{"component": "clause", "props": {"groups": [{"samples": [{"hash": "i34VcDtl9o5", "uri": "/contracts/i34VcDtl9o5#adjusted-libor-rate", "label": "Loan and Security Agreement (Alesco Financial Inc)", "score": 21.0, "published": true}, {"hash": "3GSvP4itfzF", "uri": "/contracts/3GSvP4itfzF#adjusted-libor-rate", "label": "Loan and Security Agreement (Alesco Financial Inc)", "score": 21.0, "published": true}], "snippet_links": [{"key": "libor-interest-period", "type": "definition", "offset": [8, 29]}, {"key": "libor-rate-loan", "type": "definition", "offset": [39, 54]}, {"key": "extensions-and-renewals", "type": "clause", "offset": [117, 140]}, {"key": "per-annum", "type": "definition", "offset": [145, 154]}, {"key": "interest-rate", "type": "clause", "offset": [155, 168]}, {"key": "pursuant-to-the", "type": "clause", "offset": [180, 195]}, {"key": "rate-1", "type": "definition", "offset": [262, 268]}, {"key": "libor-reserve-percentage", "type": "clause", "offset": [271, 295]}, {"key": "revolving-credit-base-rate", "type": "definition", "offset": [305, 331]}, {"key": "the-base-rate", "type": "definition", "offset": [352, 365]}, {"key": "base-rate-applicable-margin", "type": "definition", "offset": [375, 402]}], "snippet": "For the LIBOR Interest Period for each LIBOR Rate Loan comprising part of the same borrowing (including conversions, extensions and renewals), a per annum interest rate determined pursuant to the following formula: Adjusted LIBOR Rate = London Interbank Offered Rate 1 \u2013 LIBOR Reserve Percentage Adjusted Revolving Credit Base Rate \u2013 The higher of (i) the Base Rate plus the Base Rate Applicable Margin and (ii) eight and one half percent (8.50%).", "size": 5, "hash": "23e9413f2be0c30d78656bf70316f080", "id": 1}, {"samples": [{"hash": "NhMVkp0psC", "uri": "/contracts/NhMVkp0psC#adjusted-libor-rate", "label": "Credit Agreement (Centennial Healthcare Corp)", "score": 18.0, "published": true}, {"hash": "6sYpFGZvelL", "uri": "/contracts/6sYpFGZvelL#adjusted-libor-rate", "label": "Credit Agreement (Centennial Healthcare Corp)", "score": 18.0, "published": true}], "snippet_links": [{"key": "applicable-margin", "type": "clause", "offset": [33, 50]}], "snippet": "The Adjusted Libor Rate plus the Applicable Margin, such rate to change when and as the Applicable Margin changes.", "size": 2, "hash": "a27463fdcc75b8d5e23654705094d5de", "id": 6}, {"samples": [{"hash": "kKOzNee5Jh1", "uri": "/contracts/kKOzNee5Jh1#adjusted-libor-rate", "label": "Credit Facilities Agreement (MTM Technologies, Inc.)", "score": 19.0, "published": true}], "snippet_links": [{"key": "section-46", "type": "clause", "offset": [0, 11]}, {"key": "the-loan-agreement", "type": "clause", "offset": [15, 33]}, {"key": "replaced-with", "type": "clause", "offset": [65, 78]}, {"key": "libor-increment", "type": "clause", "offset": [167, 182]}, {"key": "loan-shall", "type": "definition", "offset": [214, 224]}, {"key": "administrative-agent", "type": "clause", "offset": [242, 262]}, {"key": "in-accordance-with", "type": "definition", "offset": [263, 281]}, {"key": "the-terms", "type": "definition", "offset": [282, 291]}, {"key": "calendar-week", "type": "definition", "offset": [421, 434]}, {"key": "commencing-on", "type": "clause", "offset": [435, 448]}, {"key": "the-rate", "type": "definition", "offset": [505, 513]}, {"key": "per-annum", "type": "definition", "offset": [514, 523]}, {"key": "the-wall-street-journal", "type": "clause", "offset": [579, 602]}, {"key": "london-interbank-offered-rate", "type": "clause", "offset": [626, 655]}, {"key": "period-of", "type": "definition", "offset": [673, 682]}, {"key": "not-a-business-day", "type": "clause", "offset": [763, 