BBSY Rate definition
BBSY Rate means, for the relevant Interest Period: (a) the rate per annum which is equal to the average bid rate displayed at or about 10:30 a.m. (Sydney time) on the date that is two Business Days prior to the first day of that period on the Bloomberg BBSY page for a term equivalent to that period; or (b) if a rate for a term cannot be determined in accordance with clause (a) above because a rate is not displayed for a term equivalent to that period or if the basis on which that rate is displayed is changed and in the opinion of the Australian Administrative Agent ceases to reflect the Australian Lenders’ cost of funding to the same extent as of the date of this Agreement, the BBSY Rate for that period will be the rate determined by the Australian Administrative Agent at or about 10:30 a.m. (Sydney time) on the day of calculation (which day shall be two Business Days prior to the first day of that period) to be the average of the buying rates quoted to the Australian Administrative Agent by three Reference Banks selected by the Australian Administrative Agent (after consultation with the Australian Borrower) at or about that time on that date for bills of exchange that are accepted by an Australian bank and that have a term equivalent to the relevant period.
BBSY Rate has the meaning assigned to such term in the definition of “Alternate Currency Term Rate”.
BBSY Rate means, for any Interest Period with respect to Revolving Loans denominated in Australian Dollars, the Bank Bill Swap Reference Bid Rate, or a comparable or successor rate which rate is approved by the Agent, for deposits in Australian Dollars and having a maturity approximately equal to the requested Interest Period published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Agent from time to time) at approximately 10:30 a.m. (Melbourne, Australia time) on the day that is two (2) Business Days prior to the first day of such Interest Period. Notwithstanding the foregoing, if at any time the BBSY Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
Examples of BBSY Rate in a sentence
Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrowers shall not be entitled to request any Borrowing that, if made, would result in more than ten SOFR Borrowings outstanding hereunder at any time, more than ten Term ▇▇▇▇▇ ▇▇▇rowings outstanding hereunder at any time, or more than ten BBSY Rate Borrowings outstanding hereunder at any time.
If on any date, the aggregate Australian Revolving Credit Exposure exceeds the Total Australian Revolving Commitment, then within two Business Days following such date, the Australian Borrower shall repay or prepay Australian Revolving Borrowings (or defease BBSY Rate Borrowings as described in Section 2.11(a)) and/or replace or cash collateralize outstanding Australian Letters of Credit in an amount sufficient to eliminate such excess.
Such deposited cash collateral shall be assigned to the Applicable Administrative Agent as security for the obligations of the Parent Borrower in relation to such BBSY Rate Loan and the Lien of the Applicable Administrative Agent thereby created therein shall rank in priority to all other Liens and adverse claims against deposited cash collateral.
If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a SOFR Borrowing, a BBSY Rate Borrowing or a Term CORR▇ ▇▇▇rowing, the Applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration.
The applicable Alternate Base Rate, Adjusted Term SOFR, BBSY Rate, Adjusted Term CORR▇, ▇▇nadian Prime Rate and U.S. Base Rate shall be determined by the Applicable Administrative Agent, and such determination shall be conclusive absent manifest error.
More Definitions of BBSY Rate
BBSY Rate means, in relation to any Loan in Australian Dollars for any day, a rate per annum equal to the Bank ▇▇▇▇ Swap Reference Bid Rate or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 10:30 a.m. (Melbourne, Australia time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such applicable rate is below zero, the BBSY Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as contemplated above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such selected rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.
BBSY Rate has the meaning assigned thereto in the definition of “Eurodollar Rate”.
BBSY Rate means, in relation to any Loan in Australian Dollars, a rate per annum equal to the Bank Bill Swap Reference Bid Rate, as published on the applicable Reuters screen page (or if not available, such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) on the Rate Determination Date with a term equivalent to one month and, if any such applicable rate is below zero, the BBSY Rate for such day will be deemed to be zero.
BBSY Rate means the rate (which is expressed as a yield per centum per annum to maturity) which is the buying rate for bank accepted Bills quoted at approximately 10.10am (Perth time) on page ‘BBSY’ of the Reuters Monitor System on that day, having a term of one Month. Best Construction Practices
BBSY Rate means, with respect to any Interest Period, the average bid reference rate as administered by the Australian Financial Markets Association (or any other Person that takes over the administration of that rate) for Australian Dollar bills of exchange with a tenor equal to such Interest Period, displayed on page BBSY of the Reuters screen (or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion) as of the Specified Time on the Quotation Day (unless market practice differs in the relevant market where the BBSY Rate is to be determined, in which case the quotation day will be determined by the Multi-Currency Payment Agent in accordance with market practice in such market) (the “BBSY Screen Rate”); provided, that if the BBSY Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, that if the BBSY Screen Rate shall not be available at such time for such Interest Period, such Interest Period shall be considered an Impacted Interest Period with respect to Australian Dollars and the BBSY Rate shall be the Interpolated Rate at such time (provided that if the Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement).
BBSY Rate means, in relation to any Loan in Australian Dollars for any day, a rate per annum equal to the Bank ▇▇▇▇ Rate or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 10:30 a.m. (Melbourne, Australia time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such applicable rate is below zero, the BBSY Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as contemplated above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such selected rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.
BBSY Rate means, with respect to any BBSY Loan for any Interest Period, on any date, the rate per annum quoted as the average bid rate displayed on the Bloomberg BBSY page at or about 10:30 a.m., Sydney time, on the first day of such Interest Period for a term having a tenor closest to such Interest Period. If such rate is not available for any reason, the “BBSY Rate” will be the rate determined by the Administrative Agent in good faith and notified to the Borrower on or prior to the close of business of the first day of such Interest Period to be the arithmetic mean (rounded upwards to four decimal places and expressed as a percentage rate per annum) of the buying rates (for bills of exchange accepted by leading Australian banks) which have a tenor closest to such Interest Period quoted by three BBSY Reference Banks at or about such time on such date.