LIBOR Market Index Rate Loan definition

LIBOR Market Index Rate Loan means any Swingline Loan bearing interest at a rate determined by reference to the LIBOR Market Index Rate.

LIBOR Market Index Rate Loan means Loans the rate of interest applicable to which is based on the LIBOR Market Index Rate.

LIBOR Market Index Rate Loan means Revolving Loans the rate of interest applicable to which is based on the LIBOR Market Index Rate.

Examples of LIBOR Market Index Rate Loan in a sentence

• If a Borrower requests a conversion to, or continuation of, LIBOR Rate Loans, but fails to specify an Interest Period, such Borrower will be deemed to have specified an Interest Period of one month.Notwithstanding anything to the contrary herein, a Swingline Loan may not be converted to a LIBOR Rate Loan and shall always be maintained as either a LIBOR Market Index Rate Loan or Base Rate Loan.

• If the date upon which a LIBOR Market Index Rate Loan is to be converted to a LIBOR Rate Loan or an Alternate Base Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during such period prior to such succeeding Business Day such Loan shall bear interest as if it were a LIBOR Market Index Rate Loan, and LIBOR Rate Loans may only be converted to Alternate Base Rate Loans on the last day of the applicable Interest Period.

• All or any part of outstanding Alternate Base Rate Loans may be converted as provided herein; provided that (i) no Loan may be converted into a LIBOR Market Index Rate Loan or a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing and (ii) partial conversions shall be in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.

• In addition, each Borrower may elect from time to time to convert all or any portion of a LIBOR Market Index Rate Loan or a LIBOR Rate Loan to an Alternate Base Rate Loan, convert a LIBOR Market Index Rate Loan to a LIBOR Rate Loan or convert a LIBOR Rate Loan to a LIBOR Market Index Rate Loan by giving the Administrative Agent irrevocable written notice thereof by 2:00 p.m. one (1) Business Day prior to the proposed date of conversion.

• Interest payable hereunder with respect to any Alternate Base Rate Loan based on the Prime Rate or any LIBOR Market Index Rate Loan or LIBOR Rate Loan made in British Pounds Sterling or an Alternative Currency shall be calculated on the basis of a year of 365 days (or 366 days, as applicable) for the actual days elapsed.

More Definitions of LIBOR Market Index Rate Loan

LIBOR Market Index Rate Loan means a Loan which, except as otherwise provided in Section 2.8, bears interest by reference to the LIBOR Market Index Rate.

LIBOR Market Index Rate Loan means any Loan that bears interest at a rate of interest based on the LIBOR Market Index Rate.

LIBOR Market Index Rate Loan means a Loan bearing interest at the Adjusted LIBOR Market Index Rate. DCP Midstream Operating, LP Amended and Restated Credit Agreement

LIBOR Market Index Rate Loan means any Loan bearing interest at a rate based upon the LIBOR Market Index Rate as provided inSection 4.1(a).

LIBOR Market Index Rate Loan means a Loan that bears interest at the LIBOR Market Index Rate plus the Applicable Margin. “LIBOR Rate” means, subject to the implementation of a Benchmark Replacement in accordance with Section 2.18.6: (a) with respect to each LIBOR Rate Loan comprising part of the same borrowing for any Interest Period, an interest rate per annum obtained by dividing (i) (y) the rate per annum published by the ICE Benchmark Administration Limited, a United Kingdom company (or a comparable or successor quoting service approved by the Administrative Agent) at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period for deposits denominated in Dollars for a period equal to the applicable Interest Period or (z) if such rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first-class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period, by (ii) the amount equal to 1.00 minus the Reserve Requirement (expressed as a decimal) for such Interest Period; and (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) the rate per annum published by the ICE Benchmark Administration Limited, a United Kingdom company (or a comparable or successor quoting service approved by the Administrative Agent) at approximately 11:00 a.m. (London time) on such date of determination for an Interest Period equal to one month (commencing on the date of determination of such interest rate) or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first-class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) on such date of determination for a period equal to one month commencing on such date of determination. Each calculation by the Administrative Agent of the LIBOR Rate shall be conclusive and binding for all purposes, absent manifest error. Notwithstanding the foregoing, (i) in no event shall the LIBOR Rate (including, without limit...

LIBOR Market Index Rate Loan means a Swing Line Loan that bears interest based on the LIBOR Market Index Rate. “LIBOR Rate” has the meaning specified in the definition of Eurodollar Rate. “LIBOR Replacement Date” has the meaning specified in Section 3.03(c). “LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time). “LIBOR Successor Rate” has the meaning specified in Section 3.03(c). “LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of Business Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document). “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). “Loan” means an extension of credit by a Lender to a Borrower under Article II in the form of a Revolving Loan or a Swing Line Loan. “Loan Documents” means this Agreement, each Note, and any amendments, modifications, supplements, or waiver to any Loan ...

LIBOR Market Index Rate Loan means, at any time, any outstanding portion of any Loan that bears interest at the Adjusted LIBOR Market Index Rate at such time.