IBOR Loan definition
Examples of IBOR Loan in a sentence
Thereafter, the obligation of the Lenders to make or maintain IBOR Loans, as the case may be, hereunder shall be suspended until the Requisite Lenders revoke such notice in writing to the Company and the Administrative Agent; provided, however, that no outstanding IBOR Loan shall be terminated prior to the expiration of the Interest Period unless required by law.
Solely for purposes of calculating amounts payable by any Borrower to a Lender under this Section, each IBOR Loan (and each related reserve, special deposit or similar requirement) shall be conclusively deemed to have been funded at Adjusted IBOR used in determining Adjusted IBOR for such IBOR Loan by a matching deposit or other borrowing in the relevant currency in the interbank deposit market for a comparable amount and for a comparable period, whether or not such IBOR Loan is in fact so funded.
Conversion of a Base Rate Loan to an IBOR Loan, or an IBOR Loan to a Base Rate Loan, or the continuation of an IBOR Loan to another IBOR Loan, shall not be deemed to be a repayment or prepayment for purposes of the preceding sentence.
In the absence of an effective request for the application of an IBOR Rate (including, without limitation, as of the last day of the Applicable Interest Period of any IBOR Loan), the Loans shall accrue interest at the Adjusted Base Rate.
If any IBOR Loan (or portion thereof) is paid prior to the end of the relevant Applicable Interest Period, a fee computed in the manner set out in Schedule 1 shall be assessed and paid at the time of such prepayment.
Each prepayment of an IBOR Loan, whether voluntary, by reason of acceleration or otherwise, will be accompanied by the amount of accrued interest on the amount prepaid, and a prepayment fee as described below.
Each such notice shall be made by an Authorized Officer by telephone or telex and thereafter immediately confirmed in writing by delivery to Lender of a Continuation/Conversion Notice specifying the date of such Conversion, the amounts to be so Converted and the initial Interest Period if the Conversion is to a IBOR Loan.
The resulting Loan shall be an IBOR Loan with an interest period of one week.
Interest on each IBOR Loan will be payable on the last day of the Interest Period for such Loan, and, if the Interest Period exceeds 90 days, on the 90th day of such Interest Period.
For each IBOR Loan, interest shall be due and payable within five (5) days of the end of each Interest Period applicable thereto, but in any event no less frequently than within five (5) days of the end of each three (3) month period during the term of such IBOR Loan.