Adjusted LIBOR Rate. The term “ADJUSTED LIBOR RATE” means, for any LIBOR BORROWING for any selected INTEREST PERIOD, that rate per annum, rounded upwards, if necessary, to the nearest one hundredth of one percent (.01%), determined by the ADMINISTRATIVE AGENT to be equal to the sum of: (a) the quotient obtained by dividing (i) the LIBOR RATE for such LIBOR BORROWING for such INTEREST PERIOD by (ii) 1.00 minus the RESERVE REQUIREMENT for such LIBOR BORROWING for such INTEREST PERIOD; plus (b) the APPLICABLE PERCENTAGE.
Appears in 2 contracts
Sources: Loan and Security Agreement (Martek Biosciences Corp), Loan and Security Agreement (Martek Biosciences Corp)