Examples of Revolving LIBOR Loan in a sentence
If the Borrower elects to have the terms of this Section 2.4(e) apply to a requested Revolving Credit Borrowing of a Base Rate Loan or if the Agent receives a Notice of Borrowing for a LIBOR Loan, then, promptly after receipt of the Notice of Borrowing with respect to such Revolving Base Rate Loan or Revolving LIBOR Loan, the Agent shall notify the Revolving Credit Lenders by telecopy, telephone or e-mail of the requested Borrowing.
Borrower shall pay accrued interest on the unpaid principal amount of each Revolving Loan (A) in the case of a Revolving Prime Rate Loan, on the last Business Day in each month, (B) in the case of a Revolving LIBOR Loan, on the last day of each Interest Period therefor (and, if any such Interest Period is longer than three (3) months, every three (3) months); and (C) in the case of all Revolving Loans, upon prepayment (to the extent thereof) and at maturity.
Borrower understands that such costs and losses may include, without limitation, losses incurred by a Bank as a result of funding and other contracts entered into by such Bank to fund or in connection with the funding of a Revolving LIBOR Loan.
Borrower understands that such costs and losses (or deemed losses) may include, without limitation, losses incurred by a Bank as a result of contracts entered into by such Bank to fund a Revolving LIBOR Loan or losses deemed to be incurred by a Bank assuming such Bank had entered into a "match funding" arrangement to fund a Revolving LIBOR Loan.
A Revolving Credit Loan tied to the LIBOR Interest Rate is called a “Revolving LIBOR Loan,” and a Revolving Credit Loan tied to the Prime Rate is called a “Revolving Prime Loan.” A Revolving Credit Loan will be a Revolving Prime Loan any time it is not a Revolving LIBOR Loan.
The Revolving Credit Loans will bear interest from disbursement until due (whether at stated maturity, by acceleration on otherwise) at an annual rate equal to, at Borrower’s option, either (a) for a Revolving LIBOR Loan (as defined below), the LIBOR Interest Rate plus four and one-quarter percent (4.25%), or (b) for a Revolving Prime Loan (as defined below), the fluctuating Prime Rate plus two and three-quarters percent (2.75%).
Interest on the Loans and other charges incurred under this Agreement will accrue daily and be payable (a) except in respect of a Revolving LIBOR Loan, quarterly in arrears, commencing on October 1, 2009, and on the first day of January, April and July thereafter; (b) if a Revolving LIBOR Loan, on the last day of each Interest Period therefore and upon any prepayment thereof (to the extent accrued on the amount prepaid); and (c) at the Termination Date.
Interest at the Prime Rate shall remain in effect unless and until the Agent shall have determined in good faith (which determination shall be conclusive and binding upon the Borrower) that the aforesaid circumstances no longer exist, whereupon interest shall be charged at the Revolving LIBOR Loan Rate or Term Loan Rate, as is applicable, in the manner set forth in this Agreement.
The Agent shall, as soon as practicable after 11:00 a.m., New York City time, two (2) LIBOR Business Days prior to the commencement of a particular Interest Period, determine the LIBOR Rate which will be in effect during such Interest Period and, inform the Borrower and each Bank of the Revolving LIBOR Loan Rate so determined (which determination shall be conclusive and binding upon the Borrower and each Bank absent manifest error).
Each LIBOR Rate Loan shall bear interest during each Interest Period applicable thereto at the Revolving LIBOR Loan Rate applicable to such Interest Period.