Examples of LIBO Rate Advance in a sentence
Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), the Administrative Agent or the Required Lenders may elect that (i) each LIBO Rate Advance be, on the last day of the then existing Interest Period therefor, Converted into Base Rate Advances and (ii) the obligation of the Lenders to make, or to Convert Advances into LIBO Rate Advances be suspended.
All computations of interest in respect of LIBO Rate Advances shall be made by the Agent on the basis of the actual number of days elapsed in the period in which such interest is payable and based on a year of 365 days (in the case of a LIBO Rate Advance denominated in Sterling) or a year of 360 days (in the case of a LIBO Rate Advance denominated in Euros).
The Borrower shall pay interest on (i) each LIBO Rate Advance at a rate per annum equal to the LIBO Rate plus the Applicable Margin; and (ii) each Prime Rate Advance at a rate per annum equal to the Prime Rate plus the Applicable Margin.
Any repayments or prepayments made under the Credit Facilities pursuant to this Section 5 shall be without premium or penalty, but subject in all cases to Section 6.4 if a LIBO Rate Advance is repaid other than on the last day of the Interest Period applicable thereto, shall result in a corresponding permanent reduction of the applicable Commitments and the Total Commitment and may not be reborrowed.
Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), JPMorgan Chase, as Administrative Agent, or the Required Lenders may elect that (i) each LIBO Rate Advance be, on the last day of the then existing Interest Period therefor, Converted into Base Rate Advances and (ii) the obligation of the Lenders to make, or to Convert Advances into, LIBO Rate Advances be suspended.