Daily BSBY Rate definition
Daily BSBY Rate means, for any day, the rate per annum determined by the Bank by dividing (the resulting quotient rounded upwards, at the Bank’s discretion, to the nearest 1/100th of 1%) (A) the Published Rate for such day, by (B) a number equal to 1.00 minus the BSBY Reserve Percentage; provided, however, if the Daily BSBY Rate determined as provided above would be less than the Floor, then such rate shall be deemed to be the Floor. The rate of interest will be adjusted automatically as of each Business Day based on changes in the Daily BSBY Rate without notice to the Borrower.
Daily BSBY Rate means, for any day, a rate per annum equal to the BSBY Rate in effect on such day for a one month Interest Period (subject to the Floor set forth in the definition of “BSBY Rate”).
Daily BSBY Rate means, for any day, the rate per annum determined by the Bank by dividing (the resulting quotient rounded upwards, at the Bank’s discretion, to the nearest 1/100th of 1%)
Examples of Daily BSBY Rate in a sentence
The applicable Alternate Base Rate, Daily BSBY Rate or BSBY Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent clearly manifest error.
The rate of interest will be adjusted automatically as of each Business Day based on changes in the Daily BSBY Rate without notice to the Borrower.
Effective as of the date hereof, Bank has agreed that loans made by Bank under the Line of Credit shall bear interest at a variable rate per annum equal to Daily BSBY Rate plus the Applicable Margin for Revolving Advances consisting of BSBY Rate Loans as specified in the Credit Agreement.
More Definitions of Daily BSBY Rate
Daily BSBY Rate means, for any day, the rate per annum determined by Bank by dividing (the resulting quotient rounded upwards, at Bank’s discretion, to the nearest 1/100th of 1%) (x) the Published Rate for such day, by (y) a number equal to 1.00 minus the BSBY Reserve Percentage; provided, however, if the Daily BSBY Rate determined as provided above would be less than the Floor, then such rate shall be deemed to be the Floor. The rate of interest will be adjusted automatically as of each Business Day based on changes in the Daily BSBY Rate without notice to Borrower.