781]}, {"key": "the-business", "type": "clause", "offset": [791, 803]}, {"key": "for-any-reason", "type": "clause", "offset": [846, 860]}, {"key": "not-available", "type": "definition", "offset": [874, 887]}, {"key": "reuters-screen-libor01-page", "type": "definition", "offset": [1009, 1036]}, {"key": "london-time", "type": "clause", "offset": [1127, 1138]}, {"key": "applicable-rate", "type": "definition", "offset": [1416, 1431]}, {"key": "arithmetic-mean", "type": "definition", "offset": [1445, 1460]}], "snippet": "Section 4.6 of the Loan Agreement is deleted in its entirety and replaced with the following: \u201cThe \u201cAdjusted LIBOR Rate\u201d for any LIBOR Loan is the LIBOR Rate plus the LIBOR Increment. The LIBOR Rate for each LIBOR Loan shall be determined by Administrative Agent in accordance with the terms herein. For each LIBOR Loan, the Adjusted LIBOR Rate shall fluctuate as provided for herein. The \"LIBOR Rate\" shall be, for each calendar week commencing on Tuesday of such week, the greater of (i) 1.50% and (ii) the rate per annum, as determined by Administrative Agent, as reported by The Wall Street Journal and identified as the \"London Interbank Offered Rate\" for an interest period of 30 days, on (a) each Monday immediately preceding, or (b) if any such Monday is not a Business Day, then on the Business Day immediately preceding such Monday. If for any reason such rate is not available, the term \"LIBOR Rate\" shall mean, for any LIBOR Loan, the greater of (i) 1.50% and (ii) the rate per annum appearing on Reuters Screen LIBOR01 Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) for an interest period of 30 days, on (a) each Monday immediately preceding, or (b) if any such Monday is not a Business Day, then on the Business Day immediately preceding such Monday; provided, however, if more than one rate is specified on Reuters Screen LIBOR01 Page, the applicable rate shall be the arithmetic mean of all such rates (rounded upwards, if necessary, to the nearest 1/1000 of 1%).\u201d", "size": 3, "hash": "6e13f66d2d9affad92ff0b8f2b361acc", "id": 3}, {"samples": [{"hash": "exnz0bHFe6b", "uri": "/contracts/exnz0bHFe6b#adjusted-libor-rate", "label": "Loan Agreement (Angelica Corp /New/)", "score": 18.0, "published": true}], "snippet_links": [{"key": "libor-loan", "type": "definition", "offset": [32, 42]}, {"key": "loan-shall", "type": "definition", "offset": [64, 74]}, {"key": "applicable-libor", "type": "definition", "offset": [102, 118]}, {"key": "revolving-margin", "type": "definition", "offset": [119, 135]}, {"key": "section-46", "type": "clause", "offset": [165, 176]}], "snippet": "The Adjusted LIBOR Rate for any LIBOR Loan which is a Revolving Loan shall be the LIBOR Rate plus the applicable LIBOR Revolving Margin determined from the table in Section 4.6.", "size": 2, "hash": "dbf0d707a0e1d7d53597ddd4bdcb0296", "id": 9}, {"samples": [{"hash": "2oszK8IbupG", "uri": "/contracts/2oszK8IbupG#adjusted-libor-rate", "label": "Credit Agreement (Tidel Technologies Inc)", "score": 18.0, "published": true}], "snippet_links": [], "snippet": "1 Affiliate.......................................................1", "size": 3, "hash": "c31ed1863829e9f4f02a8322a75af743", "id": 2}, {"samples": [{"hash": "aYDXshK3055", "uri": "/contracts/aYDXshK3055#adjusted-libor-rate", "label": "Credit Agreement (Lazydays Holdings, Inc.)", "score": 32.8439425051, "published": true}, {"hash": "lXQBUH0DHTO", "uri": "/contracts/lXQBUH0DHTO#adjusted-libor-rate", "label": "Credit Agreement (Lazydays Holdings, Inc.)", "score": 31.2149212868, "published": true}], "snippet_links": [{"key": "terms-of", "type": "definition", "offset": [15, 