Local Rate Loan definition

Local Rate Loan each Local Loan hereunder at such time as it is made and/or being maintained at a rate of interest based upon the Local Rate for the relevant Permitted Foreign Currency; provided, however, that (other than any Local Loans made on the Closing Date) no Local Loan shall be made or maintained as a Local Rate Loan unless either (a) the Local Fronting Lender with respect thereto so agrees (in its sole discretion) or (b) the right of the relevant Borrower to obtain Eurocurrency Loans has been suspended pursuant to Sections 2.17, 2.29 or 2.22.
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Local Rate Loan each Local Loan hereunder at such time as it is made and/or being maintained at a rate of interest based upon the Local Rate for the relevant Permitted Foreign Currency; provided, however, that (other than any Local Loans made on the Closing Date) no Local Loan shall be made or maintained as a Local Rate Loan unless either (a) the Local Fronting Lender with respect thereto so agrees (in its sole discretion) or (b) the right of the relevant Borrower to obtain Eurocurrency Loans has been suspended pursuant to Sections 2.17, 2.29 or 2.22. On and after the Amendment No. 8 Effective Date, there are no Local Rate Loans outstanding.
Sample 1

Examples of Local Rate Loan in a sentence

  • Any change in the interest rate on a Local Rate Loan resulting from a change in the Local Rate shall become effective as of the opening of business on the day on which such change in the Local Rate shall become effective.

Related to Local Rate Loan

  • Reference Rate Loan means each portion of a Loan that bears interest at a rate determined by reference to the Reference Rate.

  • Eurodollar Rate Borrowing means a Borrowing comprised of Eurodollar Rate Loans.

  • Index Rate Loan means a Loan or portion thereof bearing interest by reference to the Index Rate.

  • LIBOR Rate Loan means each portion of a Loan that bears interest at a rate determined by reference to the LIBOR Rate.

  • Fixed Rate Loans means Euro-Dollar Loans or Money Market Loans (excluding Money Market LIBOR Loans bearing interest at the Base Rate pursuant to Section 8.01(a)) or any combination of the foregoing.

  • U.S. Base Rate Loan means a Loan denominated in Dollars which bears interest at a rate based upon the U.S. Base Rate.

  • Prime Rate Loan means the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate.

  • Base Rate Borrowing means a Borrowing comprised of Base Rate Loans.

  • Fixed Rate Loan means a Competitive Loan bearing interest at a Fixed Rate.

  • Offshore Rate Loan means a Loan that bears interest based on the Offshore Rate.

  • Fixed Rate Borrowing means a Borrowing comprised of Fixed Rate Loans.

  • CDOR Rate Loan means a Loan denominated in Canadian Dollars the rate of interest applicable to which is based on the CDOR Rate.

  • LIBOR Borrowing means a Borrowing comprised of LIBOR Loans.

  • LIBOR Rate Loans means the Loans bearing interest with reference to the LIBOR Rate.

  • Canadian Base Rate Loan means any Revolving Facility Loan bearing interest at a rate determined by reference to the Canadian Base Rate in accordance with the provisions of Article II.

  • Alternative Currency Term Rate Loan means a Loan that bears interest at a rate based on the definition of “Alternative Currency Term Rate.” All Alternative Currency Term Rate Loans must be denominated in an Alternative Currency.

  • Revolving Loan means a Loan made pursuant to Section 2.01.

  • Base Rate Loan means a Loan that bears interest based on the Base Rate.

  • Eurodollar Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article II.

  • LIBOR Rate Advance means an Advance which bears interest at a LIBOR Rate.

  • Alternative Currency Daily Rate Loan means a Loan that bears interest at a rate based on the definition of “Alternative Currency Daily Rate.” All Alternative Currency Daily Rate Loans must be denominated in an Alternative Currency.

  • Prime Rate Loans means any Loans or portion thereof on which interest is payable based on the Prime Rate in accordance with the terms thereof.

  • Eurocurrency Revolving Loan means any Revolving Facility Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of Article II.

  • Term SOFR Rate Loan means a Loan that bears interest based on the Term SOFR Rate.

  • Eurocurrency Rate Advance means a Revolving Credit Advance denominated in Dollars or a Committed Currency that bears interest as provided in Section 2.07(a)(ii).

  • Floating Rate Loan means a Loan which bears interest at the Floating Rate.