LIBOR Break Costs definition

LIBOR Break Costs has the meaning given to such term in the Credit Agreement.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

LIBOR Break Costs means any loss, cost or expense incurred by any Lender as a result of: (a) any continuation, conversion, payment or prepayment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise), (b) any failure by a Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert a Eurodollar Rate Loan on the date or in the amount notified by the Borrower, or (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 4.7.

LIBOR Break Costs in relation to the receipt or recovery by a Lender of all or any part of its participation in the Loan or Unpaid Sum other than on the last day of the then current Interest Period means the amount (if any) by which:

Examples of LIBOR Break Costs in a sentence

• After notice has been given under Section 3.09(a) hereof, the Outstanding Principal Balance of the Loans and Class E Securities to be repaid on such Repayment Date shall become due and payable; provided that the Borrower may rescind any such notice at any time prior to 2:00 p.m. (New York City time) on such Repayment Date subject to the obligations of the Borrower to pay any LIBOR Break Costs.

• After notice has been given under Section 3.09(a) hereof, the Outstanding Principal Balance of the Loans to be repaid on such Repayment Date shall become due and payable; provided that the Borrower may rescind any such notice at any time prior to 2:00 p.m. (New York City time) on such Repayment Date subject to the obligations of the Borrower to pay any LIBOR Break Costs.

• Any LIBOR Break Costs shall be set forth in a certificate provided by such Lender to the Obligors which includes in reasonable detail the basis for the calculations of the amount being claimed which certificates shall be conclusive and binding on the Obligors absent manifest error.

• The Obligors shall compensate the Lenders for any LIBOR Break Costs.

• Upon surrender of any Class G Note for redemption in accordance with such notice, the Redemption Price or the Outstanding Principal Balance (as applicable) of such Note, together with accrued and unpaid interest on such Note plus LIBOR Break Costs (if any) shall be paid as provided for in this Section 3.11.

• The Cash Manager shall, not later than two Business Days prior to each Business Day on which a Refinancing or Redemption of any subclass of Notes is scheduled to occur, perform the calculations necessary to determine the Redemption Price (including LIBOR Break Costs, if any) of and the accrued and unpaid interest on such Notes.

• Each prepayment of any Advances made pursuant to this Section must be accompanied by accrued interest up to, and including, the date of such prepayment together with any LIBOR Break Costs (if any) but shall otherwise be without premium or penalty.

More Definitions of LIBOR Break Costs

LIBOR Break Costs means, as of any date of redemption of any subclass of Class G Notes (the “Applicable Date”), an amount determined by the Cash Manager on the date that is two Business Days prior to the Applicable Date pursuant to the formula set forth below; provided, however, that no LIBOR Break Costs will be payable (x) if the LIBOR Break Costs, as calculated pursuant to the formula set forth below, is equal to or less than zero, or (y) on or in respect of any Applicable Date that is a Payment Date. LIBOR Break Costs = Z-Y Where:

LIBOR Break Costs has the meaning given to it in Clause 15.3(3) (LIBOR Break Costs indemnity).

LIBOR Break Costs means, as of any date of redemption of any subclass of Class A Notes (the “Applicable Date”), an amount determined by the Cash Manager on the date that is two Business Days prior to the Applicable Date pursuant to the formula set forth below; provided, however, that no LIBOR Break Costs will be payable (x) if the LIBOR Break Costs, as calculated pursuant to the formula set forth below, is equal to or less than zero, or (y) on or in respect of any Applicable Date that is a Payment Date.