23]}, {"key": "principal-balances", "type": "definition", "offset": [119, 137]}, {"key": "of-the-mortgage-loans", "type": "clause", "offset": [174, 195]}, {"key": "interest-periods", "type": "clause", "offset": [248, 264]}, {"key": "first-draw", "type": "definition", "offset": [284, 294]}, {"key": "payments-shall-be", "type": "clause", "offset": [419, 436]}, {"key": "due-and-payable", "type": "clause", "offset": [437, 452]}, {"key": "in-arrears", "type": "definition", "offset": [453, 463]}, {"key": "interest-payment-date", "type": "clause", "offset": [471, 492]}, {"key": "at-the-end-of", "type": "clause", "offset": [493, 506]}], "snippet": "Subject to the terms of this Section (including subsection \u201c(ii)\u201d (captioned \u201cAvailability\u201d), interest shall accrue on principal balances advanced and outstanding on account of the Mortgage Loans at the Adjusted LIBOR Rate for successive one-month Interest Periods determined for the first draw under the Mortgage Loans and continuing thereafter as redetermined and reset for each consecutive Interest Period. Interest payments shall be due and payable in arrears on the Interest Payment Date at the end of each such Interest Period.", "size": 2, "hash": "1d91783fa800f870bccfb0e1484aa938", "id": 8}, {"samples": [{"hash": "hCNst4Z7SxL", "uri": "/contracts/hCNst4Z7SxL#adjusted-libor-rate", "label": "Credit Agreement (Home Health Corp of America Inc \\Pa\\)", "score": 18.0, "published": true}, {"hash": "1qTNaiF0qtD", "uri": "/contracts/1qTNaiF0qtD#adjusted-libor-rate", "label": "Credit Agreement (Merkert American Corp)", "score": 18.0, "published": true}], "snippet_links": [{"key": "applicable-margin", "type": "clause", "offset": [53, 70]}], "snippet": "The Adjusted Libor Rate plus ------------------- the Applicable Margin.", "size": 2, "hash": "3dbccca1a5da175fddc5e9228858c3f1", "id": 5}, {"samples": [{"hash": "jl93IvlVU4O", "uri": "/contracts/jl93IvlVU4O#adjusted-libor-rate", "label": "Loan and Security Agreement (Avatech Solutions Inc)", "score": 21.0, "published": true}, {"hash": "dVngcZRw9jy", "uri": "/contracts/dVngcZRw9jy#adjusted-libor-rate", "label": "Loan and Security Agreement (Avatech Solutions Inc)", "score": 21.0, "published": true}], "snippet_links": [{"key": "the-term", "type": "clause", "offset": [0, 8]}, {"key": "libor-borrowing", "type": "clause", "offset": [46, 61]}, {"key": "interest-period", "type": "definition", "offset": [70, 85]}, {"key": "per-annum", "type": "definition", "offset": [105, 114]}, {"key": "by-the-lender", "type": "clause", "offset": [210, 223]}, {"key": "equal-to", "type": "definition", "offset": [230, 238]}, {"key": "sum-of", "type": "clause", "offset": [243, 249]}, {"key": "reserve-requirement", "type": "definition", "offset": [412, 431]}, {"key": "applicable-margin", "type": "clause", "offset": [496, 513]}], "snippet": "The term \u201cADJUSTED LIBOR RATE\u201d means, for any LIBOR BORROWING for any INTEREST PERIOD thereof, that rate per annum, rounded upwards, if necessary, to the nearest one hundredth of one percent (.01%), determined by the LENDER 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, and if elected by the LENDER, minus the RESERVE REQUIREMENT for such LIBOR BORROWING for such INTEREST PERIOD; plus (b) the APPLICABLE MARGIN.", "size": 2, "hash": "f385f0246fadf22ce94b5b1dcabdb890", "id": 7}, {"samples": [{"hash": "3pShj1BPvFp", "uri": "/contracts/3pShj1BPvFp#adjusted-libor-rate", "label": "Loan and Security Agreement (Martek Biosciences Corp)", "score": 21.0, "published": true}, {"hash": "3Jn0RLKe5El", "uri": "/contracts/3Jn0RLKe5El#adjusted-libor-rate", "label": "Loan and Security Agreement (Martek Biosciences Corp)", "score": 