LIBOR Rate Period definition
LIBOR Rate Period means for any Loan Portion, each period for the computation of Interest on a Loan Portion at a LIBOR Rate. Subject to Section 2.3(d) hereof, each LIBOR Rate Period shall have a duration of one (1), three (3) or six (6) months (in each case, subject to general availability), as selected by Borrower in accordance with Section 2.3(b) hereof, or such other period as Borrower and Agent shall agree. Notwithstanding the foregoing, in the case of a LIBOR Rate Period which would otherwise end after the date which is the Maturity Date, such LIBOR Rate Period shall have a duration equal to the period commencing on the effective date of such LIBOR Rate Period and ending on and including the Maturity Date. Each LIBOR Rate Period shall commence, with respect to any outstanding principal of the Loan, on any date selected by Borrower in accordance with Section 2.3 hereof; provided, however, that notwithstanding anything in this definition of LIBOR Rate Period to the contrary, (i) if any LIBOR Rate Period would otherwise end on a day which is not a LIBOR Banking Day, such LIBOR Rate Period shall be extended to the next succeeding LIBOR Banking Day, unless the result of such extension would be to carry such LIBOR Rate Period over into another calendar month, in which event such LIBOR Rate Period shall end on the immediately preceding LIBOR Banking Day and (ii) any LIBOR Rate Period that begins on the last LIBOR Banking Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Rate Period) shall end on the last LIBOR Banking Day of the calendar month in which such LIBOR Rate Period would have ended if there were a numerically corresponding day in such calendar month.
LIBOR Rate Period means any period for which interest is to be charged on any Libor Rate Portion at a rate determined by reference to the Libor Rate for such period pursuant to a Libor Rate Election.
LIBOR Rate Period. The period commencing on the date any LIBOR Rate Advance is made and ending one (1) month, two (2) months, three (3) months or six (6) months thereafter as selected by Borrower in the applicable LIBOR Rate Notice; provided, however, that (a) if any LIBOR Rate Period would end on a day that is not a Euro Day, such LIBOR Rate Period shall extend to the next Euro Day, unless, in the case of said LIBOR Rate Advance, such Euro Day would fall in the next calendar month, in which event such LIBOR Rate Period shall end on the immediately preceding Euro Day, and (b) no LIBOR Rate Period shall end later than the then applicable Maturity Date.
Examples of LIBOR Rate Period in a sentence
Agent shall notify Borrower of the LIBOR Rate applicable to any LIBOR Rate Period promptly after the same is determined by Agent, which determination, in the absence of manifest error, shall be final, conclusive and binding on Borrower.
If no Event of Default, or event which, with notice or lapse of time or both, could become an Event of Default, has occurred and is continuing under any Loan Document, Borrower may from time to time elect, by a LIBOR Rate Notice, to pay interest on the LIBOR Rate Advance described in said LIBOR Rate Notice at a LIBOR Rate during the LIBOR Rate Period specified in said LIBOR Rate Notice.
Nothing in this Section shall affect the LIBOR Rate then in effect on any LIBOR Rate Advance outstanding at the time of receipt by Borrower of such notice until the expiration of the LIBOR Rate Period in effect with respect to such LIBOR Rate Advance at such time.
Borrower acknowledges that payment or prepayment of any LIBOR Rate Advance on a date other than the last day of an applicable LIBOR Rate Period shall result in Agent and Lenders incurring additional costs, expenses and/or liabilities and that it is extremely difficult and impractical to ascertain the extent of such costs, expenses and/or liabilities, and any such payment or prepayment therefore must include the Interest Differential and other sums set forth above.
From and after the end of each LIBOR Rate Period, in the event Borrower does not timely select another interest rate option at least three (3) Euro Days before a particular LIBOR Rate Advance expires, Agent may, at any time thereafter convert such LIBOR Rate Advance to a Loan Rate Advance, but until such conversion, the funds advanced under the expired LIBOR Rate Advance shall continue to accrue interest at the same rate as the interest rate under such expired LIBOR Rate Advance.
More Definitions of LIBOR Rate Period
LIBOR Rate Period means a period of thirty (30) days, which shall commence on the first day of any month; provided that each LIBOR Rate Period which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day; and provided, further, that if the next Business Day is in a new calendar month such LIBOR Rate Period shall end on the next preceding Business Day.
