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].

LIBOR Rate Option. The Rate Option in which interest is calculated based upon the Libor Rate.

LIBOR Rate Option. A rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to the LIBOR Rate plus the Applicable Margin.

Examples of LIBOR Rate Option in a sentence

In the case of the renewal of a LIBOR Rate Option at the end of an Interest Period, the first day of the new Interest Period shall be the last day of the preceding Interest Period, without duplication in payment of interest for such day.
Interest on Loans to which the LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period for those Loans and, if such Interest Period is longer than three (3) Months, also on the 90th day of such Interest Period.
At any time when the Borrower shall select, convert to or renew a LIBOR Rate Option, the Borrower shall notify the Administrative Agent thereof at least three (3) Business Days prior to the effective date of such LIBOR Rate Option by delivering a Loan Request.
Month, with respect to an Interest Period under the LIBOR Rate Option, shall mean the interval between the days in consecutive calendar months numerically corresponding to the first day of such Interest Period.
Business Day shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed for business in Pittsburgh, Pennsylvania and if the applicable Business Day relates to any Loan to which the LIBOR Rate Option applies, such day must also be a day on which dealings are carried on in the London interbank market.

More Definitions of LIBOR Rate Option

LIBOR Rate Option. As defined in Section 5.1(b).

LIBOR Rate Option means interest determined pursuant to Section 4.01(b) and related provisions hereof.

LIBOR Rate Option shall have the meaning set forth in Section 3.1(b).

LIBOR Rate Option shall have the meaning given to such term in Section 2.2(a)(ii).

LIBOR Rate Option. A rate per annum for each day equal to the Libor Rate for ----------------- such day plus one and one-half (1.5) percentage points.

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(ii) [LIBOR Rate Option].

LIBOR Rate Option means the option of the Borrower to have Advances bear interest at the rate and under the terms set forth in Section 2.3.