LIBOR Advances definition

LIBOR Advances. A fixed rate quoted by the Bank for 1 to 6 months or for such other period of time that the Bank may quote and offer (provided that any such period of time does not extend beyond the Expiration Date) (the "LIBOR Interest Period") for Advances in the minimum amount of $100,000.00. Such interest rate shall be a percentage approximately equivalent to 1.50% in excess of the Bank's LIBOR Rate which is that rate determined by the Bank's Treasury Desk as being the arithmetic mean (rounded upwards, if necessary, to the nearest whole multiple of one-sixteenth of one percent (1/16%)) of the U. S. dollar London Interbank Offered Rates for such period appearing on page 3750 (or such other page as may replace page 3750) of the Telerate screen at or about 11:00 a.m. (London time) on the second Business Day prior to the first days of such period (adjusted for any and all assessments, surcharges and reserve requirements) (the "LIBOR Rate"). An Advance based upon the LIBOR Rate is hereinafter referred to as a "LIBOR Advance". Interest on any Advance shall be computed on the basis of 360 days per year, but charged on the actual number of days elapsed. The Borrower hereby promises and agrees to pay interest in arrears on Variable Rate Advances and LIBOR Advances on the last day of each month commencing August 31, 2003. If interest is not paid as and when it is due, it shall be added to the principal, become and be treated as a part thereof, and shall thereafter bear like interest

LIBOR Advances means Advances the interest rates on which are determined on the basis of the rates referred to in the definition of "Adjusted LIBOR Rate".

LIBOR Advances means the Fixed LIBOR Advances and Floating LIBOR Advances.

Examples of LIBOR Advances in a sentence

• As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

• Interest on LIBOR Advances then outstanding shall also be due and payable on the Maturity Date.

• Upon the giving of such notice, Bank’s obligation to make the LIBOR Advances shall terminate; provided, however, LIBOR Advances shall not terminate if Bank and Borrower agree in writing to a different interest rate applicable to LIBOR Advances.

• If such notice is given, then the outstanding principal amount of the LIBOR Advances shall be converted to Base Rate Advances effective from the date of the Rate Determination Notice; provided that the Applicable Liquidity Rate in respect of such Base Rate Advances shall be increased by one percent (1.00%).

• The Liquidity Provider shall withdraw a Rate Determination Notice given hereunder when the Liquidity Provider determines that the circumstances giving rise to such Rate Determination Notice no longer apply to the Liquidity Provider, and the Base Rate Advances shall be converted to LIBOR Advances effective as of the first day of the next succeeding Interest Period after the date of such withdrawal.

More Definitions of LIBOR Advances

LIBOR Advances means Advances on which interest is determined by reference to Libor.

LIBOR Advances collectively, the Revolving Credit Loans or the Term Loan, as the case may be, (or any portions thereof), at such time as they (or such portions) are made and/or being maintained at a rate of interest based upon LIBOR.

LIBOR Advances. Any Loan or part thereof bearing interest at a rate in relation to the LIBOR.

LIBOR Advances means Advances the interest rates on which are determined on the basis of the rates referred to in the definition of "Adjusted LIBOR Rate" in this Section 1.1.

LIBOR Advances means an advance in Dollars made available to the -------------- Company pursuant to Article 3 with interest rates determined on the basis of the --------- LIBOR Rate.

LIBOR Advances means Advances made hereunder calculated at the LIBOR Option.

LIBOR Advances means Advances the interest rates on which are determined on the basis of the rates referred to in the definition of "LIBOR Rate".