Fixed LIBOR Rate definition
Fixed LIBOR Rate means a rate per annum (rounded to the nearest 1/16 of 1%, or if there is no nearest of 1/100,000 of 1%, to the next highest 1/16 of 1%) equal to the rate quoted at approximately 9:00 a.m. New York time, by New York dealers of London interbank deposits selected by the Bank two Business Days prior to the first day of such Interest Period for the purchase at face value of U.S. dollar deposits in immediately available funds for a period and in an amount comparable to the applicable Interest Period and the Principal Balance outstanding during such Interest Period, with respect to which Borrower has exercised the LIBOR Rate Option.
Fixed LIBOR Rate means the rate (rounded upwards as described above, if necessary) determined on the basis of the British Bankers’ Association Libor Rate for deposits in U.S. Dollars for a period of time comparable to such Fixed LIBOR Rate Loan appearing on such other page or service selected by Administrative Agent that, shows BBA LIBOR for deposits in U.S. Dollars for a comparable period (for delivery on the second succeeding Business Day) at approximately 11:00 a.m. (London time) on the second preceding Business Day; provided, however, if more than one rate is specified on such other page or service, the applicable rate shall be the arithmetic mean of all such rates. In the event that the Board of Governors of the Federal Reserve System shall impose a Reserve Percentage with respect to LIBOR Rate deposits of Administrative Agent, then for any period during which such Reserve Percentage shall apply, the Fixed LIBOR Rate shall be equal to the amount determined above divided by an amount equal to 1 minus the Reserve Percentage.
Fixed LIBOR Rate means with respect to each day during each Interest Period pertaining to the Loan, a rate per annum (based on a year of 360 days and actual days elapsed) determined for the first day of each such Interest Period in accordance with the following formula rounded upward to the nearest 1/16 of 1% plus three hundred (300) Basis Points: LIBOR Base Rate ---------------------------------------------------------- 1.00 - Eurocurrency Reserve Requirements
Examples of Fixed LIBOR Rate in a sentence
If a Borrower fails to specify a Type of Loan in a Loan Notice or if a Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans; provided, however, that in the case of a failure to timely request a continuation of Loans denominated in currencies other than Dollars, such Loans shall be continued as Fixed LIBOR Rate Loans in their original currency with an Interest Period of one month.
If a Borrower requests a Borrowing of, conversion to, or continuation of Fixed LIBOR Rate Loans in any Loan Notice, but fails to specify an Interest Period, the Interest Period will be deemed to be one month.
Prepayments of Fixed LIBOR Rate Loans hereunder shall be accompanied by accrued interest on the amount prepaid and breakage or other amounts due, if any, under Section 3.05.
Any automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Fixed LIBOR Rate Loans.
For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Fixed LIBOR Rate Loan made by it at the Fixed LIBOR Rate used in determining the Fixed LIBOR Rate for such Loan by a matching deposit or other borrowing in the offshore interbank market for such currency for a comparable amount and for a comparable period, whether or not such Fixed LIBOR Rate Loan was in fact so funded.
More Definitions of Fixed LIBOR Rate
Fixed LIBOR Rate means the rate per annum determined by the ---------------- Administrative Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/16th of 1% per annum)
Fixed LIBOR Rate means, for each Fixed LIBOR Loan, a rate of ------------------ interest equal to LIBOR for a 30 day interest period on the first Business Day of a month plus the Applicable LIBOR Margin.
Fixed LIBOR Rate means (a) for any Interest Period with respect to any Fixed LIBOR Rate Loan, a rate per annum determined by the Administrative Agent to be equal to the quotient obtained by dividing (i) the Fixed LIBOR Base Rate for such Fixed LIBOR Rate Loan for such Interest Period by (ii) one minus the Fixed LIBOR Rate Reserve Percentage for such Fixed LIBOR Rate Loan for such Interest CHAR1\1346423v112 Period and (b) for any day with respect to any Base Rate Loan bearing interest at a rate based on the Fixed LIBOR Rate, a rate per annum determined by the Administrative Agent to be equal to the quotient obtained by dividing (i) the Fixed LIBOR Base Rate for such Base Rate Loan for such day by (ii) one minus the Fixed LIBOR Rate Reserve Percentage for such Base Rate Loan for such day.
Fixed LIBOR Rate means with respect to each Funding Period pertaining to a Fixed LIBOR Rate Loan, a rate per annum determined for such Funding Period in accordance with the following formula rounded upward to the nearest 1/100 of 1%: LIBOR Base Rate --------------------------------------------- 1.00 - Eurocurrency Reserve Requirements
Fixed LIBOR Rate means an annualized fixed rate, for the applicable Rate Period, (rounded upward to the fourth decimal place) that is equal to the sum of LIBOR for the applicable Rate Period, plus the Applicable Margin; provided, however, that upon the occurrence and during the continuance of an Event of Default (and without any notice given with respect thereto), “Fixed LIBOR Rate” shall mean the Default Rate.
Fixed LIBOR Rate means, for each Interest Period, a per annum rate of interest equal to Fixed LIBOR, which Fixed LIBOR Rate shall remain fixed during such Interest Period.
Fixed LIBOR Rate means (a) for any Interest Period with respect to any Fixed LIBOR Rate Loan, a rate per annum determined by the Administrative Agent to be equal to the quotient obtained by dividing (i) the Fixed LIBOR Base Rate for such Fixed LIBOR Rate Loan for such Interest Period by (ii) one minus the Fixed LIBOR Rate Reserve Percentage for such Fixed LIBOR Rate Loan for such Interest Period and (b) for any day with respect to any Base Rate Loan bearing interest at a rate based on the Fixed LIBOR Rate, a rate per annum determined by the Administrative Agent to be equal to the quotient obtained by dividing (i) the Fixed LIBOR Base Rate for such Base Rate Loan for such day by (ii) one minus the Fixed LIBOR Rate Reserve Percentage for such Base Rate Loan for such day. “Fixed LIBOR Rate Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of “Fixed LIBOR Base Rate”. Fixed LIBOR Rate Loans may be denominated in Dollars or in an Alternative Currency. All Loans denominated in an Alternative Currency must be Fixed LIBOR Rate Loans. “Fixed LIBOR Rate Reserve Percentage” means, for any day, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Fixed LIBOR Rate for each outstanding Fixed LIBOR Rate Loan and for each outstanding Base Rate Loan bearing interest at a rate based on the Fixed NYDOCS02/1161559.5 18