LIBO Rate Option definition

LIBO Rate Option means the option of the Borrower to have Revolving Loans, Swingline Loans (including Optional Currency Swingline Loans) and Term Loans bear interest at the LIBO Rate pursuant to the provisions hereof.
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LIBO Rate Option shall have the meaning set forth in Section 2.04(a)(ii) hereof. "LIBO Rate Portion" of any Revolving Credit Loan or Revolving Credit Loans shall mean at any time the portion, including the whole, of such Revolving Credit Loan or Revolving Credit Loans bearing interest at any time under the LIBO Rate Option or at a rate calculated by reference to the LIBO Rate under Section 2.09(c)(i) hereof. If no Revolving Credit Loan or Revolving Credit Loans is specified, "LIBO Rate Portion" shall refer to the LIBO Rate Portion of all Revolving Credit Loans outstanding at such time.
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LIBO Rate Option. The LIBO Rate Option shall be a rate per annum (based on a year of 360 days and actual days elapsed) for each day equal to the LIBO Rate for such day plus the Applicable Margin for such day. "LIBO Rate" for any day, as used herein, shall mean for each Funding Segment of the LIBO Rate Portion corresponding to a proposed or existing LIBO Rate Funding Period the rate per annum determined by the Agent by dividing (the resulting quotient to be rounded upward to the nearest 1/100 of 1%) (A) the rate of interest (which shall be the same for each day in such LIBO Rate Funding Period) that is the applicable British Bankers' Association "Interest Settlement Rate" for deposits in Dollars as it appears on the Dow Xxxxx Market Service (formerly known as the Dow Xxxxx Telerate Service) page 3750 (or such other page as may replace page 3750 on that service or such other service as may be nominated by the British Bankers' Association for the purpose of displaying the applicable London interbank offered rate) at approximately 11:00 a.m., London time, two London Business Days prior to the first day of such LIBO Rate Funding Period for delivery on the first day of such LIBO Rate Funding Period in amounts comparable to such Funding Segment and having maturities comparable to such LIBO Rate Funding Period by (B) a number equal to 1.00 minus the LIBO Rate Reserve Percentage.
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Examples of LIBO Rate Option in a sentence

  • All prepayments required pursuant to this Section 2.27 shall first be applied among the Interest Rate Options to the principal amount of the Revolving Loans subject to the Base Rate Option, then to Revolving Loans subject to a LIBO Rate Option and then to Optional Currency Swingline Loans.

  • In accordance with Section 2.16, the Borrower shall indemnify the Lenders for any loss or expense incurred with respect to any such prepayments applied against Loans subject to a LIBO Rate Option on any day other than the last day of the applicable Interest Period.

  • Borrower understands: (i) the process of exercising the One-Month LIBO Rate Option as provided herein; (ii) that amounts owing under this Note may bear interest at different rates and for different time periods; and (iii) that absent the terms and conditions hereof, it would be extremely difficult to calculate Lender’s additional costs, expenses, and damages in the event of a Default or prepayment by Borrower hereunder.

  • Borrower understands: (i) the process of exercising the One-Month LIBO Rate Option as provided herein; (ii) that amounts owing under this Note may bear interest at different rates and for different lime periods; and (iii) that absent the terms and conditions hereof, it would be extremely difficult to calculate Lender’s additional costs, expenses, and damages in the event of a Default or prepayment by Borrower hereunder.

  • Borrower shall have the option from time to time, in the manner hereinafter set forth, to convert the interest rate on portions of the outstanding principal balance of this Note from the Prime Based Rate to either (a) the Floating LIBO Rate (the "Floating LIBO Rate Option") or (b) the LIBO Rate (the "LIBO Rate Option").

  • Unless the Borrower elects the LIBO Rate Option or the Cost of Funds Rate Option pursuant to this Section, the outstanding principal balance of the Term Loan shall bear interest at the Floating Rate from time to time in effect plus one-half of one percent (.50%), each change in the interest rate to become effective on the day the corresponding change in the Floating Rate becomes effective.

  • Interest Base Rate Option LIBO Rate Option Additional Provisions for LIBO Rate Loans Limitation on LIBO Rate Loans LIBO Rate Loan Unlawful Treatment of Affected Loans Default Interest Rate Interest Calculation Fees Unused 3-Year Commitment Fee Letter of Credit Fee LC Issuance Fee Administrative Agent Fee Origination Fee LIBOR Margin; Base Rate Margin; Commitment Fee ARTICLE 5.

