LIBOR Base Rate Sample Clauses
The LIBOR Base Rate clause defines the interest rate benchmark used to calculate variable interest payments in a financial agreement, typically referencing the London Interbank Offered Rate (LIBOR). This clause specifies how the applicable LIBOR rate is determined, such as the relevant currency, time period, and the source for the rate, and may include provisions for what happens if LIBOR is unavailable or discontinued. Its core function is to provide a clear and consistent method for setting interest rates, thereby reducing uncertainty and ensuring both parties understand how interest costs will be calculated throughout the contract.
LIBOR Base Rate. Effective May 31, 2000, the definition of LIBOR Based Rate in Section 1.1 of the Loan Agreement is hereby deleted and replaced in its entirety as follows: LIBOR Based Rate - The LIBOR Rate plus the corresponding per annum percentage based on the following applicable Funded Debt to Tangible Net Worth ratio: Funded Debt to Tangible Net Worth Ratio Per Annum Percentage Less than 1.75:1 Greater than 1.75:1 but less than 2.65:1 Greater than 2.65:1 but less than 3.00:1 Greater than 3.00:1 but less than 3.50:1 Greater than 3.50:1 .95% 1.00% 1.100% 1.200% 1.500% The applicable per annum percentage adjustment shall change quarterly, based on the results of Borrowers’ most current quarterly Financial Statements, on the first day of the next fiscal quarter following delivery to Agent of such Financial Statements. Notwithstanding anything to the contrary herein and subject to Section 2.5(c) of this Agreement, the Funded Debt to Tangible Net Worth Ratio shall be deemed to be greater than 3.50:1 if: (i) Borrowers fail to deliver the financial statements required to be delivered by it pursuant to Section 6.11 of the Loan Agreement, during the period from the expiration for the required time delivery thereof until such financial statements are delivered, or (ii) an Event of Default (other than that caused by a failure to deliver financial statements as described in clause (i) above) or Unmatured Event of Default has occurred.
LIBOR Base Rate. Applicability Margin Margin ------------- ------ ------
(i) If the Fixed Charges Coverage Ratio is equal to or greater than 1.75 to 1 1.750% 0.250%
(ii) If the Fixed Charges Coverage Ratio is less than 1.75 to 1 but is equal to 2.000% 0.500% or greater than 1.50 to 1
(iii) If the Fixed Charges Coverage Ratio is less than 1.50 to 1 2.250% 0.750% The Applicable Margin payable by the Company on the Advances outstanding hereunder shall be subject to reduction or increase, as applicable and as set forth in the table above, on a quarterly basis according to the Fixed Charges Coverage Ratio; provided, that each adjustment in the Applicable Margin shall be effective as of the fifth day following the date of receipt by the Administrative Lender of the financial statements required pursuant to Section 6.14(a) or 6.14(b) hereof, as appropriate. If financial statements of the Company (and corresponding Quarterly Compliance Certificate setting forth the Fixed Charges Coverage Ratio) are not received by the Administrative Lender by the fifth day following the date required pursuant to Section 6.14(a) or 6.14(b) hereof, as appropriate, the Applicable Margin shall be determined as if the Fixed Charges Coverage Ratio is less than 1.50 to 1 until such time as such financial statements and Quarterly Compliance Certificate are received. The Applicable Margin from and including the date hereof to the date of the initial adjustment to be made therein as provided above shall be determined as if the Fixed Charges Coverage Ratio were less than 1.50 to 1. The LIBOR Margin shall apply to LIBOR Advances, and the Base Rate Margin shall apply to Base Rate Advances.
LIBOR Base Rate. 7 LICENSES.....................................................................................................7, 41 LIEN.............................................................................................................7 LOAN.............................................................................................................7
LIBOR Base Rate. 7, 61 LIBOR Loans........................................61
LIBOR Base Rate. This Note shall bear interest at the LIBOR-Based Rate. On the first Business Day of each month the Lender shall determine the LIBOR-Based Rate for the then-current month, and all outstanding Advances under this note as well as all Advances made during such calendar month shall accrue interest at the LIBOR-Based Rate. If in the Lender's opinion it is impossible or impractical to obtain the LIBOR-Based Rate for a certain calendar month, all outstanding Advances as well as all Advances made during such calendar month shall bear interest as the Prime Rate. Such interest shall be payable monthly in arrears on the 15th day of each month for the period ending the last day of the immediately preceding calendar month. As used herein (a) "LIBOR-Based Rate" shall mean a fixed rate 125 basis points in excess of the rate of interest determined by the British Bankers Association as reported in the Wall Street Journal of the cost of the funds available to the Lender from the purchase on the London interbank market of funds in the form of time deposits in United States dollars in the approximate amount of the Maximum Line of Credit having a one month maturity, adjustable for any applicable LIBOR Reserve Requirement; and (b) "LIBOR Reserve Requirement" shall mean the percentage prescribed by the Board of Governors of the Federal Reserve System (or any successor Government Authority), on the date on which the LIBOR-Based Rate is determined, for determining the reserve requirements of the Lender (including any marginal, emergency, supplemental, special or other reserves) with respect to liabilities relating to time deposits purchased in the London interbank market having a one month maturity, without benefit or credit for any proration, exemptions or offsets under any now or hereafter applicable regulations.
LIBOR Base Rate. Interest shall accrue on the unpaid principal balance of the Note at a variable per annum rate equal to the One Month LIBOR Base Rate (as hereinafter defined), plus a margin of 250 basis points (or 2.50%) (the “Interest Rate”). The Interest Rate may change as often as monthly. The interest rate hereunder shall be adjusted monthly in accordance with fluctuations in the One Month LIBOR Base Rate. The effective date of any rate change will be the last Business Day (as defined below) of each month. SOUTHERN FIRST BANCSHARES, INC.