LIBOR Rate Period. A thirty (30) day interest period during which the LIBOR Rate is in effect; provided, however, in no event shall a LIBOR Rate Period extend beyond the Maturity Date.
LIBOR Rate Period means for any portion of principal for which ----------------- Undersigned elects the LIBOR Rate the period of time for which such rate shall apply to such principal portion. LIBOR Rate Periods shall be for periods of 30, 60 or 90 days and for no other length of time; provided that no LIBOR Rate Period may extend beyond the Maturity Date. "LIBOR Rate Reserve Percentage" ----------------------------- for any day means the percentage (rounded upward to the nearest 1/100 of 1%), as determined in good faith by Bank (which determination shall be conclusive) as representing for such day the maximum effective percentage as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) for Bank with respect to eurocurrency funding. "Maturity Date" means May 29,1998. ------------- "Notification" means telephonic notice (which shall be irrevocable) by ------------- Undersigned to Bank that Undersigned has requested that the LIBOR Rate shall apply to some portion of the principal amount of this Note in accordance with the provisions of paragraph 4 hereof, which notice shall be given no later than 1:00 p.m., local time at the place where this Note is payable, on the day which is at least three (3) business days prior to the day (which shall be a day on which Bank is opened for business) on which such election is to become effective, which notice shall specify (i) that the LIBOR Rate option is being selected; (ii) the principal amount to be subject to the LIBOR Rate; (iii) whether such amount is a renewal of a previous request of the LIBOR Rate, a conversion from the Prime Based Rate to the LIBOR Rate, or a combination
LIBOR Rate Period. The period commencing on the date any LIBOR Rate Advance is made and ending 1, 2, 3 or 6 months thereafter as selected by Borrower in its LIBOR Rate Notice pertaining thereto; provided, however, that (a) if any LIBOR Rate Period would end on a day that is not a Business Day, such LIBOR Rate Period shall extend to the next Business Day, unless, in the case of said LIBOR Rate Advance, such Business Day would fall in the next calendar month, in which event such LIBOR Rate Period shall end on the immediately preceding Business Day, (b) any LIBOR Rate Period that begins on the last Business Day of a calendar month (or a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Rate Period) shall end on the last Business Day of the calendar month at the end of such LIBOR Rate Period, and (c) no LIBOR Rate Period shall end later than the then applicable Maturity Date.
LIBOR Rate Period means, with respect to any Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one (1) month thereafter (or such shorter period to which the Administrative Agent may agree in its discretion); provided, that (a) if any LIBOR Rate Period would end on a day other than a LIBOR Banking Day, such LIBOR Rate Period shall be extended to the next succeeding LIBOR Banking Day and (b) if any LIBOR Rate Period would otherwise end after the Maturity Date (including, without limitation, as a result of the foregoing clause (a), then such LIBOR Rate period shall end on the Maturity Date. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
LIBOR Rate Period means each successive period for the computation of Interest at a LIBOR Rate as set forth below. The first LIBOR Rate Period shall commence on the Closing Date and end on the first Payment Date. Each LIBOR Rate Period after the first LIBOR Rate Period shall have a duration of one (1) month commencing on a Payment Date and ending on the date immediately preceding the immediately following Payment Date. Notwithstanding the foregoing, in the case of a LIBOR Rate Period which would otherwise end after the Maturity Date, such LIBOR Rate Period shall have a duration equal to the period commencing on the effective date of such LIBOR Rate Period and ending on and including the Maturity Date. If any LIBOR Rate Period would otherwise end on a day which is not a LIBOR Banking Day, such LIBOR Rate Period shall be extended to the next succeeding LIBOR Banking Day.
LIBOR Rate Period the one (1) month, two (2) months, three (3) months, or six (6) months period selected by a Borrower pursuant to Subsection 2.3 of this Agreement on which the LIBOR is in effect for a LIBOR Rate Loan, but in no event may a LIBOR Rate Period extend beyond the Maturity Date of the Term Loan, or beyond the Revolving Credit Termination Date for a Revolving Credit Loan. If a LIBOR Rate Period would end on a day that is not a Business Day, such LIBOR Rate Period shall be extended to the next Business Day, unless such Business Day would fall in the next calendar month, in which event such LIBOR Rate Period shall end on the immediately preceding Business Day.