  • If at any time the Agent makes a determination under Section 4.4.1 and the Borrowers have previously notified the Agent of its selection of, conversion to or renewal of a LIBO Rate Option and such Interest Rate Option has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans.

  • Applicable Margin shall mean, as applicable: (A) the annual rate of one hundred twenty five basis points (1.25%) to be added to Base Rate under the Base Rate Option," (B) the annual rate of two hundred fifty basis points (2.50%) to be added to LIBO-Rate under the LIBO Rate Option.

  • All Swing Line Loans shall be made in U.S. Currency pursuant to the Base Rate Option and shall not be entitled to be converted into Loans under the LIBO Rate Option.


More Definitions of LIBO Rate Option

LIBO Rate Option means the interest rate option described in Section 3.1(I)(A)(i)(b) of the Schedule.
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LIBO Rate Option means the option granted to the Borrower under Section 2.02(a) of the MLB Credit Agreement to have the interest on all or a portion of any Borrowing based on the LIBO Rate or the option granted to each Club Trust under Section 2.02(a) of the Club Trust Credit Agreement to have the interest on all or a portion of any Loan based on the LIBO Rate, as applicable.
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Related to LIBO Rate Option

  • LIBOR Rate Option means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(a)(ii) [Revolving Credit LIBOR Rate Option].

  • Base Rate Option means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(a)(i) [Revolving Credit Base Rate Option].

  • Floating Rate Option has the meaning given to it in the ISDA Definitions;

  • Rate Option means the Eurodollar Rate or the Floating Rate.

  • Interest Rate Option means any LIBOR Rate Option or Base Rate Option.

  • LIBO Rate Advance means a Pro Rata Advance that bears interest as provided in Section 2.04(a)(ii).

  • Eurocurrency Base Rate means, with respect to a Eurocurrency Rate Advance for the relevant Interest Period:

  • USD-LIBOR-BBA As defined in the Swap Agreement in the Annex to the 2000 ISDA Definitions.

  • Eurodollar Base Rate has the meaning specified in the definition of Eurodollar Rate.

  • LIBO Rate Advances means a Competitive Bid Advance denominated in Dollars or in any Foreign Currency and bearing interest based on the LIBO Rate.

  • LIBOR Tranche means the collective reference to LIBOR Rate Loans whose Interest Periods begin and end on the same day.

  • LIBOR has the meaning specified in the definition of Eurodollar Rate.

  • Eurodollar Rate Committed Loan means a Committed Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate.”

  • LIBOR Option has the meaning specified therefor in Section 2.12(a) of the Agreement.

  • LIBOR Index Rate means, for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a period equal to such Interest Period, which appears on the LIBOR01 Page as of 11:00 a.m. (London, England time) on the day two (2) Business Days before the commencement of such Interest Period.

  • LIBO Rate means, with respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate.

  • Eurodollar Rate Advance means an Advance that bears interest as provided in Section 2.07(a)(ii).

  • Eurodollar Period means, as to each Eurodollar Rate Advance comprising part of the same Borrowing, the period commencing on the date specified by Borrower pursuant to Section 2.1(b) and ending 1, 2, 3 or 6 months (or, if available to all Lenders, 9 or 12 months) thereafter, as specified by Borrower in the applicable Request for Borrowing or Request for Continuation/Conversion provided that:

  • Eurocurrency Rate Advance means a Revolving Credit Advance denominated in Dollars or a Committed Currency that bears interest as provided in Section 2.07(a)(ii).

  • LIBO Rate Loan means a Loan bearing interest, at all times during an Interest Period applicable to such Loan, at a fixed rate of interest determined by reference to the LIBO Rate (Reserve Adjusted).

  • LIBOR Rate Advance means an Advance which bears interest at a LIBOR Rate.

  • Eurodollar Rate Borrowing means a Borrowing comprised of Eurodollar Rate Loans.

  • EURIBOR Rate has the meaning specified in the definition of “Eurocurrency Rate”.

  • Eurocurrency Term Loan means any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of Article II.

  • Designated Eurodollar Market means, with respect to any Eurodollar Rate Advance, the London Eurodollar Market.

  • Borrowing Tranche means specified portions of Loans outstanding as follows: (i) any Loans to which a LIBOR Rate Option applies which become subject to the same Interest Rate Option under the same Loan Request by the Borrower and which have the same Interest Period shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate Option applies shall constitute one Borrowing Tranche.