Common use of Day Rate Clause in Contracts

Day Rate. The LIBOR 30-day Rate shall mean a simple per annum interest rate equal to the sum of the LIBOR 30-day Rate plus the Applicable Margin. The "LIBOR 30-day Rate" shall be the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1% appearing on Telerate Page 3750 (or any successor page) as the London interbank offered rate for deposits in United States Dollars at approximately 11:00 a.m. (London time) on the first Business Day of each month for a thirty day period. If for any reason such rate is not available, the term "LIBOR 30-day Rate" shall mean the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as the London interbank offered rate for deposits in United States Dollars at approximately 11:00 a.m. (London time) on the first Business Day of each month for a thirty (30) day period; provided, however, if more than one rate is -------- ------- specified on Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of such rates. "Business Day" is a day on which banks are not authorized or required to be closed and foreign exchange markets are open for the transaction of business required for this Agreement in Atlanta, Georgia and London, England, as relevant to the determination to be made or the action to be taken.