LIBOR Portion. That portion of the Revolving Loan specified in a LIBOR Request, (i) which is not less than Five Hundred Thousand Dollars ($500,000), (ii) which is an integral multiple of Ten Thousand Dollars ($10,000), (iii) which does not exceed the outstanding balance of the Revolving Loan not already subject to an exercised LIBOR Option, (iv) which, as of the date of the LIBOR Request specifying such LIBOR Portion, has met the conditions for basing interest on the LIBOR Rate in Section 2.12 of this Agreement and (v) the LIBOR Period of which has commenced and not terminated. LIBOR PREMIUM. With respect to the prepayment of any LIBOR Portion of any Revolving Loan, whether voluntary or as a result of acceleration, an amount equal to the product of (i) the excess, if any, of the rate of interest on the principal amount so prepaid over the rate of interest on debt securities issued by the Treasury of the United States of America on a date approximating the date of payment of such principal amount and having a maturity date approximating the last Banking Day of the applicable LIBOR Period, multiplied by (ii) the principal amount so prepaid, multiplied by (iii) a fraction, the numerator of which is the number of days remaining in the related LIBOR Period and the denominator of which is 360.
Appears in 2 contracts
Sources: Revolving Credit and Security Agreement (Sepracor Inc /De/), Revolving Credit and Security Agreement (Biosepra Inc)
LIBOR Portion. That portion of the Revolving Loan Loans specified in a LIBOR Request, (i) which is not less than Five Hundred Thousand Dollars ($500,000), (ii) which is an integral multiple of Ten Thousand Dollars ($10,000), (iii) which does not exceed the outstanding balance of the Revolving Loan not already subject to an exercised LIBOR Option, (iv) which, as of the date of the LIBOR Request specifying such LIBOR Portion, has met the conditions for basing interest on the LIBOR Rate in Section 2.12 2.13 of this Agreement and (v) the LIBOR Period of which has commenced and not terminated. LIBOR PREMIUM. With respect to the prepayment of any LIBOR Portion of any Revolving Loan, whether voluntary or as a result of acceleration, an amount equal to the product of (i) the excess, if any, of the rate of interest on the principal amount so prepaid over the rate of interest on debt securities issued by the Treasury of the United States of America on a date approximating the date of payment of such principal amount and having a maturity date approximating the last Banking Day of the applicable LIBOR Period, multiplied by (ii) the principal amount so prepaid, multiplied by (iii) a fraction, the numerator of which is the number of days remaining in the related LIBOR Period and the denominator of which is 360.
Appears in 1 contract