Weekly Reset LIBO Rate definition

Weekly Reset LIBO Rate an interest rate (rounded upwards, if necessary, to the nearest 1/100 of 1%) equal to (a) the LIBO Rate for an interest period of one month, as determined in accordance with the definition of “LIBO Rate,” multiplied by (b) the Statutory Reserve Rate; provided, however, upon the occurrence of any event described in Section 2.10, the Weekly Reset LIBO Rate shall be the Prime Rate. The Weekly Reset LIBO Rate shall be reset weekly, without the necessity of notice being provided to the Borrower or any other Person, on the first Business Day of each week and shall be adjusted automatically on and as of the effective date of any change in the Statutory Reserve Rate. Information about the then-current Weekly Reset LIBO Rate shall be made available upon telephonic request.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Weekly Reset LIBO Rate means the rate determined in accordance with Section 3.4 of this Agreement.

Weekly Reset LIBO Rate means the Adjusted LIBOR Rate for an Interest Period of one month, determined by the Administrative Agent as of approximately 11:00 a.m. (London, England time) on the first Business Day of each calendar week, rather than in accordance with the timing set forth in the definition of LIBOR Rate. The rate shall be reset automatically, without the necessity of notice being provided to the Borrower or any other party, on the first Business Day of each succeeding calendar week, and each change in the rate shall be applicable to all balances subject to this option. Notwithstanding the foregoing, (a) if such rate (as determined without giving effect to this sentence) shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement and (b) in the event the Administrative Agent is not able to determine the Weekly Reset LIBO Rate (or any component thereof) using such methodology for any reason other than a Benchmark Transition Event, then “Weekly Reset LIBO Rate” shall mean the rate determined in accordance with Section 3.4 of this Agreement.

Examples of Weekly Reset LIBO Rate in a sentence

• Any change in the interest rate on a Loan resulting from a change in the Weekly Reset LIBO Rate or the Statutory Reserve Rate shall become effective as of the opening of business on the day on which such change becomes effective.

• Each borrowing under the Commitments shall be in an amount equal to (y) in the case of Weekly Reset LIBO Rate Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Commitments are less than $1,000,000, such lesser amount), and (z) in the case of Eurocurrency Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof.

• If the Administrative Agent makes such Lender’s share of such borrowing available to the Borrower, and if such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three (3) Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Weekly Reset LIBO Rate Loans, on demand, from the Borrower.

• If all or a portion of any interest payable on any Loan or any commitment fee or other amount payable hereunder (other than any amount to which the preceding sentence is applicable) shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at the Weekly Reset LIBO Rate plus 2% from the date of such non-payment until such amount is paid in full (as well after as before judgment).

• Subject to Section 2.10, each Loan shall be either a Weekly Reset LIBO Rate Loan or a Eurocurrency Loan, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.

• If all or a portion of any interest payable on any Loan or other amount payable hereunder (other than any amount to which the preceding sentence is applicable) shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to Weekly Reset LIBO Rate Loans plus 2% from the date of such non-payment until such amount is paid in full (as well after as before judgment).

• Each Borrowing under the Revolving Credit Facility shall be in an amount equal to (y) in the case of Weekly Reset LIBO Rate Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Revolving Commitments are less than $1,000,000, such lesser amount), and (z) in the case of Eurocurrency Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof.

• Subject to Section 2.10 and Section 2.19, each Term Advance shall be either a Weekly Reset LIBO Rate Loan or a Eurocurrency Loan, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2(b) and 2.

• If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on each Interest Payment Date with respect to Weekly Reset LIBO Rate Loans in accordance with Section 2.8, unless such interest is sooner paid in accordance with Section 2.5 or otherwise.

• Each Borrowing under the Term Loan Facility shall be in an amount equal to (y) in the case of Weekly Reset LIBO Rate Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Term Loan Commitments are less than $1,000,000, such lesser amount), and (z) in the case of Eurocurrency Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof, and the final Term Advance shall be in the amount of the Available Term Loan Commitments prior to giving effect to such Term Advance.

More Definitions of Weekly Reset LIBO Rate

Weekly Reset LIBO Rate means the Adjusted LIBOR Rate for an Interest Period of one month, determined by the Administrative Agent as of approximately 11:00 A.M. (London, England time) on the first Business Day of each calendar week, rather than in accordance with the timing set forth in the definition of LIBOR Rate. The rate shall be reset automatically, without the necessity of notice being provided to the Borrower or any other party, on the first Business Day of each succeeding calendar week, and each change

Weekly Reset LIBO Rate. Business Day” or “Interest Period”, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).