Variable Rate LIBOR Loan definition

Variable Rate LIBOR Loan means the Note or any other Obligation of the City which bears interest at a rate determined by reference to Daily LIBOR Rate.
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Variable Rate LIBOR Loan means an Advance or portion thereof which bears interest at a rate determined by reference to Daily Three Month LIBOR.
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Variable Rate LIBOR Loan means the Note or any other Obligation of the City which bears interest at a rate determined by reference to Daily LIBO Rate.
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Examples of Variable Rate LIBOR Loan in a sentence

  • As soon as practicable following the Bank’s purchase of the Note, the aggregate principal amount of the Note shall, unless an Event of Default has occurred and is continuing, be converted automatically without further action from a Variable Rate LIBOR Loan to a Fixed Rate LIBOR Loan (the “Automatic Conversion”) and such Automatic Conversion shall be effective on the third London Banking Day after the Effective Date.

  • Following the Automatic Conversion, subject to Section 2.05, the Fixed Rate LIBOR Loan shall continue as a Fixed Rate LIBOR Loan until (i) the Note is prepaid in full, (ii) the City elects to convert (each a “Variable Conversion”) all or a portion, which portion shall be in a principal amount equal to $5,000,000 or $5,000,000 and multiples of $1,000,000 in excess thereof, of the Fixed Rate LIBOR Loan to a Variable Rate LIBOR Loan or (iii) June 30, 2014.

  • As soon as practicable following the Bank’s purchase of the Note, the aggregate principal amount of the Note shall, unless an Event of Default has occurred and is continuing, be converted automatically without further action from a Variable Rate LIBOR Loan to a Fixed Rate LIBOR Loan (the “Automatic Conversion”) and such Automatic Conversion shall be effective on the third London Banking Day from and including the Effective Date.