19.0, "published": true}], "snippet_links": [{"key": "the-term", "type": "clause", "offset": [0, 8]}, {"key": "libor-borrowing", "type": "clause", "offset": [46, 61]}, {"key": "interest-period", "type": "definition", "offset": [79, 94]}, {"key": "per-annum", "type": "definition", "offset": [106, 115]}, {"key": "the-administrative-agent", "type": "clause", "offset": [214, 238]}, {"key": "equal-to", "type": "definition", "offset": [245, 253]}, {"key": "sum-of", "type": "clause", "offset": [258, 264]}, {"key": "reserve-requirement", "type": "definition", "offset": [396, 415]}, {"key": "applicable-percentage", "type": "definition", "offset": [480, 501]}], "snippet": "The term \u201cADJUSTED LIBOR RATE\u201d 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.", "size": 2, "hash": "e31784c0359566755409c6dd2158c987", "id": 4}, {"samples": [{"hash": "9fsooQUpIm7", "uri": "/contracts/9fsooQUpIm7#adjusted-libor-rate", "label": "Loan and Security Agreement (K-Sea Transportation Partners Lp)", "score": 21.0, "published": true}], "snippet_links": [{"key": "the-loan-agreement", "type": "clause", "offset": [16, 34]}, {"key": "the-definition-of", "type": "definition", "offset": [65, 82]}], "snippet": "Section 1.01 of the Loan Agreement is hereby amended by deleting the definition of \u201cAdjusted LIBOR Rate\u201d in its entirety and substituting the following therefor:", "size": 1, "hash": "559b2dc02d5b54f2df2749fe320235f1", "id": 10}], "next_curs": "ClwSVmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjgLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhxhZGp1c3RlZC1saWJvci1yYXRlIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Adjusted LIBOR Rate", "children": [], "parents": [["interest", "Interest"], ["definitions", "DEFINITIONS"], ["interest-on-loan", "Interest on Loan"], ["credit-facilities", "CREDIT FACILITIES"], ["credit-facility", "CREDIT FACILITY"]], "size": 42, "id": "adjusted-libor-rate", "related": [["libor-rate", "LIBOR Rate", "LIBOR Rate"], ["base-rate", "Base Rate", "Base Rate"], ["applicable-margin", "Applicable Margin", "Applicable Margin"], ["interest-and-applicable-margins", "Interest and Applicable Margins", "Interest and Applicable Margins"], ["inability-to-determine-eurodollar-rate", "Inability to Determine Eurodollar Rate", "Inability to Determine Eurodollar Rate"]], "related_snippets": [], "updated": "2025-07-07T12:37:53+00:00", "also_ask": ["What fallback provisions should be included if LIBOR becomes unavailable?", "How can parties negotiate protections against LIBOR manipulation or volatility?", "What are the key risks if the Adjusted LIBOR Rate definition is ambiguous or incomplete?", "How does this clause compare to SOFR or other alternative benchmark rate clauses?", "What factors determine the enforceability of an Adjusted LIBOR Rate clause in court?"], "drafting_tip": "Define the method for calculating the Adjusted LIBOR Rate to ensure clarity; specify fallback procedures to address LIBOR discontinuation; reference authoritative sources to maintain accuracy.", "explanation": "The Adjusted LIBOR Rate clause defines how the interest rate, based on the London Interbank Offered Rate (LIBOR), is calculated or modified for a particular financial agreement. Typically, this clause outlines the method for determining the applicable LIBOR rate, including any adjustments for reserve requirements, market disruptions, or alternative benchmarks if LIBOR is unavailable. Its core function is to ensure that both parties have a clear and fair mechanism for setting interest rates, thereby reducing uncertainty and disputes if the standard LIBOR rate cannot be used or needs modification."}, "json": true, "cursor": ""}}