LIBOR Increment definition

LIBOR Increment means the portion of the outstanding principal balance hereof specified by Maker to Payee in accordance herewith to accrue interest at the LIBOR Adjusted Rate effective as of the applicable LIBOR Period Commencement Date; provided, however, in no event shall any such LIBOR Increment be less than Five Hundred Thousand and No/100 Dollars ($500,000.00).

LIBOR Increment is specified in Section 4.6.

LIBOR Increment with respect to (a) the Revolving Credit Loan, 250 basis points, and (b) the Term Loan, 285 basis points.

Examples of LIBOR Increment in a sentence

• If Maker elects to have the LIBOR Adjusted Rate apply, it shall advise Payee in writing by delivery to Payee of the LIBOR Election Notice attached hereto as Exhibit “A”, of its election and the LIBOR Period and LIBOR Increment for which Maker desires said rate to apply not later than 10:00 a.m., Central Standard Time or Central Daylight Time (as applicable), two (2) Business Days prior to the LIBOR Period Commencement Date.

• In the absence of an effective election by Maker of the LIBOR Adjusted Rate in accordance with the above procedures prior to the expiration of the then current LIBOR Period with respect to any LIBOR Increment, interest on such LIBOR Increment shall accrue at the CB Floating Rate, effective immediately upon the expiration of such LIBOR Period.

• After Maker has designated a LIBOR Increment to which the LIBOR Adjusted Rate shall apply, such rate shall apply to the LIBOR Increment for the duration of the LIBOR Period.

• The LIBOR Increment, which is the percentage utilized in determining LIBOR, shall be determined in accordance with the Credit Pricing Agreement.

• Except as set forth in Section 4.3.1, the “LIBOR RATE” for any LIBOR Rate Loan is the LIBOR Underlying Rate (which will fluctuate as described in Section 4.8) plus the applicable LIBOR Increment as provided in Section 4.6.

More Definitions of LIBOR Increment

LIBOR Increment. The percentage calculated in accordance with Section 2.4(b) of this Agreement which is utilized in determining LIBOR.

LIBOR Increment. One hundred and twenty (120) basis points.

LIBOR Increment contained in Subsection 1.1 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

LIBOR Increment. An initial amount equal to 55 basis points which is utilized in determining the LIBOR Rate, and which may be adjusted in accordance with the Pricing Grid upon the occurrence of a Pricing Event.

LIBOR Increment shall have a meaning which varies based on (a) the senior unsecured bond rating of Borrower

LIBOR Increment shall be deleted in its entirety and replaced with the following:

LIBOR Increment with respect to (a) the Revolving Credit Loan, 200 basis points, and (b) the Term Loan, 235 basis points; provided, however, that in the event the Borrowers shall provide the Agent with evidence satisfactory in the Agent's sole discretion that both LaSalle and the Progressive Steelworker's of Hammond, Inc. have executed a collective bargaining agreement covering LaSalle's employees employed at LaSalle's Hammond, Indiana facility, the LIBOR Increment with respect to (1) the Revolving Credit Loan shall mean 175 basis points, and (2) the Term Loan shall mean 210 basis points, as of the date of the acceptance of such evidence by the Agent.