, expressed as a decimal.
More Definitions of LIBO Interest Period
LIBO Interest Period means any continuous period of thirty (30), sixty (60), ninety (90) or one hundred eighty (180) days, as selected from time to time by the Borrower by irrevocable notice (in writing, by telecopy, telex, telegram, electronic mail or cable) given to LaSalle not less than three (3) Business Days prior to the first day of each respective LIBO Interest Period; provided that: (A) each such period occurring after such initial period shall commence on the day on which the immediately preceding period expires; (B) the final LIBO Interest Period shall be such that its expiration occurs on or before the end of the Maturity Date; and (C) if for any reason the Borrower shall fail to timely select a period, then such Loans shall continue as, or revert to, U.S. Base Rate Loans. Subject to the immediately following sentence, interest shall accrue on the principal amount of the Term Loan made to the Borrower outstanding at the end of each day at a fluctuating rate per annum equal to one half of one percent (0.50%) above U.S. Base Rate in the case of U.S. Base Rate Loans and three and one half percent (3.50%) in excess of the LIBO Rate for the applicable LIBO Interest Period in the case of LIBO Rate Loans. Notwithstanding the foregoing sentence, commencing on February 1, 2005 and until five (5) Business Days after the Borrower has delivered, or caused the Guarantor to deliver, the financial statements and the compliance certificate required by Section 9(c) of the U.S. Loan and Security Agreement for the calendar month ending June 30, 2005, interest shall accrue on the principal amount of the Term Loan made to the Borrower outstanding at the end of each day at a fluctuating rate per annum equal to the sum of (i) the U.S. Base Rate, plus (ii) the Applicable Margin, plus (iii) one quarter of one percent (0.25%) in the case of U.S. Base Rate Loans and the sum of (i) the LIBO Rate for the applicable LIBO Interest Period, plus (ii) the Applicable Margin, plus (iii) one quarter of one percent (0.25%) in the case of LIBO Rate Loans.”
LIBO Interest Period means, in the case of any LIBO Rate Loan, (a) initially, the period commencing on the date such LIBO Rate Loan is made or on the date of conversion of a Base Rate Loan to such LIBO Rate Loan and ending one, two, three or six months thereafter (or, if available to all applicable Lenders with respect to such LIBO Rate Loan, ending twelve months thereafter or a shorter period), as selected by Borrower in its Notice of Borrowing or Notice of Conversion or Continuation given to the Administrative Agent pursuant to Section 2.2 or 2.11, and (b) thereafter, if such Loan is continued, in whole or in part, as a LIBO Rate Loan pursuant to Section 2.11, a period commencing on the last day of the immediately preceding Interest Period therefor and ending one, two, three or six months thereafter (or, if available to all applicable Lenders with respect to such LIBO Rate Loan, ending nine or twelve months thereafter), as selected by Borrower in its Notice of Conversion or Continuation given to the Administrative Agent pursuant to Section 2.11.
LIBO Interest Period means for each LIBO Loan a period of time, beginning on an Effective Date, of one, two, three or six months in length (as such periods are commonly used), selected by a Borrower by telephone or in writing (and if by telephone, confirmed by such Borrower promptly thereafter in writing), during which the Interest Rate is the Adjusted LIBO Rate. If a LIBO Interest Period would otherwise end on a day that is not a Business Day, such LIBO Interest Period shall be extended to the next Business Day, unless such Business Day would fall in the next calendar month, in which event such LIBO Interest Period shall end on the immediately preceding Business Day.
LIBO Interest Period shall have the meaning ascribed thereto in SECTION 4(a) hereof.
LIBO Interest Period means a period beginning on the commencement date specified in a notice that is properly and timely given to exercise a Rate Option (or a notice that is not timely or proper, but is nevertheless accepted by Lender) and ending approximately 30, 60, 90, or 180 days after the beginning of such commencement date.
LIBO Interest Period means, for each LIBO Loan or Foreign Currency Loan, a period of time, beginning on an Effective Date, of one, two, three or six months in length (as such periods are commonly used), selected by a Borrower by telephone or in writing (and if by telephone, confirmed by such Borrower promptly thereafter in writing), during which the Interest Rate is the Adjusted LIBO Rate. If a LIBO Interest Period would otherwise end on a day that is not a Business Day, such LIBO Interest Period shall be extended to the next Business Day, unless such Business Day would fall in the next calendar month, in which event such LIBO Interest Period shall end on the immediately preceding Business Day.
LIBO Interest Period means any continuous period of thirty (30), sixty (60), ninety (90) or one hundred eighty (180) days, as selected from time to time by the Borrower by irrevocable notice (in writing, by telecopy, telex, telegram, electronic mail or cable) given to LaSalle not less than three (3) Business Days prior to the first day of each respective LIBO Interest Period; provided that: (A) each such period occurring after such initial period shall commence on the day on which the immediately preceding period expires; (B) the final LIBO Interest Period shall be such that its expiration occurs on or before the end of the Maturity Date; and (C) if for any reason the Borrower shall fail to timely select a period, then such Loans shall continue as, or revert to, U.S. Base Rate Loans.